Month: September 2021

Saudi Arabia witnesses 7,000 disputes over “endowments” in a year 45% of which are “commercial real estate”

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Reading time: 2 MinutesSaudi courts resolved 7,031 waqf cases involving disputes and conflicts during the past Hijri year, marking an increase of approximately 27.2 percent compared to the previous year. Commercial real estate endowments accounted for about 45 percent of the total disputed endowments adjudicated by the courts. According to data released by the Ministry of Justice, the courts in Riyadh handled about 44.3 percent of … Read more

Court of First Instance orders tenant to hand over SAR 5.2 million in unpaid rent payments to Al Jazeera REIT

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Reading time: < 1 MinuteAl-Jazira Financial Markets Company, in its capacity as manager of the “Al-Jazira REIT Fund,” announced that it had received a preliminary judgment dated September 19, 2021, in favor of the fund in a lawsuit regarding a “claim for property rent” filed against “Takheezin Support Services.” The company said in a statement on “Tadawul“ that the General Court in Riyadh ruled to compel the defendant, “Takheezin Support Services,” to pay the fund the amount of … Read more

Find out about Monday's weather

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Reading time: < 1 MinuteIn its weather report for today—God willing—the National Center for Meteorology forecasts partly cloudy skies along the western region and the southern parts of the central Kingdom, extending as far as the Najran region. Meanwhile, thunderstorms are expected to be accompanied by active surface winds stirring up dust and sand over the highlands of Jazan, Asir, and Al-Baha, extending to the highlands of Makkah… Read more

“Museums” announces its strategy: Establishing national museums as inspiring destinations and empowering practitioners and investors

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Reading time: 2 MinutesThe Museums Authority announced today the launch of its strategy, which will serve as the framework for developing the Kingdom’s museum sector in all its components and organizational and operational aspects, as well as for supporting and empowering practitioners and investors in the sector. This is aimed at achieving the objectives of the Ministry of Culture and the cultural goals of Vision 2in its cultural aspects. Dr. Stefano Carboni, CEO of the Authority, explained that the strategy seeks to bring about tangible development in a vital and important sector such as … Read more

A look at the real estate market in Saudi Arabia: The weekly activity of “Residential” transactions decreased 12.5 %

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Reading time: 3 MinutesWeekly activity in the local real estate market declined slightly by no more than 2.7 percent, with the total value of real estate transactions settling below 3.5 billion riyals by the end of last week, This decline is primarily attributed to the drop in the value of residential sector transactions, which recorded a weekly decrease of 12.5 percent, settling at a low of … Read more

Abdulaziz Al-Issa writes: The 91st anniversary ... Achievements and challenges

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Abdulaziz Al-Issa: Real Estate Finance

Reading time: < 1 MinuteThe Kingdom’s 91st National Day, which falls on September 23 each year, is a day dear to the hearts of all citizens, On this occasion, we extend our congratulations to the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman—may God protect them—and to all the noble Saudi people. We must take from this … Read more

After a huge turnout of institutional investors. Tomorrow, stc's retail subscription for solutions by stc begins

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Reading time: < 1 MinuteThe public offering of shares in the Arab Internet and Telecommunications Services Company (solutions by stc) will begin tomorrow, Sunday, September 19, and will continue through Tuesday, September 21. A maximum of 2,400,000 common shares, representing 10% of the total shares offered for public subscription, have been allocated to individual subscribers. The company had announced that the institutional subscription period had ended with a coverage ratio that exceeded the target by … Read more

Saudi Arabia's largest IPO since Aramco creates intense competition among investors

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Reading time: 2 MinutesInvestment bankers set aside two weeks to drum up interest in Saudi Arabia’s first billion-dollar initial public offering since the Aramco IPO. It took them only a few hours before orders started pouring in. The $1.2 billion ACWA Power offering, which is set to be priced later this month, is drawing significant interest from investors who … Read more

More than half a million real estate tax certificates issued for first home by the end of August

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Reading time: 2 MinutesThe “Sakani” program’s September 2021 report revealed the launch of a number of new housing services for program beneficiaries via the “Sakani” website and app. The report included the number of beneficiary families, housing projects currently under construction, and the number of real estate deeds issued electronically as part of the program’s efforts to enable Saudi families to own their first home, with the goal of increasing homeownership rates to 70 … Read more

After its official approval, here are the articles of the Judicial Costs Law

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Reading time: 4 MinutesThe court fee schedule approved by the Council of Ministers some time ago was announced today. The court fee schedule applies to all lawsuits and petitions filed with the courts, with the exception of general criminal cases, disciplinary cases, and related petitions; cases and petitions within the jurisdiction of the Personal Status Courts, except for appeals and petitions for reconsideration; and cases and petitions within the jurisdiction of the Office of … Read more

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