Month: March 2020

SAMA deposits 30 billion riyals to banks. It postpones SMEs' obligations for 6 months

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International Monetary Authority - Real Estate Finance - Real Estate Finance - Insurance - Finance - Real Estate Finance - Residential - Project Finance - Real Estate Finance

Reading time: < 1 MinuteThe Saudi Arabian Monetary Authority (SAMA) announced that it has deposited up to 30 billion riyals with banks and corporate financing institutions in exchange for a six-month deferral of payments on the obligations of micro, small, and medium-sized enterprises (MSMEs). It explained that the aim of this decision is to mitigate the potential impact of the decline in cash flows that these enterprises may face. The Authority added that … Read more

SACRA launches 3 initiatives to mitigate the financial and economic impacts of Coronavirus

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Valuation Initiatives - Real Estate

Reading time: 2 MinutesThe Saudi Authority for Certified Appraisers has responded to the impact of the spread of the coronavirus by taking a number of initiatives aimed at mitigating the financial and economic effects and supporting the Authority’s members and entities licensed to practice the appraisal profession, This is part of the Authority’s support for the Kingdom’s government efforts to control the novel coronavirus (COVID-19) and limit its spread, in line with government initiatives from all agencies to address the economic repercussions … Read more

Real Estate Fund announces the deposit of 1449 million riyals in the accounts of beneficiaries

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Mortgage Loans - Finance Companies

Reading time: 2 MinutesThe Real Estate Development Fund announced that it had deposited more than 1,449 million riyals into the accounts of «Sakani» beneficiaries from the Ministry of Housing and the Fund for the month of March. (Real Estate Financing). Mansour bin Madi, the Fund’s General Supervisor, confirmed today (Sunday) that this reflects the Real Estate Fund’s commitment to its beneficiaries, given the exceptional circumstances and precautionary measures being implemented by the state. … Read more

Housing Program Issues 192,310 VAT Exemption Certificates for First Homes

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VAT Payment - Real Estate

Reading time: 2 MinutesThe “Sakani” program, affiliated with the Ministry of Housing, announced the issuance of 192,310 certificates exempting first homes from value-added tax for citizens who applied through the online portal (vat.housing.sa), from the launch of the initiative through the end of February 2020, according to the “Sakani” Program’s monthly report, which was recently released and included updates on the initiative under which the government covers the value-added tax. “Sakani” stated that … Read more

Rental prices for apartments, hotels and chalets collapse Coronavirus triggers force majeure clauses in bookings

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Coronavirus and apartment rentals

Reading time: 3 MinutesThe Suspension of International Flights Has Crippled the Hospitality Sector in the “Coronavirus Test” — Amlak Exclusive: The spread of the coronavirus has cast a long shadow over economic activity and brought the service sectors to a complete standstill, though we recognize that human health takes precedence over all other interests and gains. Economic reports have indicated that the hotel and furnished apartment sector has lost many of its customers, especially … Read more

Eight urgent initiatives to support private sector lending, exempt some fees, postpone others, and boost the economy

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Ministry of Finance and Economy Measures - Private Sector

Reading time: 2 MinutesA press conference held by Acting Minister of Finance and Minister of Economy and Planning Mohammed bin Abdullah Al-Jadaan, regarding measures to mitigate the economic impact of the coronavirus, unveiled eight initiatives to support the private sector, as follows: 1. Exemption from financial penalties for those whose residency permits have expired—exemption from financial penalties for expatriates whose residency permits have expired as of today through … Read more

Saudi government allocates 120 billion riyals to mitigate the effects of coronavirus on economic activities and the private sector

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Ministry of Finance and Economy Measures - Private Sector

Reading time: < 1 MinuteActing Minister of Finance and Minister of Economy and Planning Mohammed bin Abdullah Al-Jadaan announced that the Kingdom’s government has approved a number of urgent measures to mitigate the impact of the coronavirus on economic activities and support the private sector, with a total value exceeding 120 billion riyals, as part of the ongoing efforts by the government of the Custodian of the Two Holy Mosques to address the effects and consequences of the global COVID-19 pandemic. The measures include steps that … Read more

Egypt's real estate market sales fall 50% due to coronavirus

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Real Estate - Egyptian Real Estate

Reading time: < 1 MinuteAs global concern over the coronavirus has grown, the Egyptian real estate market has seen a relative decline in sales since the start of the coronavirus crisis, According to real estate expert and marketer Mahmoud Sami, experts estimate that the decline in sales and purchases ranged from 20 to 30% at the start of the crisis, reaching 50% by the end of last week. Egyptian real estate investors confirm … Read more

The Saudi stock market index turned green yesterday, Wednesday, with 226.1 million shares traded worth 5.2 billion riyals

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Saudi Arabia's stock market today

Reading time: 2 MinutesAs investors adjusted to concerns about the global economy, particularly in the stock market, the Saudi stock market index returned to positive territory at the end of Wednesday’s session, rising by 0.78% to gain 47.80 points and close at 6,154.85 points. The parallel market index—Nomu—also rose by 17.18%, gaining 885.92 points to close at 6,043.77 … Read more

750 billion euros in ECB loans boosts stock markets, oil prices jump 17%

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Oil loans

Reading time: < 1 MinuteGlobal investors are rushing to buy crude oil after prices fell on world markets and the commodity lost 24% of its value, following the European Central Bank’s launch of a program to provide public and private loans totaling 750 billion euros, to mitigate the economic fallout from the coronavirus, leading to a rebound in the Tokyo Stock Exchange this Thursday morning, with the benchmark Nikkei 225 index rising by more than 2%. Oil prices jumped … Read more

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