Month: September 2019

«SAMA: Bank deposits in Saudi Arabia rise by 3% during the second quarter

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Real Estate Financing

Reading time: 3 MinutesTotal bank deposits in Saudi Arabia rose by 3 percent during the second quarter of this year, adding 49 billion riyals to reach approximately 1,677.6 billion riyals at the end of the period, marking an annual increase of 3.9 percent compared to the same quarter of the previous year… «SAMA»… Mortgage financing, according to a report by the Saudi Arabian Monetary Authority (SAMA) on monetary and banking developments… Read more

Implementation of the new mechanism for approving residential plans

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Reading time: 2 MinutesLast week saw the launch of the new mechanism for approving residential plans, as the Minister of Commerce and Investment and Acting Minister of Municipal and Rural Affairs, Majed Al-Qasabi, instructed regional secretariats to begin implementing the new mechanism for land allocation processes for plan approvals starting tomorrow, Sunday. Majed Al-Hogail, Minister of Housing, said that these approvals will allow for the allocation of units in housing projects before construction begins and will expedite … Read more

It will be held on September 25 and is strategically located in the center of Jeddah. Itqan Real Estate announces the auction sale of the Al Multaqa land plan

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Reading time: 2 Minutes  Itqan Real Estate, one of the leading companies specializing in organizing and marketing auctions of all kinds, has announced the start of a public auction for the Al-Multaqa land plot owned by the Jeddah Urban Development and Development Company, on Wednesday, 26 Muharram, corresponding to September 25, at the «Lilti» Hall on King Abdulaziz Road in Jeddah, immediately following the Asr prayer. For its part, … Read more

Minister of Commerce: 792 foreign investment licenses granted in 2019

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Reading time: 2 MinutesThe Minister of Commerce and Investment, Dr. Majid Al-Qasabi, confirmed that the Kingdom is witnessing a qualitative leap in attracting investors, with 792 foreign investment licenses granted in 2019, compared to approximately 259 licenses in 2015, and approximately 2,420 licenses over the past five years. He made these remarks during his participation in a panel discussion at the Euromoney Saudi Arabia 2019 conference, organized by Euromoney … Read more

MoU between Engineers Authority and Ministry of Housing to train and qualify engineers

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Reading time: 2 MinutesIn support of national and strategic objectives, the Secretary-General of the Saudi Council of Engineers, Eng. Farhan bin Habib Al-Shammari, and the General Supervisor of Real Estate Regulation and Developmental Housing at the Ministry of Housing, Eng. Mazen Al-Dawood, signed a memorandum of understanding at the Ministry’s headquarters, in the presence of the Authority’s Vice Chairman, Eng. Hussein Al-Shammari. The agreement aims to foster cooperation between the two parties on the “Istidama” program and to implement training programs and courses to empower … Read more

  At the Riyadh Chamber celebration, businessmen, financiers and the diplomatic corps attended the event

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Reading time: 2 Minutes The annual ceremony of the Riyadh Chamber of Commerce, held on the evening of Wednesday, 9 Muharram 1440 AH (corresponding to September 19, 2018), at the Riyadh International Convention and Exhibition Center,a notable and distinguished gathering of business and financial leaders, led by the Chamber’s Board of Directors, chaired by Ajlan Al-Ajlan, in addition to a large number of officials from the public and private sectors and members of the diplomatic corps. The guests were welcomed by … Read more

 Opening the Euromoney Saudi Arabia conference, Al-Jadaan: 76 billion riyals of foreign inflows expanded investment

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Reading time: 3 MinutesHis Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, today opened the “Euromoney Saudi Arabia 2019” conference and its accompanying exhibition, organized by Euromoney International in partnership with the Ministry of Finance. The event will take place over two days at the Four Seasons Hotel in Riyadh, in the presence of a number of Their Excellencies the Ministers and heads of sectors within the financial system, as well as officials and experts in the financial and economic sectors … Read more

97 billion riyals in deals at China-Arab States Expo

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Reading time: 2 MinutesA total of 287 agreements worth approximately 185.42 billion Chinese yuan (US$26 billion) and about 97.5 billion riyals were signed at the China – Arab Countries Expo, currently being held in the Ningxia region of northwestern China. The Xinhua News Agency reported that the projects signed cover a wide range of fields, including modern agriculture … Read more

Off-plan leasing rules available for public comment for 21 days

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Reading time: 2 MinutesThe Off-Plan Sales and Leasing Committee (Wafi) has approved the publication of the draft operating rules governing off-plan leasing for public comment for a period of 21 days from the date of publication. It called on interested parties and relevant entities—«real estate developers, real estate leasing companies, and others interested in the real estate sector and its regulations»—to submit their opinions on the provisions and clauses included in the draft regulations. The committee clarified that the rules… Read more

Saudi sovereign sukuk value rises by 56 billion riyals; September sukuk offering closes

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Reading time: 4 MinutesSaudi government sukuk issuances this year reached 56 billion riyals, after the Ministry of Finance announced the completion of the investor subscription period for its September 2019 domestic issuance under the Saudi Government Sukuk Program in riyals, The issuance size was set at 8.834 billion riyals, and the September issuance is the third-largest government issuance in local currency in terms of value, … Read more

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