Month: May 2019

Reading time: 2 MinutesMinister of Energy, Industry and Mineral Resources Khalid Al-Falih issued six decrees regarding the expropriation of several plots of land in four regions (Jazan, Makkah, Qassim, and Al-Jawf) due to their interference with electrical projects being implemented by the Saudi Electricity Company in those regions, according to the Umm Al-Qura newspaper. Article Two of the decrees mandated the relevant authorities to appoint their representatives in each of… Read more

Reading time: 3 MinutesThe new government procurement and tendering system eliminated the practice of withdrawing work and executing it at the contractor's expense, requiring them to bear the price differences. Instead, it stipulated that the contract would be terminated and the financial guarantee confiscated if the contractor breached their contractual obligations. The system also eliminated the requirement for the contractor to pay the consultant's fees. These provisions benefit contractors working with government entities, in addition to a set of other provisions within the draft law that support a balanced contractual relationship between the two parties. Read more

Reading time: 2 MinutesThe Premium Residency system, in its amended version approved by the Shura Council's Security Committee last Wednesday, grants the right to use properties in Mecca and Medina for a period not exceeding 99 years. The Ministries of Justice and Commerce and Investment will establish the necessary mechanisms to ensure that the beneficiary receives a usufruct deed issued by a notary public. This right is transferable. Read more

Reading time: 2 MinutesThe General Authority for Real Estate has begun its supervisory role in real estate registration on a trial basis in several neighborhoods of Riyadh, in preparation for developing a nationwide real estate registration plan. This initiative is being undertaken in cooperation with the Ministries of Justice and Municipal and Rural Affairs, represented by the Riyadh Municipality and the Riyadh Development Authority, as well as a number of World Bank experts. This effort is part of a broader effort to unify real estate activities… Read more

Reading time: 2 MinutesAbdulhadi bin Ahmed Al-Mansouri expressed his deepest gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and his Crown Prince for the great trust placed in him by appointing him as President of the General Authority of Civil Aviation. In a tweet on Twitter, he said: “I extend my sincere thanks and appreciation to my master, the Custodian of the Two Holy Mosques, and His Highness the Crown Prince – may God support them – for this gracious trust…” Read more

Reading time: 2 MinutesThe Governor of the General Authority for Real Estate, Essam bin Hamad Al-Mubarak, revealed that the Authority has begun preparing a draft real estate registration system. This is in implementation of the Cabinet's decision to grant the General Authority for Real Estate the authority to oversee the real estate registration system, which will help expedite and improve the efficiency of real estate registration and sales, preserve real estate ownership rights, give them absolute legal validity, and provide a description of the property, its location, and its area. Read more

Reading time: 2 MinutesMinister of Housing Majid Al-Hogail expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince – may God protect them – for the Cabinet's decision to grant the General Authority for Real Estate the authority to oversee the real estate registration system. Al-Hogail confirmed on his Twitter account that this decision transfers oversight of the real estate registration system to the General Authority for Real Estate… Read more

Reading time: 2 MinutesDuring its session held Tuesday evening at Al-Salam Palace in Jeddah, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Cabinet approved the General Authority for Real Estate assuming the legally mandated responsibilities of the Ministry of Justice and the Ministry of Municipal and Rural Affairs regarding real estate registration. This came… Read more