Month: August 2021

We publish the full details of the regulation of “real estate brokers” to market small and medium-sized real estate projects

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Reading time: 2 MinutesThe official gazette “Umm al-Qura” announced the regulations governing real estate brokers qualified to market small and medium-sized off-plan projects. Four Clear Objectives: These rules aim to establish the requirements for registering real estate brokers qualified to market small and medium-sized off-plan projects, to encourage real estate brokers to actively engage in the marketing of small and medium-sized properties, and to regulate real estate practices for marketing small and medium-sized projects prior to … Read more

“Contractors Authority” launches contractor evaluation initiative for a more transparent and competitive sector

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Reading time: < 1 MinuteThe Saudi Contractors Authority launched the Contractor Evaluation Initiative, one of the Authority’s capacity-building initiatives aimed at enhancing transparency in the construction sector.The initiative has made it possible to build a database containing contractor evaluations based on precise and highly reliable criteria, in collaboration with relevant authorities, in order to create opportunities for contractors to showcase their excellence in executing projects within their areas of specialization, which will foster fair competition in the sector and contribute to … Read more

Dammam ... 98% completion of the project to complete Prince Naif Road with Prince Miteb Road

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Reading time: < 1 MinuteThe Eastern Province Secretariat has completed 98% of the project to extend the bridge connecting Prince Nayef bin Abdulaziz Road with Prince Mutaib Road, which is scheduled to open in the coming weeks, as part of the road initiative projects currently being implemented in the city of Dammam. The Secretariat explained that the project includes two bridges on the service roads of the bridge at the intersection of Prince Mutaib Road and the railroad, one of which is in the direction of … Read more

Wafi's infographic reveals the volume of off-plan sales in the Kingdom, and Al Wusta leads the projects

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Wafi's new logo

Reading time: < 1 MinuteThe “Wafi” Off-Plan Sales and Leasing Committee revealed that the total sales revenue from existing off-plan projects exceeded 1.408 billion riyals, with the Central Region leading in the number of projects at 39. Meanwhile, the Western Region led in total revenue collected, with more than 528 million riyals from 37 projects. The Off-Plan Sales and Leasing Committee “Wafi” had previously … Read more

“Land deals hit 16 billion in one month

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Reading time: 2 MinutesThe value of real estate transactions completed during the month of Dhu al-Qi'dah 1442 jumped by 48.34% on a month-over-month basis to reach approximately 17.426 billion riyals, compared to the month of Shawwal, when the value stood at 11.750 billion riyals—an increase of 5.68 billion riyals. Real estate transactions involving land parcels accounted for the largest share, at 92.35% of the total value, amounting to approximately 16.093 billion … Read more

Jeddah ... Urgent removal of encroachments on “government lands” exceeding 8 million square meters

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Reading time: < 1 MinuteOver the past two days, the Land Monitoring and Encroachment Removal Committee in Jeddah Province has removed removed encroachments on government land in the Al-Harazat neighborhood covering an area of 8,687,535 square meters. The removal included rooms, courtyards, informal structures, earthen mounds, and sheep pens. The committee affirmed that it will continue to monitor and track land use to prevent encroachments and implement directives mandating the removal of any encroachments on government land without legal justification … Read more

“The Ministry of the Environment Imposes Fines on Owners of Recreational Artificial Lakes Filled from Groundwater Wells

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Reading time: < 1 MinuteWith reference to the Ministry of Environment, Water, and Agriculture’s observation of videos circulating on social media platforms showing some citizens constructing artificial lakes on their farms for investment or recreational purposes, the Ministry clarified that such projects constitute a violation of the Water Law and its implementing regulations, through which it seeks to conserve water resources, ensure their sustainability, rationalize their consumption, and prevent their misuse. It emphasized … Read more

Here are their names... Saudi Arabia witnesses the largest merger of “32” exchange companies and institutions into one entity

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Reading time: 2 MinutesTalal Al-Haqil, head of the Merger Review Unit at the General Authority for Competition, confirmed that the merger of 32 currency exchange companies and institutions is the largest merger in the Authority’s history in terms of the number of companies, though not in terms of the value of the transaction, out of a total of 73 currency exchange companies in Saudi Arabia. The Authority announced yesterday that it had no objection to the completion of the economic concentration involving 32 companies and institutions … Read more

“Two memorandums of understanding to provide financial and electronic services to real estate developers

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Reading time: 2 MinutesThe Real Estate Developers Services Center “Etam” announced that it has signed two memoranda of understanding with Riyad Bank and Bayan Credit Information Company with the aim of providing a range of electronic services and financial analyses to facilitate the operations of real estate developers through the “Etam” platform, as part of the center’s ongoing efforts to streamline real estate development procedures, thereby contributing to the sector’s growth and increasing its share of GDP. The signing took place in the presence of His Excellency the Deputy Minister … Read more

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