Month: January 2020

Real estate transactions rise in 2019 to 180.2 billion riyals. Real estate loans provided to individuals 211.1 billion riyals

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Real Estate Index - Riyadh City

Reading time: 3 Minutes The value of real estate transactions rose to 180.2 billion riyals in 2019, an increase of 26.51%, compared to a 36.31% decline in 2018, The increase was driven by a 35.11% rise in the value of residential sector transactions, compared to a 31.21% decline in 2018, settling at the end of the year at 136.7 billion riyals “75.71% of total market transactions.” Meanwhile, the commercial sector rose by 5.61%, compared to … Read more

Ministries of Municipal and Rural Affairs and Justice approve real estate identification agreement

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Ministry of Justice and Rural Affairs - Real Estate Identity

Reading time: 3 MinutesThe Ministries of Municipal and Rural Affairs and Justice announced that they have approved an agreement on real estate identification between their respective ministries, with the aim of integration and streamlining work processes, in line with the requirements of the Kingdom’s Vision 2030, recognizing the importance of real estate ownership, and to preserve the progress the Kingdom has made in facilitating real estate registration and transfer procedures. (Real Estate Identity) Real estate identification and ownership number. The two ministries clarified that the identification number … Read more

White Land Program allocates SAR 1.138 million to complete the implementation of infrastructure in the Arar housing project

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Housing Arar - Real Estate

Reading time: 2 MinutesThe “White Land” program has allocated 1.138 million riyals to complete the implementation and delivery of infrastructure services in the Arar housing project. The program stated that this amount represents a portion of the program’s revenues collected from fees imposed on white lands within the urban areas of cities subject to the system in its first phase. (Real Estate) The program confirmed that there is a plan … Read more

The Communications and Information Technology Commission Issues Regulatory Framework for the Internet of Things

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Internet of Things - Information Technology - Modern Technology

Reading time: 2 MinutesThe Communications and Information Technology Commission (CITC) has issued the regulatory framework for the Internet of Things (IoT), a regulatory document that outlines the requirements for providing IoT services, using the radio spectrum, and deploying IoT devices. (Information Technology) The Authority clarified that this regulation aims to provide IoT services on a broad scale, stimulate the exploitation of business opportunities in the field of IoT technologies and applications, and provide solutions and alternatives … Read more

SAMA directs banks to work on Saturday to provide subsidized financing services

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Banks_Saudi Arabia Home Finance - Real Estate Loans financing

Reading time: 2 MinutesThe Saudi Arabian Monetary Authority (SAMA) has directed banks operating in the Kingdom to offer extended business hours on Saturdays for one year to provide services related to the mortgage loan program (subsidized financing).  (Mortgage Loans) The «Supported Financing» program specializes in financing cost-subsidized housing implemented by the Real Estate Development Fund, in cooperation with participating banks and finance companies. Beneficiaries who have been… Read more

Dr. Hussam Youssef writes in his column (Chat): Bad luck

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Management - Intelligence - Management Science - Real Estate

Reading time: 3 MinutesLife takes us from trials and tribulations to moments of success, and from the heavens to the depths of the sea. What is remarkable is that bad luck paves the way for good fortune, and misfortune charts the course for further joy. (The Administration) On the outskirts of a small village lived an old man with his only son, and all he owned in this world was a horse that helped him… Read more

69 billion riyals worth of real estate loans to individuals from banks and financial institutions

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Real estate loans

Reading time: 3 MinutesAs of November 2019, new mortgage loans granted to individuals by all financial institutions, including commercial banks and finance companies, totaled approximately 155,893 contracts with a total value exceeding 69 billion riyals, according to the monthly statistical bulletin issued by the Saudi Arabian Monetary Authority (SAMA). Housing loans thus recorded a growth rate of 25.41% in the number of loans and approximately 16.71% in volume during 2019 … Read more

Ministry of Justice completes 11425 commercial cases during the current Hijri year

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Riyadh Commercial Court - Ministry of Justice

Reading time: 2 Minutes The Ministry of Justice, through the Kingdom’s commercial courts and divisions, has resolved approximately 11,425 commercial cases during the current year 1441 AH. The Riyadh region topped the list with 5,887 cases, followed by Makkah with 4,839 cases, then the Eastern Province with 2,450 cases, and then Madinah with 717 cases. The commercial courts have strengthened the business sector by providing an economic climate characterized by trust, stability, and the protection of rights, as well as by encouraging … Read more

Bahrain's Housing Ministry injects 5,000 new housing units and begins listing eligible citizens

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Bahrain - Gulf Real Estate

Reading time: 2 MinutesThe Bahraini Ministry of Housing plans to distribute 5,000 housing units,  Engineer Bassem bin Yaqoob Al-Hamr, Minister of Housing, explained that his department began, immediately upon receiving the order to distribute the housing units, to compile a list of projects and the names of eligible citizens in preparation for setting the distribution schedule over the next few days. (Gulf Real Estate). The Minister of Housing said that all housing projects to be offered as part of … Read more

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