Month: May 2018

Indonesian companies to build $6 billion worth of residential towers in Makkah and Medina

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Reading time: < 1 MinuteA meeting in Jakarta, the Indonesian capital, between the Ambassador of the Custodian of the Two Holy Mosques to Indonesia, His Excellency Osama bin Mohammed Al-Shuaibi, and representatives from several companies revealed plans for the construction of five towers, with construction set to begin on structures ranging in height from 50 to 60 stories each, arranged in an aesthetically pleasing, stepped configuration, with each block accommodating more than 75,000 people, at a cost of 6 … Read more

The Real Estate Fund's available liquidity is SAR 17 billion. The outstanding loans are 157 billion riyals

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Reading time: < 1 MinuteThe Real Estate Development Fund has approximately 17 billion riyals in available liquidity, According to Khalid Al-Amoudi, General Supervisor of the Real Estate Development Fund, this amount is insufficient to provide loans to all those who received approvals prior to 2017, noting that the total liquidity currently available to the fund is earmarked for new loans. Al-Amoudi explained that the fund’s announced capital is 191 billion riyals, … Read more

National Housing Company signs agreement with “Labor” to localize 6 thousand new jobs

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Reading time: < 1 MinuteLast week, the National Housing Services Company signed a memorandum of understanding with the Ministry of Labor and Social Development to fill 6,000 new job openings created by the Ministry of Housing’s strategic programs in the field of residential building inspection, on the sidelines of the launch of the Quality Assurance and Sustainability Assessment Program.

The Saudi Arabian Monetary Authority (SAMA) issues new mandatory guidelines for banks and mortgage finance companies

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Reading time: 3 MinutesThe Saudi Arabian Monetary Authority (SAMA) has issued new mandatory guidelines for banks and mortgage finance companies operating in the Kingdom regarding the provision of mortgage financing to individuals. The Authority’s decision was based on the powers granted to it under relevant laws, regulations, and instructions. The decision aims to enable customers to make informed decisions when applying for mortgage financing and to protect the rights of parties involved in mortgage financing transactions, … Read more

SAP invests SAR 285 million in training more than 750 Saudi nationals to develop technical skills and knowledge

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Reading time: 2 MinutesThe global business software company SAP revealed that it has invested more than 285 million Saudi riyals in the Kingdom over the past four years, The SAP Institute for Training and Development has organized programs to train and certify more than 750 Saudi nationals, and the institute has successfully helped 98 percent of them find employment. The “SAP Specialized Youth Program” lasts for two months or … Read more

Saudi building code to be applied to large engineering projects in January 2019 Contractors will be put to the test in July

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Reading time: 2 MinutesThe authorities responsible for implementing the Saudi Building Code have established a specific timeline for its actual implementation, to be carried out in gradual phases. The Building Code is considered a pioneering and vital approach, representing a significant cultural shift in the field of urban development toward an advanced and sophisticated construction industry. Its adoption followed an extensive preparation period, collective efforts, and the synthesis of contributions from experts in this field from all relevant parties, and it includes … Read more

Only 6 of the 37 global advertising formats are in use... The billboard advertising sector is shrinking in the face of the Kingdom’s vast advertising market

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Reading time: 3 MinutesThe Kingdom’s Vision 2030 has laid out broad, multifaceted, and effective strategies to increase the share of national income and output across all sectors, and the modern economy relies heavily on advertising revenue to cover a significant portion of its expenses. Billboards on roads, bridges, and strategically located properties and buildings constitute an important part of direct advertising that target audiences can easily and conveniently view, and in … Read more

The Riyadh Region Secretariat is conducting an electronic lottery for land granted by His Majesty to 3,000 citizens

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Land - Riyadh Municipality-min (1)

Reading time: < 1 MinuteThe Riyadh Region Secretariat announced that it will hold a public electronic lottery for land granted by His Majesty to 3,000 citizens. It also clarified that the lottery will take place over three days, beginning next Sunday, the 4th of Ramadan, and continuing through Tuesday, the 6th of Ramadan, with four sessions daily from 10 a.m. to 3 p.m. … Read more

Increase in the number of new factories in Jeddah's Third Industrial City

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Reading time: < 1 MinuteThe past period saw a significant increase—exceeding 101—in the number of new factories in Jeddah’s Third Industrial City, which is managed by the Saudi Authority for Industrial Cities and Technology Zones, by the end of 2017, compared to the number at the end of 2016. This was revealed by »MODON,« and Bandar Al-Taimi, Director of Marketing and Corporate Communications at «MODON,» explained that the number of contracts in the Third Industrial City … Read more

Highlights from *Amlak* Newspaper, Issue 152 – Front Page

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Reading time: < 1 MinuteHighlights from Amlak Newspaper, Issue 152, Front Page: Turkish Ambassador Highlights Investment Opportunities in Turkey to Business Leaders; Residential Apartment Rents in the Western Region Decline During the First Quarter; Over 80,000 Beneficiaries Delayed in Receiving Their Loans; United CompanyUnited Company offers its services Zood Real Estate and Real Estate Marketing Solutions goo.gl/mU5vNJ 

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