Month: November 2021

The Real Estate Fund signs an agreement to refinance a real estate portfolio worth 10 billion riyals

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Real estate fund

Reading time: 2 MinutesIn the presence of His Excellency the Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate Development Fund (REDF), Mr. Majid bin Abdullah Al-Hogail, the Real Estate Development Fund (REDF) concluded a financing partnership agreement, the first of its kind, with the Saudi Real Estate Refinance Company (SRC) to refinance a real estate portfolio owned by the Fund worth 10 billion riyals. The agreement was signed by the Real Estate Development Fund's ... Read more

SAR 1.5 billion investment fund launched in the hotel sector

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Investment fund

Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, attended the fifth edition of the Future Investment Initiative, which was held recently in Riyadh, with the participation of a number of global executives, investors and decision makers, and participated in the special dialogue session of Greek Prime Minister Kyriakos Mitsotakis held during the forum. ... Read more

Jeddah's informal neighborhoods evacuated in preparation for demolition

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Jeddah randomization

Reading time: < 1 MinuteThe Jeddah Municipality has started evacuating the residential neighborhoods of informal areas in Al-Nuzlah Al-Yamaniyah, Al-Qaryat, Madain Al-Fahd, Al-Thaaliba and Al-Musafa, in preparation for the start of demolition work. Earlier, the Jeddah Municipality began removing properties in the Galil and Petromin neighborhoods in southern Jeddah, as part of the project to organize and address informal neighborhoods. The removal work comes as part of the efforts ... Read more

Specialists review the role of the housing sector in developing cities and enhancing the quality of life

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Schedule of Municipal Violations

Reading time: < 1 MinuteHis Excellency the Deputy Minister of Municipal and Rural Affairs and Housing, Engineer Abdullah bin Mohammed Al-Badir, inaugurated the forum “City Development in Light of New Global Trends”, which was organized by the Ministry, represented by the Housing and City Development Sector, at Sakani Comprehensive Center in Riyadh, coinciding with the World Cities Day 2021, in the presence and participation of a number of specialists and those interested in city development. The forum discussed several themes, most notably ... Read more

“Aramco's ”income tax and zakat“ rises 80.7% in 9 months to 251.2 billion riyals

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Aramco

Reading time: 2 MinutesSaudi Aramco's income and zakat taxes for the first nine months of this year rose 80.7 percent to SAR 251.2 billion, compared to SAR 139 billion in the same period last year, as a result of the increase in profits. During the first nine months of this year, the company's profits increased by 121.6 percent, reaching 291 billion riyals ... Read more

Editor-in-Chief Abdulaziz Al-Issa writes: Specialized Real Estate Media

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Reading time: < 1 MinuteNo one is unaware of the vital role played by the specialized media in serving and promoting the economic sectors because of its power and influence in shaping public opinion and determining its trends, which makes it necessary for it to be honest and impartial in reflecting reality, and this naturally requires absolute cooperation between the authorities that are considered sources of information and media professionals in their various disciplines, so that they are analyzed ... Read more

Partnership to refinance the first government real estate portfolio worth 10 billion riyals ... here are the details

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Real estate fund

Reading time: < 1 MinuteThe Real Estate Development Fund (REF) and the Saudi Real Estate Refinance Company (SRRC) signed a multi-phase financing partnership agreement to refinance the first government real estate portfolio owned by the Real Estate Fund worth 10 billion riyals. The Real Estate Development Fund said in a press release obtained by Arqaam that the agreement comes with the aim of enhancing the financial sustainability of the Real Estate Fund and the real estate finance market in the Kingdom to achieve the targets of ... Read more

IMD Smart Cities Index. Riyadh beats Madrid and Paris

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Reading time: 3 MinutesThe Kingdom interacted yesterday with World Cities Day, which falls on October 31 of each year, with a package of real achievements for Saudi cities, as Riyadh ranked third among the G20 capitals and 30th globally, within the IMD Smart Cities Index for 2021, jumping 23 places from last year, achieving distinctive and qualitative progress, and surpassing ... Read more

6.68 billion riyals, the Kingdom's budget surplus during the third quarter of 2021

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Ministry of Finance - Kingdom Budget - Renting Real Estate

Reading time: < 1 MinuteThe Ministry of Finance revealed the most important features of the Kingdom's budget during the third quarter of 2021, as revenues amounted to 243.38 billion riyals, while expenses amounted to about 236.7 billion riyals, recording a surplus of 6.68 billion riyals, which is the first quarterly surplus since the first quarter of 2019, indicating that the economy has overcome the results of the Corona pandemic. The budget deficit narrowed to 5.4 ... Read more

Today, a new mechanism for VAT accrual begins for these establishments

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Zakat, Tax and Customs Authority

Reading time: < 1 MinuteThe Zakat, Tax and Customs Authority (ZTA) will start applying the new mechanism for the accrual of Value Added Tax (VAT) for establishments contracting with government entities on Monday, following the recent decision of the Authority's Board of Directors to approve the amendment of the provisions of Article (20) of the Executive Regulations of the Value Added Tax (VAT), related to determining the date of supply and accrual of tax in specific cases. The amendment to the regulation includes changing ... Read more

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