Month: September 2018

CEO of the National Housing Company: More than 20,000 Apply for Exemption from the Housing Tax

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real estate

Reading time: < 1 MinuteThe number of citizens registered on the online portal for the government’s value-added tax (VAT) subsidy for first homes has reached approximately 22,000. This was revealed by the CEO of the National Housing Company, Engineer Mohammed bin Saleh Al-Bati, who explained that the company has begun issuing certificates to approximately 6,000 of those who met the eligibility criteria, adding that the figures and indicators point to strong demand for home purchases … Read more

The Pilgrims’ Housing Committee in Madinah Begins Accepting Permit Applications for Buildings, Hotels, and Residential Units

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Reading time: < 1 MinuteThe Pilgrims“ Housing Committee in Madinah announced that it has begun accepting applications from citizens seeking housing permits for their buildings ”including hotels and residential buildings” for the 1440 AH Hajj season, effective from the beginning of the Hijri year 1440 AH, provided that, upon submission, the buildings meet the necessary conditions in accordance with the implementing regulations, which emphasize a number of requirements, foremost among which are the availability of safety measures and facilities, and the validity of … Read more

“Real Estate Contributions Liquidation” in Sharqia: Contributions have been suspended for 13 years… and the influx of opportunists and the unemployed has created chaos and brought the project to a standstill

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Reading time: < 1 MinuteThe Real Estate Contributions Committee “Liquidation” revealed during a panel discussion titled “Provisions on Civil and Commercial Liquidation,” organized by the Eastern Province Legal Community Committee, that the issuance of real estate contributions has been suspended since 1426 AH, meaning that for the past 13 years, no new real estate contributions have been issued. The committee confirmed that the number of licensed contributions after that year did not exceed 120, and those prior to that were not licensed… Read more

It has 42 thousand hotel rooms. Deputy Emir of Riyadh invites businessmen to invest in the tourist accommodation sector in the region

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Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Abdulrahman bin Abdulaziz, Deputy Governor of the Riyadh Region, invited investors to invest in the region’s tourism accommodation sector, praising the support and coordination provided by the General Authority for Tourism and National Heritage in the Riyadh Region for organizing a large number of diverse tourism events in the region’s cities and provinces, in addition to seminars that bring together investors, tourism professionals, and hotel operators … Read more

Real Estate Contributions worked on 500 contributions. It is currently working on 380 unauthorized contributions

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Real estate contributions

Reading time: < 1 MinuteThe Real Estate Contributions Committee “Tasfiya” revealed that it has reviewed more than 500 contributions to date, of which only 120 were authorized, some of which have been liquidated. The committee explained that it is currently working on verifying deeds and updating approximately 380 unlicensed contributions that have been identified over the course of eight years. Hamza Al-Askar, secretary of the Real Estate Contributions Committee “Tasfiya,” confirmed … Read more

Dubai's real estate sector receives 47 projects in 8 months, 1000 investors make 900 deals worth AED 12 billion

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Reading time: < 1 MinuteThe Dubai Land Department revealed that 47 new real estate projects have entered the market over the past eight months, and 1,000 investors have taken possession of their properties through 900 transactions, with a total value exceeding 12 billion dirhams (approximately $3.2 billion). Sultan Butti bin Majran, Director General of the Dubai Land Department, explained that «the completed projects injected 14 … Read more

Including 250 associations. Dubai Land Department finalizes law to abolish property owners' associations in freehold areas

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Real Estate Dee

Reading time: < 1 MinuteThe Dubai Land Department has completed the final drafting of the “Co-ownership” bill. The law provides for the dissolution of all property owners“ associations in Dubai’s freehold areas—numbering more than 520—and the entrusting of the management of these properties to specialized companies under the direct supervision of the Real Estate Regulatory Authority (RERA). In this regard, the Senior Director of … Read more

Saudi banks warn against text message scammers warning of ATM card blocking

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Saudi Banks - Real Estate Finance - Finance

Reading time: < 1 MinuteSaudi banks have warned of a text message that has been circulating in recent days via cell phones, which alerts the recipient that their ATM card has been blocked under the pretext of an update, and urging them to contact a suspicious number listed in the message for this purpose, confirming that it is a scam. Talaat Hafez, Secretary-General of the Banking Media and Awareness Committee and official spokesperson for the banks, emphasized that the banks … Read more

Delayed completion of the technical connectivity project. The Real Estate Fund intends to write to banks and finance companies participating in “subsidized financing”

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Reading time: < 1 MinuteWell-informed sources at the Real Estate Development Fund stated that work is still underway to implement the technical integration project, as the integration of 16 financing entities (banks and companies) has been completed to provide mortgage loans and a down payment reduction service to beneficiaries. In addition, the Fund intends to address the chairpersons of the boards of directors of the banks and financing companies participating in the “Subsidized Financing” program and the down payment reduction service for beneficiaries, … Read more

It enhances its performance and efficiency... The transformation of the «State Property Authority» into a public agency named the «General Authority for State Real Estate» has been widely welcomed»

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Furniture industry

Reading time: 2 MinutesA large number of government officials, real estate professionals, and businesspeople welcomed the decision of the Council of Ministers, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud—may God protect him—to transform the «State Property Authority» into a public agency named the «General Authority for State Real Estate» and to establish its organizational structure. They noted that the decision serves the public interest and will enhance performance … Read more

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