Month: April 2020

Saudi company to begin recycling construction and demolition waste in northern Riyadh next June

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CIRC - Construction Waste Recycling

Reading time: 2 MinutesThe Saudi Investment Company for Recycling (SIRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), has begun site preparation for the first construction and demolition waste recycling facility in northern Riyadh, after the Riyadh Municipality handed over the land plot for the project to the company. The new facility will begin accepting demolition and construction waste from June, and will begin to ... Read more

SAR 31.8 billion worth of new housing finance contracts for individuals during the first quarter of 2020

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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: 2 MinutesThe Saudi Arabian Monetary Agency (SAMA) revealed that the value of financing new housing finance contracts for individuals during the first quarter of 2020 amounted to more than 31.8 billion riyals, for more than 71554 contracts, achieving a growth of 127% in the number of loans and about 113% in financing compared to the same quarter of last year 2019, which recorded 31462 contracts with a value of ... Read more

Saudi Arabia announces 192 billion riyals in revenues for the first quarter of 2020, and the deficit is 34.1 billion riyals

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Ministry of Finance - Kingdom Budget - Renting Real Estate

Reading time: 2 MinutesThe Ministry of Finance announced that the value of revenues amounted to 192 billion riyals during the three-month period from January to the end of March 2020, while the Kingdom's budget expenditures in the same quarter amounted to 226.2 billion riyals, resulting in a budget deficit of 34.1 billion riyals. This came during the ministry's review of the budget for the first quarter of 2020. The leadership took ... Read more

The Developer Services Center “Completion” approves about 30 residential plans. And completes building permit applications for 1565 housing units

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Completion Center - Residential Unit

Reading time: 2 MinutesDuring the first quarter of 2020, the Developer Services Center “I'tamam” approved about 30 residential plans with a total area of 61.4 million square meters in various regions of the Kingdom, and the center completed building permit applications for a total of 1565 housing units, and the center issued certificates to qualify real estate developers amounting to 27 certificates. This is based on ... Read more

Public Authority for State Properties releases draft of the “Public Interest Expropriation and Temporary Seizure of Real Estate Law”

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Real Estate Prices - Real Estate

Reading time: < 1 MinuteThe Public Authority for State Property (PASP) has released the draft “Real Estate Expropriation System for Public Interest and Temporary Seizure of Real Estate” on its website, in order to enable the public, specialists and interested parties in the public and private sectors, and the concerned authorities to review the contents of this draft. (The Authority explained that the reception of comments and suggestions will continue until Thursday, Ramadan 21, 1441 AH, corresponding to 14 ... Read more

Cabinet approves providing electricity and water services to beneficiaries without requiring any certificate

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King Salman bin Abdulaziz - Electricity Services

Reading time: < 1 MinuteThe Council of Ministers approved during its session held yesterday - via video conference - under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Prime Minister, to provide electricity and water services to beneficiaries according to the statutory procedures without requiring any certificate, provided that before providing electricity services, it is verified that the insulation requirements are adhered to ... Read more

Ministry of Justice issues 10,897 rulings during the suspension of attendance at workplaces

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice announced that the total number of rulings issued remotely from the courts amounted to 10,897, during the period of suspension of attendance at workplaces, as beneficiaries are served without interruption, in light of the precautionary measures taken by the state to limit the spread of the new Coronavirus. The Ministry of Justice has launched several e-services in the judiciary, documentation and enforcement sectors. Read more

“The Ministry of Municipal and Rural Affairs grants 60 new powers to regional and governorate secretaries, deputy ministers and department directors

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Municipal Affairs - Rental Properties - Real Estate

Reading time: 2 MinutesThe Minister of Municipal and Rural Affairs, Majid Al-Hogail, has delegated 60 powers to the secretaries of regions and governorates, undersecretaries of the ministry and directors of departments, representing the transfer of municipal work to a new stage. This measure comes due to the importance of the secretariats of regions and governorates, and the breadth of their work across the country, which had the largest share of those powers, as Al-Hogail authorized the secretaries with 40 powers, which are focused on developing ... Read more

Muhammad Al-Khurs: I expect the next five years to witness a huge architectural revolution The real estate sector has changed radically after the adoption of the off-plan sales system

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Dialogue Mohammed Alkharas Real Estate Development

Reading time: 4 MinutesBusinessman and real estate developer Mohammed Al Kharas, CEO of Innovative Investments Real Estate Company and advisor in the housing program of the Kingdom's Vision 2030, revealed that all real estate developers currently do not cover 10% of the real estate market requirements, stressing the great need for more specialized real estate development companies in the market that has become integrative rather than competitive, and explained that the radical changes that have occurred ... Read more

«Amlak asks the question What information should a real estate marketer provide to make the right decision?

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Reading time: 2 MinutesAmlak Real Estate Newspaper on its official Twitter account asked an important question about the role of the real estate marketer in helping customers to make the decision to buy or sell, according to the information and service he provides to them. (Real estate marketing) The respondents agreed that one of the most important information that the real estate marketer must provide is explaining the specifications of the property, its features and internal components, and providing a fair assessment ... Read more

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