Month: April 2018

Demand for chalets and resorts in Saudi Arabia is on the rise Hotels are at the forefront of households' desires

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Reading time: 2 Minutes Hotels in the Kingdom maintained their lead in terms of popularity and accommodation options, with hotel apartments and furnished apartments (second and third) taking the top spots, while resorts and tourist villas came in fourth. Wego, the leading travel website and app in the Middle East and North Africa (MENA) region, revealed a growing popularity of tourist chalets as one of the preferred accommodation options during domestic trips. Chalets ranked … Read more

The Najran Regional Secretariat has allocated 4 million square meters to the Ministry of Housing

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Najran Municipality - 20 investment opportunities

Reading time: < 1 MinuteThe Najran Regional Municipality confirmed that work is currently underway to finalize the procedures and hand over the land deeds for the plots allocated by the municipality to the Ministry of Housing to begin its projects, covering a total area of 4 million square meters, according to the Deputy Secretary for Urban Development, Engineer Hamad bin Hussein Aiban. The Regional Secretary, Engineer Fares bin Mayah Al-Shaf, explained that the Secretariat had previously begun allocating land … Read more

“Saudi Fransi” Launches the Bonyan REIT Fund with a Capital of 1,628.8 Million Riyals

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Trading-min

Reading time: < 1 MinuteWith a capital of SAR 1,628.8 million, Saudi Fransi Capital announced the launch of the Bonyan REIT Fund, with a public offering of SAR 651.5 million, equivalent to 40% of the fund’s total size. The current assets of the Bonyan REIT consist of 10 prime properties—4 shopping centers, 3 hotels, 2 residential complexes, and a residential building in Dubai City… Read more

“Value Added” urges companies with annual revenue of less than 40 million riyals to file their tax returns by the end of April

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VAT Payment - Real Estate

Reading time: 2 MinutesIn accordance with the Value-Added Tax (VAT) Implementing Regulations, the General Authority for Zakat and Income Tax has called on all VAT-registered businesses whose annual supply of taxable goods and services amounts to 40 million riyals or less to file their tax returns for the first quarter of the year by the end of April 2018. The Authority noted that businesses whose annual supply of … Read more

Jeddah's deadline for payment of white fee invoices (Phase I) has expired. Dammam invoices are a month away  

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Real estate projects

Reading time: < 1 MinuteThe deadline set by the Ministry of Housing for owners of undeveloped land in Jeddah to pay fees for the first installment expired earlier this week, According to a tweet from the Ministry’s “Vacant Land Fee System,” the payment period for Dammam ends in 31 days, while it ends in 239 days in Makkah. It is worth noting that the implementation of the vacant land fee system began … Read more

Saudi banks disbursed 211.5 billion riyals in mortgage loans in 2017

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Raising real estate financing

Reading time: < 1 MinuteRecent data released by the Saudi Arabian Monetary Authority (SAMA) revealed that loans granted by commercial banks in Saudi Arabia to individuals in 2017 totaled approximately 121.4 billion riyals, an increase of 10.1% compared to 2016, which stood at 110.6 billion riyals at that time. Meanwhile, loans granted to companies by the end of 2017 amounted to approximately 90.1 billion riyals, a decrease of about 6% compared to the previous year. The value of … Read more

Spanning 28 buildings... Bloom Properties hands over the “Faya” project in Abu Dhabi

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Reading time: < 1 MinuteBloom Properties has completed the handover of the “Faya” project, which represents the fourth phase of the “Bloom Gardens” project in Abu Dhabi, in accordance with the specified schedule. On this occasion, Sameh Mahdi, CEO of “Bloom Holding,” said: “The completion and on-time delivery of the ”Faya“ project is a significant achievement that adds to Bloom Holding’s track record of accomplishments, as it is one of the distinguished projects that has seen high demand … Read more

Al-Ahsa workshop: Licensed real estate brokers must register all rental contracts electronically; penalties for violators

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Reading time: 2 MinutesThe Real Estate and Housing Committee of the Al-Ahsa Chamber of Commerce, in collaboration with the “Ejar” program, recently held an open workshop to introduce the program and its objectives, as well as the uses and features of the “Ejar” online platform, The event was attended by Mr. Louai Al-Saleh, Vice Chairman of the Chamber’s Board of Directors, along with a large number of real estate professionals, brokers, and those interested in real estate in Al-Ahsa, and was held in the Sheikh Nasser Al-Zara’a Hall (may God have mercy on him) at the Chamber’s main headquarters. The workshop was part of … Read more

A recommendation to the Shura Council calling on the Ministry of Housing to allocate a specific percentage of housing units to low-income families

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Real Estate Development - Construction Quality

Reading time: < 1 MinuteLast week, the Committee on Hajj, Housing, and Services submitted a recommendation to the Shura Council,  calling on the Ministry of Housing to allocate a specific percentage of housing units to low-income families within the approved housing plans for its projects to ensure social diversity, The committee also called on the ministry to study setting a maximum rent cap for low-income families and those in similar circumstances, so that support is directed in a manner commensurate with … Read more

Riyadh Convention and Exhibition Center sets three months to develop its new strategy

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Reading time: < 1 MinuteThe Riyadh Convention and Exhibition Center has set a three-month timeline to develop a strategy aimed at creating practical plans that align with its board of directors’ aspirations to improve operational mechanisms and keep pace with modern exhibition activities in the Kingdom, in line with the state’s policy of supporting the private sector and promoting its activities through effective national efforts. This decision was made during a meeting chaired by Majid bin Abdul… Read more

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