Month: June 2019

During the auction of Etiqan Real Estate... Growth Assets Investment Company buys Riyadh Gallery Center for SAR 976.5 million

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Auction - Real Estate Auction

Reading time: < 1 MinuteWith a large turnout of businesspeople, investors, interested parties, and members of the media, Itqan Real Estate concluded the 11th auction for the liquidation of the estate of Saleh Al-Rajhi —may God have mercy on him—which took place last Monday afternoon. During the auction, the Riyadh Gallery complex and the adjacent land were sold for 976.5 million riyals (including VAT) to Namu Assets Investment Company. The auction proceedings continued, with “Newspaper … Read more

Tadawul approves the listing of Al Nayfat Finance's shares for public subscription

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Real estate finance

Reading time: 2 MinutesThe Capital Market Authority announced its approval of the listing of shares of Al-Naifat Finance Company, a leading provider of non-bank financing solutions, on the Saudi Stock Exchange (Tadawul), The company announced its intention to offer its shares for public subscription on the Main Market, where the company’s capital will be increased through the offering of 36.5 million shares, representing 30% of its capital, and it operates … Read more

Penalties include financial penalties, and the committee approves 50 violations. Violators will be removed from the registry

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Real estate appraisal

Reading time: 2 MinutesThe Committee for Reviewing Violations of the Certified Appraisers System—established by a decision of His Excellency the Minister of Commerce and Investment—has confirmed 50 violations committed by appraisers who failed to comply with the legislation, professional standards, and implementing regulations of the Certified Appraisers System, which aims to establish the necessary controls and standards for real estate appraisal work, promote its professional development, and raise the caliber of its practitioners, thereby contributing to the protection of rights and enhancing professionalism in the market … Read more

Dr.. Mons Shujaa writes: The need to strengthen the real estate finance industry. Real estate finance is the most important housing solution

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Real estate finance

Reading time: 3 MinutesMortgage financing is defined as a financial transaction between a bank or a financing company that enables the borrower to acquire residential or commercial real estate in exchange for repaying the cost in multiple installments, either monthly or quarterly, The goal of this real estate financing is to enable the beneficiary to obtain suitable housing through a system of regular, affordable payments that are commensurate with their monthly income, … Read more

The Real Estate Fund adopts amendments to the support mechanism for mortgage beneficiaries to increase the monthly support rate

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Real Estate Fund - Real Estate Finance

Reading time: 2 MinutesKhalid bin Mohammed Al-Amoudi, General Supervisor of the Real Estate Development Fund, announced in press statements yesterday, Tuesday, that the Real Estate Development Fund has approved an amendment to the support mechanism for mortgage borrowers, thereby increasing their monthly subsidy, for those with a monthly income of more than 14,000 riyals, to be implemented gradually at a rate of 5% for every 1,000 riyals increase in salary, … Read more

Real estate sales are expected to grow in the coming period The value of real estate transactions during the past week touched the USD 430 million mark

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Real Estate Index - Riyadh City

Reading time: 2 MinutesThe value of real estate transactions last week reached $430 million, marking the sharpest decline since August 2018. Media sources reported that the decline was driven by pressure from both the residential and commercial sectors, with the commercial sector having a stronger impact at 53 percent, while some industry experts expect real estate transactions to grow in the coming period. It is evident from these … Read more

The Riyadh Chamber of Commerce Organizes an Informational Session on “Commercial Lease Agreements”... With the Participation of Officials from the Ministry of Housing

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Lease Agreement

Reading time: 2 MinutesThe Riyadh Chamber of Commerce, represented by its Real Estate Committee and in collaboration with the “Ijar” program—one of the Ministry of Housing’s programs—is organizing an informational session on ”Commercial Lease Agreements” next Tuesday, June 25, 2019, at the Chamber’s headquarters. The Real Estate Committee has invited members of the business community involved in commercial lease agreements, as well as anyone interested, to attend the session and benefit from the explanations that will be provided by officials from the Commercial Lease Agreement program, and to learn more… Read more

40 Saudi investors in Egypt to explore real estate investment opportunities and learn about regulations

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Investment opportunities

Reading time: 2 MinutesWith the participation of 40 investors from various investment sectors, the Council of Saudi Chambers organized a fact-finding visit to the Arab Republic of Egypt, during which it inspected the progress of construction work at sites in the New Administrative Capital currently under construction east of Cairo, reviewed the construction work completed to date, and examined available investment opportunities and incentives. The delegation included representatives from various investment sectors, foremost among them real estate development and construction, … Read more

Shura Council approves amendments to the Law on Expropriation of Real Estate for Public Benefit and Placement of Hands

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Real estate

Reading time: 2 MinutesYesterday, Monday, during its 45th regular session chaired by Council Vice President Dr. Abdullah Al-Ma'tani, the Shura Council approved an amendment to the law governing the expropriation of real estate for public benefit and the seizure of property, aimed at curbing delays by project authorities in paying compensation to owners of expropriated propertiesand the resulting damages, especially if the delay is not attributable to … Read more

Development of two fee lands with an area of 70,000 square meters Ministry of Municipal and Rural Affairs approves planning

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Plot of land

Reading time: 2 MinutesThe Ministry of Municipal and Rural Affairs has approved the zoning of two plots of land in Dammam, totaling 70,000 square meters, that were previously subject to the “white land” fee, following their development by their owners. The two plots are expected to provide more than 140 residential lots. The Ministry of Housing’s “White Land Fees” program revealed in a press release that it will continue to impose fees on targeted lands … Read more

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