Month: September 2018

The Real Estate Fund pumps 42 million riyals per month to finance 22 thousand beneficiaries with a subsidy rate of 100%

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Reading time: < 1 MinuteThe Real Estate Development Fund seeks to end the remaining number of the waiting list within the next two years as a maximum, and data issued by the Fund showed that the value of the financial support it provides on a monthly basis to the beneficiaries of the “subsidized financing” program, about 42 million riyals for 22 thousand beneficiaries, with a support rate of up to 100 percent, noting that the coverage of the value of the support ... Read more

Worth more than 133 billion riyals. More than 533 thousand commercial papers in execution courts during 1439

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Residential Real Estate - Request Inquiry - Ministry of Justice

Reading time: < 1 MinuteThe number of commercial paper execution bonds in the Ministry of Justice for the past Hijri year 1439 amounted to about 533620 executive bonds with 78% of the total bonds, with total funds estimated at more than 133 billion riyals. The business intelligence platform revealed that the commercial papers received by the execution courts in the Kingdom were represented in «deed of order», »bills of exchange», and »checks», and the execution applicant became in front of technical systems ... Read more

Bank Al Jazira concludes the "Family Counselor Skills Development" course to qualify 30 staff members in Arar

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Reading time: < 1 MinuteBank Al Jazira concluded the (Family Counselor Skills Development) course to qualify (30) family counselors in Arar, as part of the activities of the “Good of the Island for the People of the Island” program carried out by the Social Responsibility Group. Dr. Fahad Al Olayan, Head of the Social Responsibility Group at Bank Al Jazira, explained that qualifying 30 counselors from the best youth of the Northern Borders region is a help to serve the families of the region in the field of ... Read more

Aldar succeeds in issuing its first Sukuk worth $500 million

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Reading time: < 1 MinuteAldar Properties recently announced that its investment arm, Aldar Investments, has successfully completed the first issuance of a US$500 million 7-year fixed-rate US dollar-denominated Sukuk, which will be used to fund Aldar's existing debt. This is the first corporate issuance in Abu Dhabi since 2013 and demonstrates Aldar Investments“ strength in issuing long-term borrowed capital ... Read more

Saudi companies register $21 million worth of dispute resolution requests with the Gulf Arbitration Center

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Commercial arbitration

Reading time: < 1 MinuteSaudi companies registered applications to the GCC Commercial Arbitration Center (Dar Al Qarar) worth $21 million, accounting for 19% of the value of applications amounting to about $112 million. During the period from January 1 to the end of the third quarter of this year, Dar Al Qarar received 18 arbitration requests, and the nature of the ... Read more

40 kilometers away from the urban block. 6 regulations for establishing workers' housing outside the urban area

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Reading time: < 1 MinuteThe competent authorities have set 6 controls for the establishment of workers' housing outside urban areas. The controls stipulate the proximity of these dwellings to the necessary living services, and the distance from hazardous areas, torrential streams and the like, provided that the buildings of these dwellings meet the health conditions for workers' housing within the urban area. Private sector establishments that provide housing for workers outside urban areas are obliged to carry out the tasks of management, operation and maintenance of these ... Read more

Real Estate Contributions Committee recovers 6.5 billion riyals for affected shareholders

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Real estate contributions

Reading time: < 1 MinuteThe total amounts recovered for those affected by the troubled real estate contributions amounted to about 6.5 billion riyals, revealed the Real Estate Contributions Committee, adding that work is currently underway to finalize 177 other contributions, indicating that it faces many obstacles in the work, most notably the procrastination of the owners of the contributions, despite the graduated penalties imposed on them. The committee pointed out that it ... Read more

Public Investment Fund appoints expert Nicholas Nibbles as CEO of AMAALA“

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Reading time: < 1 MinuteThe Public Investment Fund (PIF) has announced the appointment of luxury hospitality and development expert Nicholas Nibbles as Chief Executive Officer (CEO) of AMAALA, the ultra-luxury destination on the Red Sea coast, dubbed the “Riviera of the Middle East” as a natural extension of the temperate Mediterranean climate, which aims to establish a whole new concept of luxury tourism centered around wellness. The expert will ... Read more

Ministry of Housing: Paying the Proof of Seriousness Fee guarantees that the beneficiary can reserve the housing unit

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Reading time: < 1 MinuteThe Ministry of Housing revealed through its beneficiary care account on Twitter that if the beneficiary is unable to agree with a financier, the ministry will provide him with another financier, noting that the amount of fees paid will be calculated from the value of the product. The ministry confirmed that the proof of seriousness fee paid by the beneficiary to the developer will guarantee the beneficiary the reservation of the housing unit.

Gulf Steel Works Factory goes public with 6 million shares on Tadawul“

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Reading time: < 1 MinuteGulf Steel Works Factory Company intends to offer 6 million shares for public subscription representing 30% of the company's shares, after the Capital Market Authority Board approved the company's request, and the Authority will publish the prospectus well before the start of the subscription, indicating that the prospectus contains the information and data that the investor needs to review before making an investment decision ... Read more

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