Month: October 2021

48.98 thousand families have benefited from subsidized mortgages for self-construction since the beginning of 2021

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Reading time: < 1 MinuteThe “Sakani” program recorded 48,980 families benefiting from the subsidized mortgage for self-build housing from the beginning of 2021 through September, as part of the diverse housing and financing options the program offers to facilitate immediate homeownership for families according to their preferences and needs, with the goal of increasing homeownership to 70% by 2030, in line with the targets of the Housing Program—one of the Kingdom’s Vision programs… Read more

Here are the most important amended articles of the Saudi Building Code violations classification regulation (Infographic)

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Reading time: 4 MinutesDr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the Board of Directors of the Saudi Standards, Metrology, and Quality Organization, acting within his authority to approve amendments to the Regulations on the Classification of Violations of the Saudi Building Code, has decided to adopt these amendments and implement them as of the date of their publication in the Official Gazette.    Article 1: The definitions of terms and terminology used in these regulations shall be based on the definitions contained in the Executive Regulations of the Building Code Enforcement System … Read more

“TASI continues its gains for the 4th session and closes above 11700 points, and Nomu rises 0.3% with trades amounting to 38.9 million

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Reading time: < 1 MinuteThe Saudi stock index, ”TASI,” continued its gains for the fourth consecutive session, ending the first trading session of the week up 74.25 points, or 0.63%, compared to the previous session, and closing at 11,773.36 points. Meanwhile, the parallel market index “Nomu” ended Sunday’s session up 64.96 points, or 0.27%, compared to the previous session, closing at 24,064.45 points. Trading volume on “Nomu” … Read more

Crown Prince announces launch of strategic offices to develop Al Baha, Al Jawf and Jazan

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Reading time: 2 MinutesPrince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Chairman of the Council of Economic and Development Affairs —may God protect him—announced the launch of strategic offices for the development of the regions of Al-Baha, Al-Jawf, and Jazan, which will serve as the nucleus for the establishment of future development authorities, with the aim of maximizing the comparative and competitive advantages of each of the three regions, in addition to developing the investment environment… Read more

86 thousand Saudi families have benefited from the subsidized loan to buy “ready and under-construction units”

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Reading time: < 1 MinuteThe “Sakani” program has seen an increase in the number of Saudi households benefiting from the two options for subsidized mortgage loans to purchase ready-to-move-in and ”under construction” housing units , exceeding 86,000 households from the beginning of 2021 through September, of which 69,497 households benefited from subsidized mortgage loans to purchase ready-to-move-in units, as part of the program’s efforts to facilitate homeownership for citizens and enable them to obtain … Read more

Sami Abdulaziz writes: Real estate terms “mall”

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Reading time: < 1 MinuteIn the past, markets existed in civilized societies for the exchange and sale of various goods, serving as designated places where sellers and buyers could meet.  Markets used to sell food, clothing, and some basic goods, but a hundred years ago in the U.S. state of Massachusetts, a new type of market was invented: the shopping mall. In its most modern form, a “mall” can also include recreational, service, cultural, and health facilities, … Read more

Abdulaziz Al-Issa writes: A New Era for Investment in Saudi Arabia

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Reading time: < 1 MinuteThe launch by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince—may God protect him—of the National Investment Strategy, which is one of the key drivers for achieving the goals of the Kingdom’s Vision 2030, marks a new era for investment in our country.According to the announced figures—which the strategy will help achieve—the private sector’s contribution to gross domestic product will rise to 65 %, and foreign direct investment will be bolstered … Read more

“State Properties” discusses joint cooperation with the Government Communications System

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Public Authority for State Properties - «Lease System» contracts»

Reading time: < 1 MinuteThe General Authority for State Real Estate held a meeting with the Government Communications System to discuss ways to cooperate in achieving shared strategic objectives in light of Vision 2030. The meeting was attended by Minister of Communications and Information Technology Eng. Abdullah Al-Sawah, Governor of the General Authority for State Real Estate Ihsan Bafqih, along with Eng. Anf Abanmi, President of Saudi Post, and Dr. Mohammed Al-Tamimi, Governor of the Communications Commission … Read more

The reason for the decline in “real estate transactions” last month

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Reading time: < 1 MinuteReal estate transactions in September of this year declined by 10% compared to the same month last year, due to difficulties that arose during the implementation of new regulations related to the residential building code and municipal permits. Real estate transactions involving residential land lots accounted for the largest share, at 90.6% of the total value, amounting to approximately 14.1 billion … Read more

More than 4700 trainees trained on “Saudi Building Code”

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Corps of Engineers - Model Contracts

Reading time: 2 MinutesIn its statistics released at the beginning of this year, 2021, the Saudi Council of Engineers highlighted its diverse training programs on the Saudi Building Code, which are part of the training initiatives offered to promote professional development in the engineering sector. as the Society is one of the participating bodies in the Building Code Committee, working to improve the quality of residential buildings for citizens. The Secretary-General of the Saudi Council of Engineers explained … Read more

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