Month: May 2021

Privatization aims to raise $55 billion over the next four years

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Privatization

Reading time: < 1 MinuteSaudi Arabia's recently announced privatization plan aims to raise up to USD 55 bn over the next four years to boost state revenues and reduce the budget deficit, Finance Minister Mohammed Al Jadaan revealed. The finance minister told the Financial Times that the Saudi government has identified 160 projects in 16 sectors for privatization, which will come into effect next July, from ... Read more

Abdullah Faisal Abu al-Khair writes for Amlak: Secrets and Skills of Closing Real Estate Deals

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Real estate deals

Reading time: 2 Minutes  The real estate broker must know all the details of the property before going to the client. Closing real estate deals differs from others because you are selling a commodity that is considered one of the most expensive deals that the investor buys and may be the most expensive thing he bought in his life, and therefore a fateful and difficult decision that is wrapped in a lot of hesitation and fear, as the decision to buy a real estate commodity may require the buyer to ... Read more

“Wafi adopts guiding models for off-plan sales project agreements

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Wafi projects

Reading time: < 1 MinuteThe Committee for Sale and Leasing on the Map “Wafi“ has approved indicative models of engineering consultant and legal accountant agreements that are concluded with the real estate developer as non-binding indicative models after they were presented to the public opinion, and this comes within a series of legislation and decisions to regulate the contractual relationship between workers in off-plan sales projects by clarifying the obligations and rights of all parties, protecting their rights and raising the level of ... Read more

«Itqan Real Estate concludes two real estate deals with a total value of more than 800 million riyals

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Etqan Real Estate - Real Estate Deals -7

Reading time: 2 MinutesReal Estate Deals - Itqan Real Estate recently succeeded in concluding two real estate deals whose total value exceeded 800 million riyals through public auction and direct sale, namely Bilal Market next to the Prophet's Haram in Medina and Safwa Makkah scheme, which are among the distinctive real estate opportunities in the two holy cities and the destination of safe and long-term investment, in line with the development witnessed by the Kingdom in ... Read more

«Contractors Authority» calls for correcting the status of violators in the sector

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Contracting - Contractors Authority

Reading time: < 1 MinuteContracting - The Secretary General of the Saudi Contractors Association, Engineer Thabet Al-Suwaid, called on those working in contracting to correct the status of violators of the anti-cover-up system in the sector and work legally to take advantage of the great opportunities, stressing that the initiative presented by the Ministry of Commerce will make the market healthy, transparent and mature as the most affected by the spread of this phenomenon in the past period ... Read more

Abdulaziz Alissa writes about his predictions for the future of the real estate market: Decisions that create a challenge

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Abdulaziz Alissa - Riyadh train tracks - 95th National Day

Reading time: < 1 MinuteDealers in the real estate market found themselves in front of a historic opportunity in which all the incentives for flexible real estate trading that ends with the last beneficiary came together, as the Ministry of Justice raised the value of electronically discharged real estate through the “Najez” portal from 3 million to 20 million riyals, which will encourage the completion of quality real estate deals, which will encourage the completion of qualitative real estate deals. Such decisions will have an additional dimension in increasing ... Read more

A Reading of the New Decisions Buying and selling indicators expected to drive the recovery of the real estate market

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Buying and selling picks up

Reading time: < 1 MinuteAnalysis - Mohammed Al-Amin Jamous : The real estate market indicators are heading towards optimism and the revival of buying and selling operations under the influence of a number of new decisions that encourage the thawing of the ice caused by the Corona pandemic, as the decision issued by the Ministry of Justice to raise the maximum value of real estate that owners want to empty electronically through the (Najez) portal from 3 million to ... Read more

Ministry of Justice raises maximum value of electronically discharged properties to 20 million riyals

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Real Estate - Raising the Void to 20 million

Reading time: < 1 MinuteThe Ministry of Justice announced on Wednesday that the upper limit of the value of real estate that owners want to empty electronically has been raised from 3 million riyals to 20 million riyals, through the Najiz portal. The ministry confirmed the availability of real estate emptying electronically around the clock through the Najez portal, according to simple and easy steps, which prevents beneficiaries from visiting notaries' offices. The Ministry of Justice explained that the service ... Read more

Royal Commission for Riyadh lifts temporary suspension on two plots in Hayy Laban and allows their disposal

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Wadi Laban Blueprints 2

Reading time: < 1 MinuteThe Royal Commission for Riyadh City announced via its Twitter account that it has lifted the temporary suspension of parts of the (2351/6 and 2351/7) plans in the Laban neighborhood in western Riyadh and allowed their disposal, after completing the study of the area and its urban assessment with the aim of raising the level of services and facilities in these plans, in continuation of supporting the development work in Riyadh in line with its strategic objectives. She added, “We are pleased ... Read more

Recent reports predict increased demand for hospitality, tourism and hotel sectors following the lifting of travel restrictions

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Hotel rooms

Reading time: < 1 MinuteA recent report issued by Jadwa Investment Company predicted an increase in demand for several sectors after the lifting of travel restrictions, such as hotels, restaurants, tourism and entertainment, transportation and travel, and the continuation of deflationary pressures in the housing and utilities category as a result of the impact of the housing rentals subcategory, as well as the increase in homeownership rates of Saudi households, according to a recent report by Jadwa Investment Company. The report emphasized that the recent decisions regulating real estate transactions have caused a change in ... Read more

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