Month: September 2019

The value of real estate market transactions rises 13% and the number of properties sold falls

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Riyadh City - Investment - Tourism - Real Estate - Real Estate Offices - Real Estate Investment

Reading time: 3 MinutesWeekly transactions in the local real estate market saw a 13.0 percent increase in total transaction value, settling at just under 4.4 billion riyals by the end of last week, driven by record growth in the value of commercial sector transactions, which recorded weekly growth of approximately 43.3 percent, compared to lower weekly growth in the value of residential sector transactions of approximately 6.3 percent. 7794 … Read more

Abdulaziz bin Salman as Energy Minister and Zamil as Deputy Minister of Industry

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Royal Orders - Private Sector - Labor Market

Reading time: 2 MinutesThe Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud—may God protect him— issued a number of royal decrees today, Sunday, including the dismissal of Mr. Khalid bin Abdulaziz Al-Falih, Minister of Energy, and the appointment of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud as Minister of Energy. The royal decrees also included the appointment of His Royal Highness Prince Sultan bin Ahmed … Read more

Saudi Engineers Organization issues the work regulations of the Engineering Offices and Companies Committee

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Reading time: 2 MinutesThe Saudi Council of Engineers has issued the operating regulations for the Committee of Engineering Firms and Companies, which establish the rules governing its professional practices and enhance the performance of its various divisions, following their approval by the Authority’s Board of Directors. The regulations consist of ten articles and general provisions governing the committee’s work, duties, and composition. For his part, Engineer Farhan Al-Shammari, Secretary General of the Authority, explained that the regulations represent the culmination of a joint effort in … Read more

Signing an agreement to qualify and develop municipal investment cadres in the field of real estate valuation

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Reading time: 2 MinutesTo promote the professional development of municipal and local government employees, the Ministry of Municipal and Rural Affairs signed an agreement with the Saudi Authority for Accredited Valuers (TAQEEM) to train and develop municipal investment personnel in the field of real estate valuation… «Skills Development»… The Ministry of Municipal and Rural Affairs was represented by Engineer Khalid Al-Dughaither, Undersecretary for Planning and Programs, while «Taqeem» was represented by the Authority’s Secretary General, Engineer Sultan Al-Jrees, under the patronage of Dr. … Read more

 The new mechanism for approving residential plans will be launched Tomorrow, Sunday

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Reading time: 2 MinutesThe new mechanism for approving residential plans will go into effect tomorrow, Sunday. Majid Al-Qasabi, Minister of Commerce and Investment and Acting Minister of Municipal and Rural Affairs, Majed Al-Qasabi, has instructed regional secretariats to begin implementing the new mechanism for land allocation processes to approve plans starting tomorrow, Sunday. Majed Al-Hogail, Minister of Housing, said that these approvals will allow for the allocation of units in housing projects before work begins … Read more

«Municipality and Rural Development» signs «5» agreements to approve private residential plans

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Reading time: 3 MinutesThe Ministry of Municipal and Rural Affairs signed agreements today, Thursday (5), with the Ministry of Justice, the Ministry of Housing, the Communications and Information Technology Commission, the Saudi Electricity Company, and the National Water Company regarding updated procedures and the definition and timing (governance) of all procedures for the approval of private housing plans within 60 days. This comes in implementation of the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz … Read more

The Ministry of Municipal and Rural Affairs is revising the building codes for residential and commercial structures

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Reading time: < 1 MinuteThe Ministry of Municipal and Rural Affairs has amended the requirements for residential buildings, under which the maximum building coverage ratio for residential buildings with fewer than 5 stories is 70% and 80% for investment buildings with fewer than 6 stories and duplexes, and 100 % for high-rise buildings with more than 10 stories. The regulations require the provision of parking spaces at a rate of one space per 100 m² of … Read more

The number of associations registered in the «Mulaq» program rose to 4,000 as of last August

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Reading time: 2 MinutesAs of August 2019, the number of associations registered in the Ministry of Housing’s «Mulaak» program had risen to approximately 4,000, confirming a significant increase in the number of new associations registering. The “Mulaak Program” explained that since the launch of the program’s interactive web portal and mobile app—which offer numerous features and services provided by the program to Mulaak beneficiaries… Read more

  The Custodian of the Two Holy Mosques Receives the 55th Annual Report of the Saudi Arabian Monetary Authority

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Reading time: 2 MinutesThe Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, received the 55th Annual Report of the Saudi Arabian Monetary Authority (SAMA), which reviews economic and financial developments in the Kingdom during 2018. This took place during a meeting at his office in Al-Salam Palace in Jeddah today with Minister of Finance Mohammed Al-Jadaan, Dr. Ahmed Al-Khalifi, Governor of the Saudi Arabian Monetary Authority, and the deputy governors. The Custodian of the Two Holy Mosques noted the role … Read more

Saudi Arabia accounts for more than 65% of total GCC local currency denominated issuances

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Reading time: 2 MinutesThe Kingdom accounted for 65.1 percent of the total outstanding issuances denominated in local currencies across the Gulf region, with Saudi Arabia’s fixed-income markets proving to be the most active in the Gulf…This was according to a recent research study. Existing fixed-income instruments refer to bond and sukuk issuances that were issued in previous periods and have not yet matured… «Bonds and sukuk»… issuances in local currency and on… Read more

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