Month: July 2021

IMF: Saudi Arabia's housing efforts have boosted ownership, lending and real estate supply

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Reading time: 2 MinutesThe International Monetary Fund’s Article IV Consultation Report on the Saudi housing sector projected continued strong growth in residential mortgage lending in the Kingdom, driven by government programs designed to boost demand and expand supply in the sector.The report commended the role of government programs and regulations in improving the regulatory environment, which has helped increase the homeownership rate to 62% and boost the housing supply to 334 thousand units … Read more

“Trade”: 1.8 million cars, 300,000 household appliances and 50,000 children's toys did not respond to “recall” campaigns”

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Reading time: < 1 MinuteThe Ministry of Commerce emphasized the importance of consumers responding to recalls of defective products to ensure their safety and protect their rights.It explained that there are many vehicles and products that have been subject to recalls in recent months, but their owners have not responded to the campaigns, posing a risk to themselves and their families. The ministry noted that the automotive sector has the highest rate of non-compliance, with more than 1.8 million recalled vehicles still … Read more

Australia's largest superannuation fund invests $376 billion in London and New York real estate

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Reading time: < 1 MinuteAn official at “Australian Super,” Australia’s largest pension fund, confirmed the fund’s intention to expand its offices in London and New York, where it aims to secure more overseas deals as part of its effort to manage A$500 billion (US$376 billion) in overseas investments over the next five years.  Mark Dinley, chief investment officer at Australian Super, said that the fund, which invests 225 billion dollars … Read more

Starting next year Requiring establishments with 20 or more workers to have a collective housing license for individuals

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Reading time: < 1 MinuteThe Ministry of Municipal, Rural Affairs, and Housing confirmed today that facilities employing 20 or more workers are required to have a collective housing permit for their employees issued through the Baladi platform and registered on the Collective Housing platform. The Ministry of Municipal and Rural Affairs clarified on its Twitter account that the regulation will take effect starting next year on 1 Muharram 1443 AH.

worth two billion riyals. A tripartite partnership to provide adequate housing for 10,000 Saudi families

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Reading time: 2 MinutesThe Developmental Housing Program signed a tripartite agreement with the Alwaleed Humanitarian Foundation and the private Developmental Housing Foundation “Sakan,” with the aim of providing 10,000 housing units with a total value exceeding 2 billion riyals, intended for the most needy families to enable them to become homeowners. The signing took place in the presence of the Chairman of the Board of Trustees of the Alwaleed Humanitarian Foundation, His Royal Highness Prince Alwaleed bin Talal bin Abdulaziz Al Saud, … Read more

“The ”Water Regulatory Authority” Clarifies Which Activities Require a Business License

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Reading time: < 1 MinuteThe Ministry of Environment, Water, and Agriculture, represented by the Ministry’s Agency for Regulatory Affairs (Water Regulator), has disclosed the activities that require a license to operate, specifically those related to the provision of water services, with the exception of dual-purpose production activities.The Water Regulatory Authority clarified that these activities include the role of the primary water purchaser, the production of desalinated and purified water, the transportation of desalinated and purified water, as well as strategic water storage, … Read more

“Ports announces 8 investment opportunities to develop and operate multi-purpose terminals

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Reading time: < 1 MinuteThe General Authority for Ports “Mawani,” through the Supervisory Committee for Privatization in the Transportation Sector and in cooperation with the Ministry of Transport and Logistics and the National Privatization Center, has announced investment opportunities in partnership with the private sector to develop and operate multipurpose terminals at eight Saudi ports, thereby contributing to the Kingdom’s economic growth, increasing local content in the port sector, and enhancing the competitiveness of Saudi ports … Read more

“The Competition Authority issues the first electronic NOC on an economic concentration

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Riyadh - Housing Supply

Reading time: < 1 MinuteHis Excellency Dr. Abdulaziz Al-Zoom, Governor of the General Authority for Competition, today issued the first electronic certificate of no objection regarding an economic concentration through the Authority’s online portal, which offers a wide range of services to individual and business beneficiaries; This initiative aims to enhance the quality and efficiency of operational processes, facilitate access to services with full transparency, and track requests at every stage to ensure quality, all in an effort to achieve beneficiary satisfaction, … Read more

Riyadh Selected as the Location for the First “Apple Academy” Branch in the Middle East and North Africa

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Reading time: 3 MinutesIn a move aligned with the Kingdom’s Vision 2030 and reaffirming Saudi Arabia’s leadership in the region, Apple has chosen the capital city of Riyadh as the location for its “Apple Developer Academy”; making the Kingdom the first in the Middle East and North Africa region to establish this academy, which will be dedicated in its initial phase to female programmers and developers, in support of women’s empowerment efforts and the sweeping social reforms of Vision 2030.This exceptional partnership with … Read more

“Itqan Real Estate”: 296.36 million riyals in sales from the third virtual auction of 8 properties in “Al-Gharbia”

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Reading time: < 1 MinuteItqan Real Estate announced the successful execution and management of its third virtual auction, which was broadcast via satellite channels and digital platforms to sell eight investment properties in the Western Region, with sales totaling 296,366,497 riyals, including value-added tax and commission. The auction was broadcast between the studio and the company’s branches in six cities, including Riyadh, Jeddah, Al-Khobar, Al-Qassim, and Mecca… Read more

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