Month: May 2018

New report: The next decade will see significant growth in private debt as an alternative to commercial bank borrowing

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Reading time: < 1 MinuteA recent report by the consulting and investment firm JLL, in collaboration with the international law firm Clifford Chance, predicts that the coming decade will see significant growth in private debt as an alternative to borrowing from commercial banks in the Middle East, as diverse sources of capital are expected to bolster the development of the real estate market. Despite the continued growth in the size of the debt market … Read more

Riyadh Chamber hosts the Governor of the General Real Estate Authority in an open meeting with real estate professionals tomorrow evening

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Reading time: < 1 MinuteThe Riyadh Chamber of Commerce, represented by its Real Estate Committee, His Excellency the Governor of the General Real Estate Authority, Mr. Essam bin Hamad Al-Mubarak, tomorrow evening, Monday, May 28, 2018, at 9:30 p.m., in an open meeting with the real estate sector attended by a group of real estate developers and investors, during which Al-Mubarak will outline the role expected of the private real estate sector in achieving the Authority’s goals and aspirations within the framework of the Vision … Read more

Real estate transactions total 54 billion riyals over 4 months... Commercial sector sales decline by 25%

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Jeddah Real Estate - Real Estate Index

Reading time: < 1 MinuteReal estate transaction sales during the first four months of 2018 totaled approximately 54 billion riyals, marking a 25% decline compared to the same period last year, when sales totaled approximately 72 billion riyals in 2017. The value of transactions was affected by a decline in commercial real estate sales, which fell by about 37% to 5.15 billion riyals, compared to 24 billion riyals, while … Read more

InterContinental Abu Dhabi Announces the Appointment of Neil Houghton as General Manager of the Hotel

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Reading time: < 1 MinuteThe InterContinental Abu Dhabi has announced the appointment of Mr. Neil Houghton as the hotel’s General Manager; he will oversee all operations at the award-winning hotel, which boasts an exceptional location in the heart of the UAE’s capital. Houghton, a British national, has extensive experience spanning more than 30 years in hospitality management, having held positions such as General Manager … Read more

200 million square meters of undeveloped land have not been registered in the fee system in the three cities

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Real estate projects

Reading time: < 1 MinuteThe Ministry of Housing, through the Unregistered Land Fees Program, announced that 200 million square meters of unregistered land subject to fees in the cities of Riyadh, Jeddah, Dammam, and Makkah have not yet been registered in the fee system. The ministry explained that part of this land has not yet been registered in the fee system due to various obstacles, foremost among which is the difficulty of identifying and determining … Read more

The Saudi Arabian Monetary Authority (SAMA) Exempts Beneficiaries of the Real Estate Fund and the Ministry of Housing from the “Principles of Responsible Finance”

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Reading time: 2 MinutesThe Saudi Arabian Monetary Authority (SAMA) has exempted beneficiaries of the Real Estate Development Fund and the Ministry of Housing from the “Principles of Responsible Financing,” provided that the monthly credit obligations arising from the financing do not exceed 65 percent of the customer’s total monthly income. This came as part of amendments made by SAMA to two articles of the Responsible Financing Principles for Individuals, based on the authorities granted to SAMA under … Read more

1200 housing units have been booked. The Ministry of Housing announces the completion of the first phase of the Rataj Makkah project

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Reading time: 2 MinutesThe Ministry of Housing announced that reservations for the first phase of the Rataj Makkah project have been completed, noting that the reservation rate for the project has so far exceeded 25%. Saif bin Salem Al-Suwailem, the official spokesperson for the Ministry of Housing, explained that total reservations for the Rataj Makkah housing project since the project’s launch was announced earlier this month have exceeded 1,200 housing units, thereby completing the reservation process… Read more

«Completion» of comprehensive monitoring and observations regarding the approval of land-use plans for housing projects

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Reading time: 2 MinutesA task force at the Real Estate Developers Services Center (Etmam) is making significant efforts to address concerns regarding delays in the approval of land plans for housing projects, as revealed by the task force during an extensive workshop held at the Eastern Province Chamber last week. Licenses and Approvals: The task force explained that the center is working to address a number of issues related to the current status of real estate development projects, including: … Read more

The Saudi Arabian Monetary Authority announces that on the 10th of Ramadan this year, the riyal coin will replace the paper riyal

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Reading time: < 1 MinuteThe Saudi Arabian Monetary Authority (SAMA) confirmed that the riyal coin will replace the paper riyal in circulation starting Thursday, September 10, 1439 AH, corresponding to May 24, 2018 AD, while paper riyals from previous issues currently in circulation will continue to be accepted alongside the coin riyal until they are phased out of circulation according to a schedule … Read more

An agreement to prevent double taxation between the Kingdom and the UAE

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Reading time: < 1 MinuteHis Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, and His Excellency the Minister of State for Financial Affairs of the United Arab Emirates signed an agreement to avoid double taxation with respect to income and capital taxes and to prevent tax evasion between the Kingdom and the United Arab Emirates. During the meeting held between the two ministers in Jeddah, they also discussed issues related to the customs union and the Gulf Common Market… Read more

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