Month: July 2021

“Completion” approves 9 residential plans covering 16.14 million square meters in 6 months

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Real Estate Brokerage Compliance

Reading time: < 1 MinuteThe Real Estate Developers Services Center “Etam” completed the approval of nine residential projects during the first half of 2021, with a total area of 16,142,747 square meters across various regions of the Kingdom, in line with the center’s strategic objective of improving the performance of the real estate sector and providing integrated solutions to real estate developers. Etam also provided numerous services to real estate developers. The approved plans for the first half included areas … Read more

“Real Estate Fund” deposits 734 million riyals in the accounts of “Residential” beneficiaries for the month of July

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Reading time: < 1 MinuteThe Real Estate Development Fund announced today that it has deposited 734 million riyals into the accounts of citizens who are beneficiaries of the “Sakani” program, jointly administered by the Ministry of Municipal, Rural Affairs and Housing and the Real Estate Development Fund, for the month of July 2021.Mansour bin Madi, CEO of the Real Estate Development Fund, explained that this month’s total support was allocated to profits from subsidized mortgage contracts, noting that the total amount… Read more

Dammam's first phase of “Al Bahja” walkway to be implemented

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Reading time: < 1 MinuteThe Eastern Province Secretariat has completed the first phase of construction on the “Al-Bahja” promenade in the Al-Nuzha neighborhood of Dammam.The first phase included installing aluminum informational signs featuring messages promoting environmental conservation and tree preservation, as well as encouraging walking, as well as the installation of lighting poles and decorative lighting along the promenade, colorful arches at the beginning, middle, and end of the promenade, and planters containing trees … Read more

“Central Park Towers” in Dubai Achieves Highest Occupancy Rate Since Its Inauguration

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Reading time: 2 Minutes“Central Park Towers”—the largest single-owner office project in the Dubai International Financial Centre (DIFC) Free Zone—announced – has achieved its highest leasing rate since its inception by signing 21 new lease agreements in 2020, representing more than 110,450 square feet in cumulative lease transactions. The mixed-use real estate project continues… Read more

Saudi Arabia delivers more than 24 million doses of coronavirus vaccine

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Reading time: < 1 MinuteThe Ministry of Health announced that more than 24 million doses of the COVID-19 vaccine had been administered as of Friday. The Ministry of Health said in a tweet on its official Twitter account that these vaccines were administered at more than 587 vaccination sites across the Kingdom. It noted that to receive the vaccine, individuals can register via the Sehati app through … Read more

35 million riyals invested in 1,066 confectionery and chocolate factories in Saudi Arabia

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Reading time: < 1 MinuteThe Ministry of Industry and Mineral Resources revealed that investment in the Kingdom’s confectionery and chocolate industry had reached 35 million riyals, injected into 1,066 factories, as of mid-July.A report issued by the National Center for Industrial and Mining Information stated that investment in confectionery and chocolate factories accounts for 1.38% of total investment in all Saudi factories, noting that … Read more

Reduced investment license requirements for beneficiaries of the ”commercial concealment” correction period”

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Riyadh - Housing Supply

Reading time: 2 MinutesThe National Program to Combat Fronting has confirmed that it will continue to review the status of all applicants who have submitted requests for correction to take advantage of the correction period until its conclusion on August 23, 2021, regardless of the size, income, or business activity of the establishment.The program announced that it is easing the requirements for beneficiaries of the rectification period by lowering the annual revenue threshold for establishments from 40 million to 10 million Saudi riyals, … Read more

“State Properties” hosts 30 entities that contribute to developing the work mechanisms of the sectors participating in Hajj

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Reading time: < 1 MinuteThe General Authority for State Real Estate, located in the government complex in Al-Mashair, Makkah, announced that it is hosting 30 government and service agencies participating in the Hajj season, including (the Ministry of Media, the Anti-Corruption and Oversight Authority, Saudi Post, the Civil Affairs Authority, the Public Prosecution, the Electricity Company, the General Authority for Transportation, the Electricity Company, the National Water Company, and the Saline Water Conversion Corporation). The Authority provides all of these sectors with … Read more

“Sakani” issued 513,311 “real estate transaction” certificates for first homes as of June 2021

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Real Estate Registration - Real Estate Transactions

Reading time: 2 MinutesThe “Sakani” program released its July report, highlighting its key achievements during the first half of 2021, along with data and statistics on the number of beneficiary families, ongoing projects, and the number of real estate transfer certificates issued.The report also highlighted that 11,119 families benefited from the program in June, including 9,547 families who moved into their homes, as part of the program’s ongoing efforts to enable Saudi families to own their first home, in order to achieve … Read more

“Fitch Affirms Saudi Arabia’s Credit Rating at ”A’ and Revises Outlook to ‘Stable’

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Reading time: 2 MinutesThe credit rating agency Fitch confirmed today that the Kingdom’s credit rating remains at “A”, with the outlook changed from ‘negative’ to ‘stable’, making the Kingdom one of the few countries in the world that has managed to change the outlook on its credit rating through its economic reforms and appropriate measures to contain the COVID-19 pandemic and mitigate its repercussions. This came in the agency’s credit report, in which it confirmed that its decision … Read more

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