Month: August 2017

Saudi banks: Credit card defaults negatively affect real estate financing

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Reading time: < 1 MinuteTalaat Hafez, Secretary-General of the Media and Banking Awareness Committee and spokesperson for Saudi banks, revealed that a credit record with “SIMAH” for a customer who has defaulted on full credit card payments negatively affects their ability to obtain mortgage financing from banks. Hafez explained that banks view a customer’s credit record as a unified record before granting any type of financing, whether real estate or … Read more

The Red Sea Housing Services Company plans to carry out projects with the Ministry of Housing on a short-term basis

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Reading time: < 1 MinuteThe UAE-based Red Sea Housing Services Company plans to implement a number of residential projects in the Kingdom, collaborate with the Ministry of Housing, and work to provide innovative housing solutions that meet the expectations of various stakeholders and are delivered within short timeframes. In this regard, the company signed a memorandum of understanding with AECOM last weekend, and its focus is on providing services in … Read more

Real Estate Articles: By M. Mishaal bin Khalid: Real Estate: From Hobby to Profession

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Reading time: < 1 MinuteThe Ministry of Housing has taken a remarkable step and made a significant leap forward with the launch of the Saudi Real Estate Institute, which represents a concrete step toward realizing the Kingdom’s Vision 2030. The time has come to elevate the concept of real estate, move toward a world of professional performance, and enter the job market with high efficiency. We have spent many years, and most workers in the real estate market operate on the principle of “hit or miss,” while the majority of real estate offices… Read more

68 real estate projects worth AED 21 billion were launched in Dubai during the first half of 2017

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Reading time: < 1 MinuteThe Dubai Land Department revealed that 68 real estate projects were launched during the first half of 2017, with a total value of 21 billion dirhams, while the number of new projects in the first half of 2016 exceeded 21 real estate projects. According to the Dubai Land Department, the first half of this year saw the completion of 24 projects that were … Read more

Subscription for ”Zahra Al-Waha” shares begins tomorrow, Sunday… at 51 riyals per share

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Reading time: < 1 Minute  Saudi Fransi Capital, the financial advisor, underwriter, institutional bookrunner, and lead manager for the public offering of Zahrat Al-Waha Trading Company, that it has completed all necessary preparations with the receiving financial institutions to ensure the success of the public offering, which will launch on Sunday, August 13,August 2017, and will continue for eight days until Sunday, August 20, 2017. An agreement has been reached with the … Read more

800 million riyals allocated to compensate 488 houses in Al-Masoura neighborhood in Sharqiya Demolition work has begun

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Reading time: < 1 MinuteThe acting governor of Al-Sharqiyah, Engineer Essam bin Abdul-Latif Al-Mulla, revealed that compensation for homes in the Al-Masoura neighborhood totaled more than 800 million riyals, noting that more than 80 homes had been demolished in the neighborhood. He explained during a press conference held today at the Agency for Reconstruction and Projects building, in the presence of the Mayor of Qatif Province, Engineer Ziad bin Mohammed … Read more

The Real Estate Fund deducts a monthly amount from retirees' benefits in accordance with an agreement with the Public Pension Agency

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Reading time: < 1 MinuteThe Public Pension Agency has signed an agreement with the Real Estate Development Fund under which monthly payments to the Fund will be deducted from the Agency’s pension payments for retirees who have taken out loans from the Fund. The agreement, signed by His Excellency Mohammed Al-Nahhas, Governor of the Public Pension Agency, and the General Supervisor of the Real Estate Development Fund, Khalid Al-Amoudi, in implementation of Royal Decree No. (7/B/48941) dated 26/9/1425 AH and in fulfillment of the wishes of many … Read more

Cement sales jump to 3.49 million tons, up 12%

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Reading time: < 1 MinuteThe total sales volume of 17 Saudi cement companies rose by 12% in July 2017, reaching 3.49 million tons, compared to sales of 3.13 million tons achieved during the same month of 2016. A report issued by Yamama Cement Company stated that July sales included Umm Al-Qura Cement and United Cement due to their recent commencement of operations … Read more

The Capital Market Authority (CMA) approves the registration and listing of “Mulkia Real Estate Gulf REIT”

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Reading time: 2 MinutesThe Capital Market Authority has confirmed its approval of Mulkiyah Investment Company’s request to offer, register, and list units of the “Mulkiyah Fund – Gulf Real Estate REIT” on the market as publicly offered units of a publicly traded real estate investment trust. View the Fund’s Terms and Conditions The Authority stated in a press release that the terms and conditions of the “Mulkiyah Fund – Gulf Real Estate REIT” are available on the website … Read more

The Real Estate Fund offers immediate financing to those interested in purchasing ready-to-move-in residential units

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Reading time: < 1 Minute The Real Estate Development Fund confirmed that those wishing to purchase ready-to-move-in homes (apartments or residential villas) will receive financing immediately. The Real Estate Development Fund’s official spokesperson, Hamoud Al-Osaimi, clarified that the variable interest rate does not apply to subsidized financing provided by the Fund. Al-Osaimi noted that financing for home construction is disbursed in installments spread out over several phases … Read more

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