Month: July 2020

Tripartite Memorandum of Understanding Between the King Salman Charitable Housing Association, the Ministry of Housing, and the Muhammad Ibrahim Al-Subaie Endowment

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Al-Subaie Real Estate Endowment

Reading time: 2 MinutesReal Estate – The King Salman Charitable Housing Association signed a tripartite memorandum of understanding the day before yesterday in Riyadh with the Ministry of Housing and the Muhammad Ibrahim Al-Subaie Endowment, in the presence of His Royal Highness Prince Saud bin Talal bin Badr, Deputy Minister of Housing for Housing Support and Beneficiary Services. The CEO of the King Salman Charitable Housing Association, Engineer Ahmed bin Nasser Al-Badi’a, emphasized that the initiative enables those who were not accepted … Read more

Housing Ministry's real estate regulation teams uncover nearly 13,000 off-grid rental contracts

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Ejar Network - Documentation of the rental contract

Reading time: < 1 MinuteSupervision and inspection teams from the Real Estate Regulatory Authority at the Ministry of Housing have identified approximately 13,000 non-compliant lease agreements outside the system, and more than 10,000 field inspections conducted by the Ministry during the first half of this year at real estate brokerage firms across the Kingdom revealed violations involving the registration of contracts outside the rental network, excessive brokerage commissions, and failure to maintain … Read more

810 billion riyals in investments by family-owned businesses in the Saudi economy

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Family Business Investment Center

Reading time: 2 MinutesDr. Ghassan Al-Suleiman, Chairman of the Board of Directors of the National Center for Family Businesses, emphasized the importance of the Center’s initiatives in supporting family businesses to overcome the challenges they face by encouraging them to list on the stock market to ensure their sustainability and increase their contribution to the Saudi economy, This came during a virtual working session organized by the Capital Market Authority and the Saudi Stock Exchange (Tadawul) in partnership with the National Center … Read more

General Authority for Statistics: Real estate prices rose in 7 regions, fell in 5, and remained unchanged in one region

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Riyadh - Real Estate in Riyadh - Trade Names System

Reading time: < 1 MinuteData from the General Authority for Statistics showed that real estate prices rose in 7 out of 13 regions during the second quarter of this year compared to the same period last year, while 5 regions recorded declines and prices remained stable in one region. This comes at a time when real estate prices in the Kingdom remain below their 2014 levels … Read more

Housing Minister reveals the establishment of a guarantees company to overcome the challenges of real estate financing

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Accreditation of the Saudi Housing Guarantee Company

Reading time: 2 MinutesMajid Al-Hogail, Minister of Housing, revealed that the ministry is currently working to establish a guarantee company to overcome the challenges facing real estate financing, He predicted that the number of subsidized loans would not fall below 550,000 over the next five years and noted that the Ministry of Housing’s loans account for 94 percent of the monthly loans announced by the Saudi Arabian Monetary Authority (SAMA), which are contracts subsidized by … Read more

Majid Al Haqeel launches model engineering design service for self-build option and honors 6 engineering offices

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Launching engineering designs

Reading time: < 1 MinuteMajid Al-Hogail, Minister of Housing, praised the efforts of the engineering firms participating in the first phase of the launch of the model engineering design service for the self-build option, which allows citizens wishing to build to access a range of designs from a selection of architectural andindependent designers, during the service’s launch at the Comprehensive Housing Center in Riyadh. This is part of an active partnership with the National Company … Read more

The Real Estate Developers Services Center “Etam” Approves 59 Residential Projects in the First Half of the Year

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

Reading time: < 1 MinuteResidential Development Plans – During the first half of 2020, the Real Estate Developers Services Center “Etmam” achieved several milestones; it approved 59 development plans covering an area of over 144 million m², processed building permit applications for 16,609 residential units, issued 68 certificates of qualification for real estate developers, and received inquiries regarding the validity of the instrument … Read more

Contractors Commission: Chinese companies in the contracting sector benefiting from access to government projects are no longer covered

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Contracting Sector Protocol - Projects

Reading time: < 1 MinuteThe chairman of the Saudi Contractors Authority, Eng. Osama Al-Afaleq, revealed that a decision had been issued to lift the exemption for Chinese companies in the construction sector that had been benefiting from government projects, noting that Chinese companies had been the biggest competitors to national firms due to the existence of this exemption, He also noted that the state is obligated to pay financial dues within 60 days of the invoice’s issuance … Read more

The Real Estate Contributions Committee “Tasfeeqa” calls on the shareholders of the South Corniche land to update their data with Arab Bank

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Liquidation of the Real Estate Contributions Committee

Reading time: < 1 MinuteThe Real Estate Contributions Committee “Tasfiya” has called on all shareholders in the Southern Corniche Land Project to update their information with the Arab Bank within two months of the announcement’s publication, following a visit to Tasfiya’s office, in preparation for a shareholder registry. The project is owned by the Saleh Al-Duraibi Group. “Tasfiya” outlined a number of requirements, including proof of identity, the share certificate, and a bank account.

A proposal to exempt primary residences valued at more than 850,000 riyals from value-added tax

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VAT Payment - Real Estate

Reading time: < 1 MinuteHousing Minister Majid Al-Hogail affirmed the government’s commitment to providing housing for citizens, revealing that a study is underway to exempt first homes valued at over 850,000 riyals from the 15% value-added tax, and noting the significant support the ministry has received from the wise leadership. During a virtual meeting organized by the Eastern Province Chamber of Commerce and Industry on Tuesday, he predicted that the number of mortgages would reach 550,000 during … Read more

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