Month: April 2020

Dammam's residential suburbs achieve high percentages of bookings

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Dammam Projects - Residential Projects

Reading time: 2 MinutesThe residential projects in the Al-Wajhah neighborhood of Dammam, managed by the Ministry of Housing, saw a significant increase in the number of reservations during the first quarter of 2020; reaching 100% in some projects, while reservations for other projects continue online as part of the program’s ongoing efforts to serve all families wishing to own a home through a range of financing solutions and housing options offered by “Sakani” via … Read more

Export-Import Bank of Saudi Arabia approves 7 financing loans and schedules 3 others

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Export-Import Bank - Loans

Reading time: 2 MinutesMr. Bandar bin Ibrahim Al-Khuraif, Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Export-Import Bank, confirmed that work is currently underway to prepare the bank for its initial launch by recruiting talent and establishing partnerships with local and international financial and insurance institutions, noting that the Board of Directors has approved seven loans totaling 310 million riyals, in addition to rescheduling three loans with … Read more

The «Residential» program delivered a number of ready-made villas in 9 projects during March

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Electronic Construction Stages Data Update Service

Reading time: 2 MinutesThe Ministry of Housing’s «Sakani» program handed over ready-to-move-in villas in nine projects last March, spread across eight regions throughout the Kingdom. The handover procedures took place after beneficiaries completed the reservation process and signed the final contract, in accordance with the health precautions announced by the relevant authorities to limit the spread of the coronavirus. The «Sakani» program stated that last month, … Read more

Ministry of Justice performs more than 11,000 real estate-related notarizations since the start of remote work

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Ministry of Justice Notarization - Real Estate Notarization

Reading time: 2 MinutesNotaries at the Ministry of Justice carried out approximately 12,348 transactions, 901 of which were related to real estate and its notarization, during the period from the 21st of Rajab to the 15th of Sha’ban, while other transactions ranged from declarations and contracts for company formation to powers of attorney, handled by 1,011 notaries. (Real Estate Notarization) The number of real estate notarization transactions exceeded 11,000… Read more

SAMA directs banks to accept electronic real estate instruments

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Retail Housing Finance

Reading time: < 1 MinuteThe Saudi Arabian Monetary Authority (SAMA) has issued a directive to banks and finance companies requiring them to accept electronic real estate deeds from property owners and verify them through the “Wathiq” platform or the Ministry of Justice’s “Najiz” portal. The authority has instructed financial institutions not to require the original document in cases covered by the service for the electronic sale and transfer of property ownership. In a circular addressed to banks and finance companies operating in the Kingdom, SAMA clarified that… Read more

Swicorp exempts current tenants affected by COVID-19 until activity is allowed

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Swicorp - Rent Real Estate

Reading time: 2 MinutesSuwicorp has announced support for current tenants affected by the Ministry of Municipal and Rural Affairs’ decision to close commercial complexes until further notice, as part of the precautionary and preventive measures being taken by the Kingdom of Saudi Arabia to control the novel coronavirus (COVID-19) and limit the risk of its spread. This is based on a recommendation from the Property Manager, who received several requests … Read more

Adoption of the health conditions regulation for the updated workers' residences to prevent the spread of the novel coronavirus

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Buildings - Commercial Register - Contracting Projects - Workers' Residences - Shops - Construction - Real Estate - Investment

Reading time: 5 MinutesHis Excellency Majid bin Abdullah Al-Hogail, Acting Minister of Municipal and Rural Affairs, has approved the health requirements that must be met in workers’ housing as part of the precautionary measures taken by the Ministry to prevent the spread of the novel coronavirus (COVID-19) in the Kingdom. These regulations are issued in accordance with the Royal Decree, which mandates that the Ministry of Municipal and Rural Affairs and the National Center for Disease Prevention and Control (Waqaya) update … Read more

Saudi Commission for Engineers extends the memberships of engineers and the validity of licenses of engineering offices and companies

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Saudi Council of Engineers

Reading time: 2 MinutesThe Saudi Council of Engineers has extended the memberships of engineers, technicians, and specialists whose membership fees with the Council have expired, in addition to extending the validity of licenses for engineering firms, companies, and support service offices whose licenses have expired. The Authority’s Secretary General, Engineer Farhan Al-Shammari, explained that the Authority has exceptionally extended the memberships of engineers, technicians, and specialists whose subscriptions to the Authority have expired until July 30, 2020, and the decision covers all memberships … Read more

The “Residential” program delivered 11,758 residential plots to beneficiaries during the month of March

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Real Estate - Residential announces the delivery of 11,000 residential plots

Reading time: 2 MinutesThe “Sakani” program continued to deliver its products, handing over 11,758 residential plots in March under the residential land option to program beneficiaries—an increase of 33.61% compared to February of the same year. The plots were distributed across all regions of the Kingdom after beneficiaries completed the reservation and selection process and signed contracts via the “Sakani” website and app, with building permits to be issued … Read more

“SAMA Announces Approval of Digital Certification Services for Banking Transactions

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Saudi Banks - Real Estate Finance - Finance

Reading time: 2 MinutesThe Saudi Arabian Monetary Authority (SAMA) has informed banks operating in the Kingdom that it has no objection to their use of digital certification services for banking products related to personal financing for individuals and the issuance of credit cards, provided the bank so desires, provided that the bank assesses the risks associated with the service, establishes precautionary controls, and verifies the applicant’s identity. (Finance) This step comes as part of … Read more

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