Month: March 2020

SAMA directs banks and financial institutions to work remotely for 16 days

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Retail Housing Finance

Reading time: 2 MinutesThe Saudi Arabian Monetary Authority (SAMA) has directed banks and financial institutions of all kinds to operate exclusively remotely for 16 days, with the exception of critical functions that require employees to be present, This measure is part of the precautionary and preventive measures to curb the spread of the coronavirus and ensure the safety of financial institutions“ employees and customers. (Mortgage Financing). SAMA emphasized that all financial and banking services will continue to be provided through various … Read more

The Ministry of Justice allows remote issuance of all types of powers of attorney through the Najeez portal To minimize the spread of coronavirus

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice announced that it is ready to issue all types of powers of attorney remotely, through the Najiz portal (najiz.sa) for beneficiaries who have previously issued powers of attorney, or by contacting the Unified Contact Center at 1950 for beneficiaries who have not previously issued any powers of attorney. The ministry stated that this step is intended to reduce the number of people visiting government offices and to promote electronic transactions … Read more

Mohammed Abdulaziz Al-Babtain writes: Real Estate... and the Agent's Obstacle

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Real Estate - Muhammad Al-Babtain

Reading time: < 1 MinuteReal estate professionals suffer from a limited pool of agents who are unqualified to carry out the tasks entrusted to them. Such agents prioritize their own personal interests over those of their clients. They pursue their own agendas and assert their authority to get what they want. They begin by demanding a commission and refusing to share in the profits, and many sales opportunities may be lost due to their rudeness, poor reasoning, and harsh manner. In many cases, they refuse to be treated as equals… Read more

Deutsche Gulf Finance Enables 1,300 Citizens to Own Their Own Homes... and Begins Distributing Its Annual Dividends

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Deutsche Gulf - Mortgage Loan

Reading time: 2 MinutesDeutsche Gulf Finance announced that its Board of Directors has recommended the distribution of dividends for the 2019 fiscal year at a rate of 5% of the capital, amounting to 28,750,000 riyals, with eligibility for dividend distribution based on the shareholder registry as of the date of the next Ordinary General Meeting. (Mortgage loan) The company’s capital is 575,000,000 riyals, with 57,500,000 shares, and it operates in the field of … Read more

Ejar program sets a number of standards and regulations to preserve consumer rights

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Apartments for rent - apartment rental platform - residential rental - real estate lease

Reading time: 3 MinutesThe «Ejar» program announced that it has established a number of criteria and regulations through which it seeks to add value to the real estate sector by improving the sector’s performance, regulating it, and encouraging investment in it, such as ensuring sufficient transparency in the rental sector and its transactions by enabling beneficiaries to access the data provided by the network; thereby making the sector … Read more

11,687 families moved into their homes in February, according to the “Residential” program

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Real estate financing - financing - free land - residential schemes - housing schemes - housing finance - real estate financing - residential land

Reading time: < 1 MinuteThe «Sakani» program confirmed that approximately 11,687 households actually moved into their homes last February, while statistics indicate that nearly 36,967 households benefited from the solutions and options provided by the program. (Mortgage Financing) With this latest batch, the total number of households that have benefited from all the housing and financing options and solutions offered by the program since the beginning of the year … Read more

SAMA allocates SAR 50 billion to the private sector to combat coronavirus

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Residential Mortgage - Real Estate Finance

Reading time: 2 MinutesThe Saudi Arabian Monetary Authority (SAMA) announced that it has prepared a 50 billion riyal program to support the private sector in combating the coronavirus and mitigating its expected financial and economic impacts, particularly on the small and medium-sized enterprise (SME) sector. SAMA confirmed that this initiative is part of its role in implementing monetary policy tools and promoting financial stability. (Real Estate Financing) Mitigating the effects of the fight against the coronavirus… Read more

At a workshop organized by the Riyadh Chamber of Commerce, real estate professionals called for a review of the sector’s regulations to ensure they are sufficiently flexible

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Riyadh Real Estate - Riyadh Chamber of Commerce

Reading time: 2 MinutesReal estate professionals called for a review and revision of the laws and regulations governing the sector to make them more flexible. During a workshop organized by the Real Estate Committee of the Riyadh Chamber of Commerce in cooperation with the Council of Saudi Chambers, a number of experts  to address the issue of rising fees and prevent foreigners from working in real estate companies, noting the importance of establishing clear boundaries regarding competition between the public and private sectors. … Read more

To curb the spread of coronavirus Restatex Riyadh receives notification of postponement of all events in the Kingdom

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Restatex - Real Estate Exhibition

Reading time: < 1 MinuteThe management of the Riyadh Restatex Exhibition confirmed that they had been notified by the General Authority for Exhibitions and Conferences that all events in the Kingdom must be postponed for the foreseeable future due to the government’s precautionary measures taken to control the novel coronavirus. (Real Estate Exhibition) The exhibition management clarified that they will continue to finalize all organizational and media arrangements to hold the exhibition as scheduled, in the hope that the situation will improve… Read more

Abu Dhabi real estate to offer 21 investment zones to foreigners

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Abu Dhabi Real Estate

Reading time: < 1 MinuteReal estate experts, developers, and executives at real estate brokerage firms in Abu Dhabi have affirmed the strength and resilience of the emirate’s real estate sector, emphasizing that the market is well-protected and possesses extensive experience in weathering crises of any kind and from any source, and possesses a strong capacity to attract more foreign investment, especially after the government approved full foreign ownership in 21 investment zones. (Abu Dhabi Real Estate) … Read more

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