Month: January 2018

Standing 38 stories tall... “Dar Al Arkan” begins construction work on the «Florence Habi» Tower in Dubai

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Reading time: < 1 MinuteDar Al Arkan Real Estate Development has begun construction work on the «Florence Hobi» Tower project in the Emirate of Dubai, which it recently launched as the first of its global projects and activities, in partnership with the luxury brand «Roberto Cavalli,» which is handling the tower’s interior design. Dar Al Arkan has signed a contract with the GFG Group to carry out the excavation and foundation work for the project, and Dar Al Arkan is utilizing … Read more

Amniyat Real Estate Group Completes “The Langham Downtown” Project in Dubai in 2020

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Reading time: < 1 MinuteWith a total of 239 five-star hotel apartments and 167 hotel rooms, the Amniyat Real Estate Group plans to complete “The Langham Downtown” project in the Emirate of Dubai in 2020, The group explained that the project is located in the heart of the Marasi development on the banks of the Dubai Water Canal, overlooking the new marina on one side and the Burj Khalifa on the other. The project features services … Read more

29 Housing Ministry commissioners to crack down on violations of off-plan real estate sales and leasing regulations

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Wafi-sale-on-plan

Reading time: < 1 MinuteThe Ministry of Housing has authorized 29 of its employees to serve as enforcement officers for violations of regulations governing the sale and lease of off-plan real estate units in the Kingdom, in order to tighten oversight of real estate development projects in implementation of the Cabinet’s decision regarding the regulation of off-plan sales and leasing activities. The Secretary-General of the Off-Plan Sales and Leasing Committee, Muhammad bin Saud Al-Ghazwani, explained that the decision ensures that enforcement officers … Read more

“The Ministry of Housing Imposes Fees on Vacant Land Plots of 10,000 square meters or More in Mecca

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Housing units

Reading time: < 1 MinuteThe Ministry of Housing continued its plans to implement the “white land” system, with Minister of Housing Majid Al-Hogail issuing a ministerial decree imposing fees on undeveloped land measuring 10,000 square meters or more located within the designated geographical area of the city of Makkah. The decree stipulates that the specified period for paying the fee or completing the development or construction of the land shall be calculated from the date of … Read more

The government covers the value-added tax... Royal decrees order the payment of annual bonuses to civil and military personnel, as well as cost-of-living allowances... and the private sector responds

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Reading time: 2 MinutesToday, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz—may God protect him—issued royal decrees stipulating that the state will cover the value-added tax (VAT) for citizens who receive private health services and attend private schools, The state will also cover the value-added tax on an amount not exceeding 850,000 riyals of the purchase price of a citizen’s first home. The royal decree also guarantees the addition of a cost-of-living allowance… Read more

Ministry of Housing announces 93% residential units at its exhibition in Jeddah

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Reading time: 2 MinutesThe Ministry of Housing announced that reservations for approximately 1,800 housing units at the “Bawabat Al-Tahlia” exhibition in Jeddah Province have been completed, about three weeks after the reservation phase began, which is equivalent to more than 93% of the housing units made available by the Ministry through off-plan sales in partnership with the private sector to beneficiaries of housing subsidies last December, where … Read more

Ministry of Finance: Reopening of the «Domestic Sukuk» Offering at Over 4 Billion Riyals

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Home Finance - Mortgages - Real Estate Funds - REITs - Loans

Reading time: 2 MinutesThe Ministry of Finance announced that it has completed accepting additional investor applications for its domestic sukuk issuance by reopening its fourth offering for the second time under the Kingdom’s Riyal-denominated government sukuk program. The previous offering took place in October of this year, with the total value of new subscription requests for these sukuk reaching approximately 10.325 billion riyals. More than 4 billion riyals … Read more

Jadwa REIT sets January 23, 2018 deadline to subscribe to 47.40 million units

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Reading time: < 1 MinuteSubscription for units of the “Jadwa Saudi REIT” fund began yesterday, Wednesday, and will continue for 15 business days, ending on January 23, 2018. Investors may submit subscription requests during the offering period through the designated channels, which include the online platforms of Banque Saudi Fransi, Al Rajhi Bank, Al Ahli Commercial Bank, Riyad Capital, and Jadwa Investment, with a limit of … Read more

RSG Properties begins construction of Sabah Tower in Dubai

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Reading time: < 1 MinuteRSG Real Estate has begun construction on the Sabah Tower. This luxury residential building is located in the upscale Jumeirah Village district of Dubai, and its architectural design blends traditional and modern aesthetic elements. The 19-story building is equipped with all major amenities and will offer a new concept of living in an exclusive suburb. Sabah Tower is distinguished as an eco-friendly tower … Read more

Al Ahli Bank raises its capital to 30 billion riyals according to the board of directors' recommendation

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Mortgage loan

Reading time: < 1 Minute The National Commercial Bank announced that, at its meeting held on December 28, 2017, the Board of Directors recommended to the Extraordinary General Assembly that the bank’s paid-in capital be increased from 20,000 million riyals to 30,000 million riyals, by granting bonus shares to the bank’s shareholders at a ratio of 50% of the capital value, such that each shareholder will receive one share for every two shares held. Mr. Mansour explained … Read more

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