Month: June 2020

The Real Estate Fund Has Issued Approximately 291,000 Mortgages Over Three Years

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Real Estate Fund Payments

Reading time: < 1 MinuteMansour bin Madi, General Supervisor of the Real Estate Development Fund, announced that the Fund has provided approximately 291,000 subsidized mortgage loans to enable Saudi families to own their own homes through the subsidized mortgage program since the start of the Fund’s transformation program nearly three years ago in June 2017 until the end of last May, with the aim of facilitating homeownership and increasing the homeownership rate to 70 percent … Read more

Itqan Real Estate signs an exclusive marketing contract for Jeddah's prestigious Darb Al Haramain scheme

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Residential Commercial - Darb Al Haramain Scheme

Reading time: 2 Minutes “Itqan Real Estate” continued to build strategic partnerships with major companies and business firms in the Kingdom, securing the exclusive marketing contract for the “Darb Al-Haramain Residential and Commercial Development” following the signing of an agreement with Al-Inmaa Investment Company. The project comprises 233 residential lots, 66 commercial lots, 22 mixed-use lots, and 20 central commercial lots, in addition to 29 facilities … Read more

According to a survey conducted by «Amlak,» 68% of respondents confirmed a change in consumption patterns due to the COVID-19 pandemic

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Consumer Behavior - Real Estate

Reading time: < 1 MinuteThe impact of the COVID-19 pandemic has gone beyond health and economic aspects to reshape the lives of individuals and society, due to the rapid spread of the disease and its disruption of all aspects of normal life. Within three months, it became the topic of conversation in circles of all levels and orientations, as it succeeded in drawing humanity’s attention to the need to be vigilant and to put in place the necessary precautions for any unforeseen crises that may arise from time to time. ( … Read more

How Do Traders and Investors End Up in the Red and Deep in Debt?

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Riyadh City - Investment - Tourism - Real Estate - Real Estate Offices - Real Estate Investment

Reading time: < 1 MinuteOvernight, we often hear many dramatic stories about businesspeople exiting the market; the reasons are numerous, but declaring bankruptcy and accumulating debt are among them. In this section, we summarize the most important factors that businesspeople believe lead a trader to shift from investing their money to incurring losses and being pursued by creditors and rights holders. A prudent investor must avoid these, as they are a difficult trap… Read more

Real estate professionals and experts warn of the environmental impacts of a construction and demolition waste recycling plant in northern Riyadh

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CIRC - Construction Waste Recycling

Reading time: 2 MinutesAt the beginning of June, the Saudi Recycling Investment Company (SRIC), a wholly-owned subsidiary of the Public Investment Fund, will begin preparing the site for its first construction and demolition waste recycling facility in northern Riyadh, after the Riyadh Municipality handed over the project site to the company. The new facility will begin receiving construction and demolition waste, … Read more

Mr. Abdulaziz Al-Issa writes: Tax uncertainty in the first home

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Reading time: 2 MinutesThere is a severe lack of information and clarification, as well as conflicting answers regarding the value-added tax provisions for primary residences among officials, real estate professionals, and citizens, which leaves us confused and at a loss. Are citizens exempt from this tax? How do the authorities interpret this? Or is it capped at 850,000 riyals? To be perfectly honest, we have been unable to obtain convincing answers despite our ongoing efforts… Read more

Developers and real estate professionals call on the Riyadh Municipality to build infrastructure for residential projects

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Infrastructure in Residential Development Plans

Reading time: 2 MinutesDevelopers and real estate professionals have called on the Riyadh Municipality to take charge of implementing infrastructure projects in residential developments, rather than relying on property owners—many of whom struggle to complete these projects to the point where the developments become attractive residential environments. In their proposal, they emphasized that the main reason for rising land prices is that all infrastructure costs—and the profits from them—are passed on to citizens and buyers as consumers… Read more

Saudi British Bank Wins the “Leading Global Trade Bank in the Kingdom for 2020” Award”

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Online Data Update - SAP - Online Data Update - Global Trade

Reading time: 2 MinutesFor the sixth time in the past ten years, the Saudi British Bank (SABB) has been named “Saudi Arabia’s Leading International Trade Bank for 2020” by Global Trade Review (GTR) for the second consecutive year, The magazine based its selection on customer surveys conducted by the magazine and specialized institutions in each of the global markets. Taking into account … Read more

SAMA plans to inject SAR 50 billion to boost liquidity in the banking sector

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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) announced that it would inject 50 billion riyals to boost liquidity in the banking sector and enable it to continue fulfilling its role in providing credit facilities to all its private-sector customers, including the banks’ role in supporting and financing private-sector projects by adjusting or restructuring their financing without any additional fees, and supporting … Read more

The Ministry of Housing Launches an “Appointment Booking” Service via the “Sakani” App to Serve Citizens and Visitors at All Branches

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Ministry of Housing, Finance, and Return

Reading time: 2 MinutesThe Ministry of Housing has launched an “Appointment Booking” service through the “Sakani” app to accommodate citizens and visitors at all its branches and offices, with the exception of the Makkah office, This coincides with the return of employees to work at a rate of 50% of the total workforce, in accordance with the instructions of the Ministry of Human Resources and Social Development, while adhering to the precautionary and preventive measures specified by the relevant authorities while inside the branches from … Read more

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