Month: August 2019

«Standards Authority» obliges «Saudi Customs» to apply the quality mark on ceramics

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Reading time: 2 MinutesThe Saudi Standards, Metrology and Quality Organization (SASO) has taken a decision to require the General Customs Authority (GCA) to impose the Saudi quality mark on ceramic products, including porcelain, starting next month. According to a directive from the «Standards Authority» to the «Customs Authority», the customs ports were emphasized to require the Saudi quality mark on ceramic and porcelain tile products as of ... Read more

  Amendments to Wafi's articles allow flexible options for marketing off-plan properties

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Reading time: 2 MinutesThe amendments made by the Off-plan Sales and Leasing Committee (Wafi) provide wide options to develop the procedure for selling and marketing the off-plan sales system, as the Wafi Committee issued a decision to amend Article (16) of the licensing rules related to marketing within the Kingdom for real estate development projects with the off-plan sales system, and amended the amounts of financial guarantee provided by real estate development companies. Amendments ... Read more

«Municipal and Rural Affairs» issues 30 thousand building licenses in 7 months

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Reading time: 2 MinutesThe number of building licenses issued by the Ministry of Municipal and Rural Affairs (MMA) has seen a significant increase in their number, reaching about 30,000 licenses since the beginning of this year until the end of July. This comes at a time when the number of contractors categorized by regions reached 3196, where ... Read more

Announcing the disbursement of white land fee revenues for the North Riyadh Housing Project

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White land

Reading time: 2 MinutesThe Ministry of Housing's «White Lands» program announced the disbursement of the second payment of 25 million riyals to complete the implementation and delivery of infrastructure services in the housing project west of the airport in Riyadh, indicating that this amount represents part of the program's revenues collected from the fees imposed on white lands within the urban area in cities subject to the system. Read more

  Emphasizing the localization of jobs in building materials shops in all regions of the Kingdom

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Reading time: 2 MinutesThe localization committees in various regions of the Kingdom emphasize the implementation of the decisions to settle jobs in the regions, and the Najran Job Settlement Committee followed up on the decision to settle in the shops selling building materials, where the committee visited Najran city to ensure the implementation of the decision, and to identify the jobs restricted to Saudis. The director general of the Ministry of Labor and Social Development, Secretary General of the Emiratization Committee in the region ... Read more

“Finance” Warns against virtual currencies, including cryptocurrencies claiming to be related to the Kingdom

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Bank financing

Reading time: 2 MinutesThe Ministry of Finance has warned against dealing or investing in virtual currencies, including cryptocurrencies. As they are not considered approved currencies or assets within the Kingdom and because they are outside the scope of the regulatory umbrella and are not traded through licensed persons in the Kingdom, in addition to the fraud involved in many of their transactions and the suspicion of using them in illegal financial transactions ... Read more

The Ministry of Labor announces via Qawwa Platform: “Instant visas in exchange for localization”

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Reading time: 2 MinutesThe Ministry of Labor and Social Development announced the service of granting instant visas through the “Qawwa Platform”. This service enables establishments in the private sector that achieve high localization rates and comply with the Ministry's regulations to request and issue instant visas. This service aims to achieve a significant growth in localization rates, through the application of the ”localization vs. instant visa granting” equation, ... Read more

More than 70,000 VAT exemption certificates for first home

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Reading time: 2 MinutesThe total number of VAT exemption certificates for the first home issued since the launch of the program until the end of July 2019 reached 71.07 thousand tax exemption certificates. According to the Ministry of Housing, the number of certificates issued to the ministry's beneficiaries amounted to 44.7 thousand certificates, while 10.4 thousand certificates were issued to Real Estate Development Fund beneficiaries, and 15.97 ... Read more

More than 100,000 families have benefited from housing options across the Kingdom

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Residential platform

Reading time: 3 MinutesFinancing and housing options The number of beneficiaries of the housing solutions provided by the ”Residential” program, from the beginning of the year until last July, reached 109,137 families, of which 46,188 families lived in their homes, and in July alone, 28,516 families benefited from financing and housing options, and about 7,780 families were able to obtain their housing units. The program explained in a statement ... Read more

 Saudi Monetary Authority: Real estate financing contracts are standardized and binding

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Real Estate Financing

Reading time: 2 Minutes  The Saudi Arabian Monetary Agency (SAMA) has clarified that real estate financing contracts have a standardized format, and financial entities under its supervision are bound by it. SAMA stated that 960 complaints were processed against a number of entities during the first half of 2019, due to their failure to comply with the terms of the contract. SAMA stated that it issued controls of collection and communication with individual customers, with the aim of regulating them, which ... Read more

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