Month: July 2019

Ministry of Justice makes more than 10,000 commercial rulings available to the public via its online portal

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Ministry of Justice - Ministry of Justice - Real Estate - Lease - Emptying Real Estate - Real Estate - Commercial Cases - Real Estate

Reading time: 2 MinutesThe Ministry of Justice has announced that more than 10,000 final commercial judgments are now available on its online portal as part of its efforts to promote awareness and transparency. The rulings can be accessed in four steps: first, log in to the Ministry of Justice portal; then select the “About the Ministry” icon, followed by “Research Center,” and finally “Publication of Rulings,” where the rulings are available as downloadable PDF files… Read more

Makkah set to host the world's largest 4,200-room Fuku hotel

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Makkah hotels

Reading time: 2 MinutesMecca is home to the world’s largest hotel in the Foco chain, which will feature 4,200 rooms upon its full opening late next year; InterContinental Hotels Group has signed an agreement to operate the largest Foco hotel in Makkah in collaboration with the real estate development company “Ma’ad International,” with a soft opening scheduled for late this year. Hotels in Makkah. It is worth noting … Read more

   Ministry of Commerce and Investment allows companies to electronically amend their commercial register 

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Real estate development

Reading time: 2 MinutesThe Ministry of Commerce and Investment announced the launch of online services for amending commercial registration records for limited liability companies, partnerships, and limited partnerships, eliminating the need to visit the ministry's customer service centers. The ministry explained that the new e-services include amendments to the commercial registration for: (activities, company address, and manager). This completes the suite of company services available electronically. Read more

Aldar implements AED 5 billion worth of strategic projects for Abu Dhabi government

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Abu Dhabi real estate

Reading time: 3 MinutesAs part of the Abu Dhabi government's mandate to Aldar Properties to implement strategic projects worth AED 5 billion that will enhance the emirate's position as one of the best places in the world to do business, invest, live, and visit, Aldar announced yesterday further details about the positive and tangible impact these projects will have on the commercial, social, and economic levels. (Abu Dhabi Real Estate… Read more

3073 enterprises have completed their registration procedures A steady increase in the registration of national and foreign companies in the Saudi Contractors Authority

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Saudi Contractors Authority

Reading time: 4 MinutesEmploying young Saudis in the sector, Saudization, and eliminating cover-ups are among the most important challenges facing the contracting sector. The number of non-Saudi contracting companies registered with the Saudi Contractors Authority continues to rise, reaching 220 foreign establishments employing approximately 17,290 Saudi employees, while the number of non-Saudi workers reached approximately 99,390, according to Osama Al-Afaleq, head of the Authority, who explained… Read more

Itqan Real Estate sold it for SAR 414 million. “Filter” announces that Jeddah notaries have started emptying the contribution lands of the Safwa scheme

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Residential Scheme - Real Estate Auction

Reading time: 2 MinutesThe Real Estate Contributions Committee “Tasfiya” announced that notaries in Jeddah have begun the process of transferring ownership of the plots in the Al-Safwa development—which were recently marketed by Itqan Real Estate through a public auction— The company managed to sell the entire project in just 6 hours, for a total value of 414 million riyals. The Al-Safwa project, located in the Al-Sharaa neighborhood north of Jeddah, is considered one of the most prestigious and attractive developments, with a total area of … Read more

Under the patronage of the Minister of Housing Deutsche Gulf Bank enters into a 2.25 billion financing agreement with Saudi Real Estate Refinance Company

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Real estate finance

Reading time: 2 MinutesUnder the patronage and in the presence of the Minister of Housing, Majid Al-Hogail, Deutsche Gulf Finance signed an agreement with the Saudi Real Estate Refinance Company (SRC) that included the purchase of real estate portfolios and the provision of short-term financing facilities exceeding SAR 2.25 billion. This aims to inject further liquidity into the housing sector and ensure the stability and growth of the mortgage market in the Kingdom, in addition to reducing the annual profit rate on financing. Read more

Ministry of Housing signs 600 contracts with beneficiaries of Asfan housing scheme north of Jeddah

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Plots of land

Reading time: 2 MinutesThe Ministry of Housing, represented by the Sakani program, revealed that nearly 600 contracts have been signed with beneficiaries of the Asfan residential scheme north of Jeddah, out of a total of 1,155. The program stated in a press release that reservations for all plots in the scheme were completed within three days, reaching 100%. The statement further explained that the contract signing and land handover process is underway… Read more

Awqaf Investment Company plans to establish a hotel real estate fund in Medina in cooperation with Al Ahli Financial

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Real estate fund

Reading time: 2 MinutesThe General Authority for Endowments, through its investment arm (Awqaf Investment Company), signed a memorandum of understanding with Al-Ahli Financial Company aimed at establishing a hotel real estate fund in the tourism and hospitality sector in Madinah. Following the signing of the agreement, Haitham bin Mohammed Al-Fayez, CEO of Awqaf Investment Company, stated that the company seeks to build an investment strategy to diversify assets, reduce risks, and improve returns… Read more

“Riyadh Development establishes Tanal Real Estate Investment and Development Co. Riyadh Real Estate Investment and Development Company

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Funding

Reading time: 2 MinutesRiyadh Real Estate Development Company announced that its sister company, Tanal Investment and Real Estate Development Company, has completed the requirements for obtaining credit facilities from a Saudi bank. In its statement on the Saudi Stock Exchange website, Riyadh Real Estate Development Company explained that the financing, valued at SAR 800 million, will have a three-year term. These facilities will be used to repay the obligations of Riyadh Real Estate Development Fund I, which… Read more

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