Month: June 2020

To complement the elected board members Appointment of 6 new members to the Board of Directors of the Riyadh Chamber of Commerce

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Riyadh Council Board Members

Reading time: < 1 MinuteTo complete the 18-member Board of Directors of the Riyadh Chamber of Commerce, the Minister of Commerce, Dr. Majid Al-Qasabi, issued a ministerial decree appointing and adding six members to the Chamber’s Board of Directors from the merchant and industrialist categories to join the election winners. Those appointed are: Kholoud bint Abdulaziz Al-Dakhil, Latifa bint Abdullah Al-Walan, Riyad bin Hamad Al-Zamil, Abdullah bin Hamad Al-Fawzan, Muhammad … Read more

The Minister of Housing thanks the leadership for approving the establishment of the Real Estate Developer Services Center“

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real estate - building permits - projects - residential real estate development - projects - schemes - residential projects

Reading time: 2 MinutesHis Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, expressed his deepest gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and his trusted Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud —may God protect them both—for the Cabinet’s decision to approve the establishment of the Real Estate Developers Services Center “Itmam” … Read more

Residential program: More than 53,000 families have already lived in their homes since the beginning of the year

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May Real Estate Finance Report 2020

Reading time: 2 MinutesThe “Sakani” program—one of the Ministry of Housing’s initiatives—revealed that 10,721 families actually moved into their homes during the month of May, when the total number of families benefiting from various housing solutions and options reached approximately 19,864. The program noted that it continues to provide, make available, and allow for the selection and reservation of all housing solutions through the “Sakani” app and website. With this latest batch, the total number of households that have benefited from … Read more

The Real Estate Contributions Committee “Tasfeeha” puts the lands of 10 contributions up for sale in various regions of the Kingdom

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Real Estate Contributions - Real Estate Contributions - Real Estate

Reading time: < 1 MinuteThe Real Estate Contributions Committee “Tasfiya” announced its intention to offer 10 real estate contribution plots for sale, with a total area of 21 million square meters. It noted that there are 377 plots of land for various uses, including residential, commercial, and undeveloped land, distributed across several cities in the Kingdom. “Tasfiya” reported that the properties offered for sale include the following projects:  – Airport Jewel … Read more

Minister of Housing issues his approval to the executive regulations of the Real Estate Units Ownership, Sorting and Management System

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Sorting Real Estate Units - Real Estate

Reading time: < 1 MinuteHousing Minister Majid Al-Hogail approved the implementing regulations for the Law on the Ownership, Subdivision, and Management of Real Estate Units, which was approved by the Council of Ministers at the end of last February, The executive regulations consist of six chapters and forty-one articles, allowing any landowner with a title deed that meets legal and regulatory requirements to construct a building on the land and subdivide it into independent units, and to issue a title deed for each … Read more

Ministry of Justice raises the maximum value of properties to be emptied electronically to 3 million riyals

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice announced that it has raised the upper limit on the value of properties that owners wish to transfer electronically from one million riyals to three million riyals, as part of its plan to facilitate the buying and selling of real estate through a fully electronic process, to make it easier for users and save them time and effort, via the Najiz portal (najiz.sa). The transfer of ownership is carried out through an escrow bank account. The Ministry of Justice confirmed that all … Read more

Anan Real Estate Company launches Al Jawhara residential plan in North Riyadh in a strategic location and within the urban area

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Anan Real Estate Company - Residential Project

Reading time: < 1 MinuteCovering an area of more than 700,000 square meters, Anan Real Estate Company has launched the Al-Jawhara project, a residential development featuring completed infrastructure for paving, street lighting, electricity, water, telephone service, and all modern amenities. It is strategically located within the urban area in northern Riyadh, on King Salman Road and King Abdulaziz Road, and is close to key vital facilities such as the University of … Read more

Regulations to exempt the indebtedness of deceased and totally disabled persons from the obligations of financing contracts entered into from the beginning of 2018

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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 Authority (SAMA) has issued instructions setting out a number of regulations and procedures to exempt citizen customers from their obligations under financing contracts entered into on or after January 1, 2018, in cases of death or total disability, taking into account the exceptions set forth in the regulations and procedures for collection from customers. The regulations specify that the exemption decision must be implemented within a maximum period of 30 … Read more

Ministry of Justice grants notaries the authority to empty real estate for areas exceeding 10,000 square meters

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice has granted notaries the authority to process real estate transfers for properties exceeding 10,000 square meters within their geographical jurisdiction, following its decision to launch the first phase of the electronic real estate title transfer service; This involves facilitating the sale and purchase of properties not exceeding 2,500 square meters through a fully electronic process. The Ministry stated: “The service is available through the Najiz portal at najiz.sa, …” Read more

Public Authority for State Properties plans to develop mechanisms and rules to consider applications for real estate ownership

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State Land - Land - Real Estate - Real Estate

Reading time: < 1 MinuteIhsan bin Abbas Bafqih, Governor of the General Authority for State Real Estate, announced that gracious approval had been granted to entrust the General Authority for State Real Estate with reviewing applications for real estate ownership submitted by interested parties,He explained that the approval reaffirms the state’s commitment to safeguarding and protecting both private and public property, noting that the Authority will establish the necessary mechanisms and rules to implement the terms of the approval and will announce … Read more

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