Month: December 2017

Recent report: Government initiatives are a step in the right direction to boost real estate market activity in 2018

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Reading time: 3 MinutesKnight Frank, which specializes in advising various clients, property owners and buyers, major developers and investors, has released a report on the performance of the real estate market in the Kingdom in 2017, highlighting the good prospects for the results of various government initiatives aimed at stimulating the real estate sector, as well as encouraging the private sector to play a key role in this process. When approaching the topic from ... Read more

Investment and Development Funds allocate 133 billion for development projects “Housing” wins 50 billion from the general budget

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Reading time: < 1 MinuteSaudi Finance Minister Mohammed Al-Jadaan revealed during a press conference yesterday that “the 2018 budget prioritizes services provided to citizens,” noting that “70,000 residential lands and 150,000 homes were allocated to citizens in 2017. His Excellency the Minister praised ... Read more

Custodian of the Two Holy Mosques announces the largest budget in the Kingdom's history Revenues 783 billion riyals Expenditures 978 billion

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Reading time: 7 MinutesThe Custodian of the Two Holy Mosques King Salman bin Abdulaziz issued on Tuesday a royal decree outlining the general budget for the fiscal year 1439/1440 as the largest budget in the Kingdom's history: First: Estimation of state expenditures: 1- Revenues are estimated at (783.000.000.000) seven hundred and eighty-three billion riyals. 2- Expenditures are approved at (978,000,000,000) nine hundred and seventy-eight billion riyals. ... Read more

The 2018 budget promotes diversification of sources of income according to economic reforms to achieve the fiscal balance program and support development initiatives

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Government Procurement - Ministry of Finance - Real Estate Investment

Reading time: 2 MinutesThe Undersecretary of the Ministry of Finance for Revenue, Tariq Al-Shaheeb, revealed that the upcoming 2018 budget is distinguished from other previous budgets by the fact that it was prepared according to a new mechanism, and that this mechanism achieves the effective and required contribution to improve the efficiency of government spending for government agencies, as it combined the bottom-up preparation “the requirements of the beneficiary entity”, and the top-down preparation methodology ... Read more

80,000 businesses registered in the value-added program. Zakat Authority renews its call for businesses to register before December 20

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

Reading time: 2 MinutesThe General Authority for Zakat and Income Tax (GAZT) revealed that the number of registered establishments has so far reached more than 80,000, and renewed its call to all establishments that carry out economic activity in the Kingdom and whose annual revenues exceed SAR 1 million to register for Value Added Tax (VAT) before December 20, 2017. The Authority extended its thanks and appreciation to the establishments that have registered for the tax, calling ... Read more

Real Estate Fund: 500,000 beneficiaries transferred to banks to shorten the time period to 5-7 years

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Reading time: < 1 MinuteThe General Supervisor of the Real Estate Development Fund, Khaled Al-Amoudi, confirmed that the transfer of the Fund's beneficiaries, which exceeds 500 thousand citizens to banks, is not to harm them, but to shorten the time period, explaining that the period was determined with subsidized financing between 5 and 7 years, while it may exceed 40 years on the old system. He added that the experience of the first year of subsidized financing ... Read more

Real Estate Fund announces the start of work on converting existing loans into subsidized financing

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Real estate fund

Reading time: < 1 MinuteThe Real Estate Development Fund (REDF) announced the start of one of the new tracks of the “Subsidized Financing” programs, namely “converting the existing loan into subsidized financing”, which is a support provided to beneficiaries registered on the Fund's lists, who have an existing mortgage with the participating financing entities and are still continuing to pay. According to Hammoud Al-Osaimi, the official spokesperson for the Real Estate Development Fund, the Fund aims to ... Read more

Ministry of Housing: Beneficiaries of the “Residential” program have completed booking 61% of 4 ready-made villa projects

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Reading time: < 1 MinuteThe Ministry of Housing announced that beneficiaries of the “Residential” program have completed the reservation of 61% of 4 ready-made villa projects, 10 days after the Ministry of Housing announced the start of the inspection and reservation phase. While the National Housing Company revealed that the percentage of reservations for housing units marketed within the off-plan sales program, which number 40,000 units so far, has reached 50%, ... Read more

The Ministry of Housing launches the second phase of the residential program and pumps 350,000 housing and financing products in 2018

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Reading time: < 1 Minute  The Ministry of Housing spokesman Saif Al-Suwailem expected to announce the ministry's targets for 2018 by the end of this week, and speculations indicate that the “Residential” program - the second phase - will offer 350,000 housing products that will start to be distributed starting from January next year. The products to be distributed include financing, off-plan sales, land and ready-made villas, while the number of units ... Read more

Amlak Newspaper received the invitation to participate. Tamkeen Real Estate Company launches the Saudi Homes Initiative next Wednesday in Khobar

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Reading time: < 1 MinuteIn a bold and innovative step in the Saudi real estate sector, a real estate investment and development company will launch next Wednesday the Saudi Homes Initiative in Khobar, which aims to develop residential units with Saudi expertise 100%, in a time period not exceeding 90 days, according to modern specifications and designs that take into account the privacy of the Saudi community. According to Tamkeen, all the processes of preparing housing units in ... Read more

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