Month: March 2021

30,000 real estate transactions were recorded last February

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Ministry of Justice issues multi-party agency

Reading time: < 1 MinuteThe Ministry of Justice revealed that real estate notarization transactions in February exceeded 30,000, 50 percent of which were for title transfers, with the remainder distributed among power-of-attorney notarizations, mortgage releases, and real estate mortgages, as well as the correction of deeds and the release of mortgages. Notaries also carried out a number of transactions involving the notarization of financial statements and the termination of powers of attorney, in addition to the notarization of corporate contracts, while the number reached … Read more

The Ministry of Justice has abolished the requirement that the first power of attorney be issued in person at a notary public’s office

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Reading time: < 1 MinuteDr. Walid Al-Samaani, Minister of Justice, has directed that the requirement to issue the first power of attorney in person at a notary public office be abolished, and that it be submitted directly through the e-services portal (Najiz). The Ministry of Justice had previously required that, in order to use the electronic power of attorney service provided through the “Najiz” portal, the beneficiary must have previously issued a power of attorney through notary offices before it became possible to issue it directly through the Najiz portal, according to … Read more

32,800 housing finance contracts were signed last January, totaling 16.4 billion riyals

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Retail Housing Finance

Reading time: 2 MinutesData released by the Saudi Central Bank (SAMA) revealed an increase in the number of new residential mortgage contracts for individuals at the start of this year, with 32,800 contracts issued in January, totaling more than 16.4 billion riyals,  compared to 24,300 contracts in the same month of 2020, which totaled 10.3 billion riyals provided by all mortgage lenders from … Read more

The Ministry of Justice offers an electronic property discharge service through agents for individuals

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice has launched an electronic real estate discharge service through agents for individuals, as part of its efforts to serve the widest possible segment of citizens and facilitate the buying and selling of real estate through a fully electronic process, thereby making the process easier for beneficiaries and saving them time and effort. The Ministry explained that the service allows for the electronic transfer of real estate through an agent acting on behalf of an individual; whereby the individual can appoint a person through … Read more

Sales of ready-to-move-in units under the “Sakani” program reached 11.9 billion riyals in 2020

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Reading time: 2 MinutesSales of ready-to-move-in units under the “Sakani” program exceeded 11.9 billion riyals in 2020, benefiting more than 123,000 recipients who purchased ready-to-move-in properties on the market during the same year, while the facilities provided directly contributed to a 44.1% increase in mortgage loans issued by banks operating in Saudi Arabia, equivalent to 131 billion riyals over the past year … Read more

“Residential” program delivers ready-made villas in 10 projects in 8 regions around the Kingdom

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What are the steps to apply for the residential program?

Reading time: < 1 MinuteHousing Projects – The “Sakani” program has handed over a number of ready-to-move-in villas as part of projects by the Ministry of Municipal, Rural Affairs, and Housing, in line with the program’s ongoing efforts to provide diverse housing options and financing solutions to meet the housing needs of Saudi families. The handover last February included 10 projects in eight regions across the Kingdom, and the handover procedures were completed after the beneficiaries finalized their reservations … Read more

Today marks the start of the implementation of the decision to adjust the Saudization quotas for the “maintenance and operations contracting” sector”

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Ministry of Human Resources - Contracting

Reading time: < 1 MinuteToday, Sunday, marks the implementation of the decision by the Minister of Human Resources and Social Development, Eng. Ahmed Al-Rajhi, to adjust the Saudization rates for the “maintenance and operations contracting” sector under the “Nitaqat” program to promote job Saudization “Nitaqat,” increasing them by 31%, depending on the size and scope of the establishment. The decision aims to regulate the labor market, develop its environment, and provide attractive and sustainable job opportunities for the sons and daughters of this nation, including those who have previously … Read more

Future Projects Forum welcomes 1000 projects worth 600 billion riyals

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Project - Future Projects Forum

Reading time: < 1 MinuteThe Saudi Contractors Authority is organizing the Future Projects Forum from March 22–24, 2021. The forum will be held virtually with the participation of 37 major entities from the government and private sectors and various organizations, showcasing nearly 1,000 projects worth over 600 billion riyals. The forum serves as a platform to showcase future projects in the Middle East, creating opportunities for contractors and investors in the construction sector … Read more

Ministry of Justice launches digital real estate exchange, boosts trust in sukuk

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Real Estate - Minister of Justice - Real Estate Exchange

Reading time: 2 MinutesReal Estate – The Minister of Justice and President of the Supreme Judicial Council, Sheikh Dr. Walid bin Mohammed Al-Samaani, stated that the Notarization System has established the concept of preventive justice as one of its legal tools, through numerous declarations and contracts under the Notarization System and the Enforcement System, Al-Samaani noted that many final proceedings have been transferred from the courts to notary offices and notaries, which came … Read more

Matar Al-Shammari provides valuable advice before buying real estate

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Matar Al-Shammari, Old Buildings - Real Estate Marketing

Reading time: < 1 MinuteBuying real estate requires patience and careful consideration before making a decision. The buyer must examine all relevant aspects and not rely solely on the street and direction. Here are some tips for those looking to purchase a plot of land: The dimensions of the plot.  The level of the land. Is the land rectangular or square? The slope or elevation of the land. Is the land zoned for commercial use? Is … Read more

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