Month: November 2017

Saudi investors are showing interest in Dubai projects... and are pouring more than 78.6 billion dirhams into the UAE real estate market

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Reading time: 2 MinutesThe Emirati newspaper *Al-Bayan* published a report from the Saudi newspaper *Amlak*, which includes in this issue a supplement covering the UAE real estate market,  The high level of Saudi interest in investing in the real estate market in the United Arab Emirates in general, and in Dubai in particular, is reflected in the upward trend in the number, value, and volume of transactions across most areas of the emirate. Not content with … Read more

Government Projects Boost the Sector’s Strength Experts and Business Leaders: 2018 Will Be an Exceptional Year for the Construction Industry

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Reconnaissance

Reading time: 3 MinutesA large number of exhibitors at the Saudi Construction Expo, which recently concluded at the Riyadh Exhibition and Convention Center, expressed their satisfaction with the high turnout for the products offered by the participating exhibitors. Participants in a tour organized by Amlak Real Estate Newspaper confirmed that the exhibition achieved its intended goals thanks to its excellent coordination and organization, attracting more than 500 local and international brands. The speakers expressed their optimism … Read more

Ministry of Transportation Launches System to Monitor Contractors and Manage 4,914 Bridges... Including Inspections and Assessments of Bridges and Structures

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Reading time: < 1 MinuteThe Ministry of Transportation launched the internationally recognized Bridge Management System (BMS) to inspect and assess the ministry’s bridges and structures, in the presence of Deputy Minister of Transportation Eng. Saad bin Abdulaziz Al-Khalib, His Excellency the Undersecretary for Roads Eng. Majid Al-Arqoubi, Assistant Undersecretary for Operations and Maintenance Eng. Fayez Al-Harbi, and a number of engineers and specialists from the Ministry. This system, which was launched … Read more

Includes Itqan and law and accounting firms Etiqan Real Estate conglomerate to liquidate the properties of Al Sanea and Saad Company«

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Reading time: 2 MinutesThe Enforcement Court in Al-Khobar has assigned the tasks of tracking, inventorying, safeguarding, and selling the assets of Ma’an bin Abdulwahid Al-Sanea and Saad Trading, Investment, and Financial Services Company to the «Itqan Real Estate» consortium , which is led by Itqan Real Estate Company and includes among its members a select group of law firms and certified public accounting firms. Abdulaziz Al-Rashid, General Manager of Itqan Real Estate Company and Chairman of the consortium’s Board of Directors, expressed his gratitude to the Enforcement Court … Read more

Zakat and Income Authority… Project to Assess Businesses’ Readiness for Value-Added Tax Gets Underway

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Zakat & Income Tax - Zakat & Income Tax - Property Tax - Tax

Reading time: < 1 MinuteThe Zakat and Income Authority and the Saudi Organization for Certified Public Accountants have launched a project to audit large enterprises to assess the readiness of their accounting systems for the implementation of the value-added tax (VAT), scheduled for early January 2018. The project involves certified and licensed auditors from the Institute of Certified Public Accountants conducting on-site visits to large enterprises in Riyadh, Dammam, and Jeddah to assess their readiness to implement the tax and identify areas that could … Read more

Formation of a Ministerial Committee to Review the Results... Bonus for Members of the Committee Investigating Violations of the Vacant Land Fee System

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Reading time: < 1 MinuteThe Council of Ministers, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, decided in Riyadh to form a ministerial committee to review the results of the timeline for implementing fees on undeveloped land, propose appropriate measures in this regard, and submit an annual report on the matter to the Council. It also approved bonuses for the Land Committee. The two decisions state the following: After reviewing the report submitted by the Minister of Housing, and after reviewing … Read more

Amlak newspaper articles. Editor-in-Chief writes: Real Estate Funds And your cousin?

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Reading time: 2 MinutesI recalled a remark made by a financial market investor—an expert and an elderly gentleman we met at a resort hotel abroad—whose avid reading of business newspapers piqued my curiosity as both an economist and a journalist. Why such passion? What is he searching for at this stage in his life?.. He revealed to me a beautiful secret that I have never forgotten, and I recall it whenever I witness the managerial failures and losses in most of our companies listed on the local stock market and in investment funds. He told me: … Read more

Extension of the period for “residents” to fulfill the requirements for fellowship certification… and amendments to the system’s implementing regulations

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Real estate appraisal

Reading time: < 1 MinuteThe Ministry of Commerce and Investment announced an extension of the transition period for accredited residents to complete the qualification requirements for obtaining fellowship status before the end of 2023, in addition to amendments to the executive regulations of the Accredited Residents System, which were submitted by the Board of Directors at its 16th meeting. The decision, approved by His Excellency the Minister of Commerce and Investment and His Excellency Dr. Majid bin Abdullah Al-Qasabi, Chairman of the Board … Read more

25 establishments referred to the Public Prosecution for practicing real estate valuation without a license ... Penalties up to imprisonment and a fine of 200 thousand riyals

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Certified Resident System

Reading time: < 1 Minute  The Ministry of Commerce and Investment has referred 25 real estate firms to the Public Prosecution for violating the Authorized Appraisers Regulation, which stipulates that anyone practicing the profession of real estate appraisal must obtain a license to practice appraisal from the Ministry of Commerce and Investment. The violations of the Authorized Appraisers Regulation, issued by Royal Decree No. (M/43) dated (9/7/1433 AH), varied and are subject to penalties in accordance with the regulation… Read more

12 winners represent the new Makkah Chamber Board of Directors from among 40 candidates

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Reading time: < 1 Minute  After a fierce contest, the Supervisory Committee for the 20th term elections of the Board of Directors of the Makkah Chamber of Commerce and Industry announced last night (Wednesday) that 12 candidates—out of 40 male and female candidates on the merchants’ and industrialists’ lists—had won, who will form the new Board of Directors and oversee its operations during the period from 1439 to 1443 AH. The winners from the merchants’ category were ranked as follows: Khalid … Read more

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