Month: November 2021

The Real Estate Fund signs an agreement with Riyad Bank to facilitate financing for the development of high-quality residential projects at competitive prices

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Riyad Bank Development Program

Reading time: 2 MinutesTo support and empower real estate developers, the Real Estate Development Fund has signed a framework agreement with Riyad Bank to facilitate access by real estate companies and institutions to support and real estate financing from financial institutions under the “Tatweer,” which aims to develop high-quality residential projects at competitive prices that meet the needs and desires of “Sakani” beneficiaries under the subsidized mortgage program. The Tatweer program is an extension of the Fund’s efforts … Read more

After the entry of foreign companies. Demand for administrative offices in Riyadh triples

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Riyadh Real Estate - Hotel Room

Reading time: < 1 MinuteMedia reports have confirmed that demand for administrative offices in Riyadh has tripled compared to usual levels, amid growing business activity in the capital. This coincides with 44 global companies moving into their new headquarters in the Kingdom after receiving the required licenses under the program to attract regional headquarters of global companies, a sign that Riyadh is an attractive global city… Read more

Cabinet directs “Human Resources” to manage the contractual relationship between the establishment and the worker

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King Salman - Cabinet

Reading time: < 1 MinuteDuring its meeting chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, Prime Minister—may God protect him—yesterday, Tuesday, via video conference, the Ministry of Human Resources and Social Development to manage the contractual relationship between the employer and the employee (Saudi/expat), from the registration and documentation of the contract to the termination of the contractual relationship, including updating data on occupations, salaries, qualifications, and wages … Read more

Allowing non-Saudis to own real estate within the boundaries of the cities of Mecca and Medina

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Reading time: < 1 MinuteThe Capital Market Authority has emphasized to financial institutions the need to comply with the regulations governing non-Saudi ownership and investment in real estate when managing investments by investment funds in real estate located within the boundaries of the cities of Makkah and Madinah, or when liquidating such funds. The Authority noted that the decision will contribute to reliance on the capital market as a diversified financing channel, as well as strengthen the pillars of the Kingdom’s Vision 2030, … Read more

“Wafi announces the adoption of quantity calculation mechanisms for off-plan sales projects

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Off-plan sales projects - Real estate transactions

Reading time: 2 MinutesThe off-plan sale or lease program has been approved “Wafi” has adopted mechanisms for calculating the quantities of construction work items for off-plan sales projects licensed in accordance with Cabinet Decision No. 536, which includes establishing quantity calculation mechanisms to determine the disbursement of payments for project expenses. This comes as a continuation of the program’s efforts to regulate the real estate sector for off-plan sales projects and improve the level of control over … Read more

“Shura approves the draft real estate registration system

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Reading time: 4 MinutesThe Shura Council held its seventh regular session of the second year of the eighth session yesterday, chaired by His Excellency the Council President, Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Sheikh. During the session, the Council approved, by a majority vote of its members, the draft regulation on the registration of real property.The Council made its decision after reviewing, at the beginning of the session, the opinion of the Committee on Hajj, Housing, and Services … Read more

“Ejar: 44% increase in commercial contracts and 200 thousand new contracts in 2021

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Reading time: < 1 MinuteThe Ejar program reported a rise in the number of commercial lease agreements registered on the electronic rental services network during the current year 2021, exceeding 200,000 commercial lease agreements—a 441% increase compared to 2020, from the beginning of the year through last October. The program explained that the growing demand for Ejar network services is the result of the program’s ongoing efforts … Read more

Construction and development work on the “Al-Mashriqia” residential project in Riyadh is progressing

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Reading time: 2 MinutesHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, visited the Al-Mashriqia residential project east of Riyadh yesterday to review the progress of construction work and the pace of development on the project, and to assess all development activities being carried out by the National Housing Company (NHC) for beneficiaries of the housing program, with the aim of increasing home ownership among Saudi families and boosting the housing supply … Read more

“Tatweer” program launched to enable real estate developers to access appropriate financing

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Real estate fund-min

Reading time: < 1 MinuteThe Real Estate Development Fund announced the launch of the “Tatweer” program with the aim of enabling real estate developers to obtain appropriate financing from financial institutions, and to support real estate development companies and institutions in increasing the real estate supply to achieve the Housing Program’s targets of raising the homeownership rate among Saudi families to 70% by the end of 2030. The “Tatweer” program is an extension of the Housing Program’s goals to stimulate demand and increase supply by removing the obstacles that … Read more

Deputy Emir of Riyadh inspects the progress of 14 projects in Al-Jawan residential suburb

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Deputy Emir of Riyadh

Reading time: < 1 MinutePrince Mohammed bin Abdulrahman bin Abdulaziz, Acting Governor of the Riyadh Region, inspected the projects in the Al-Jawan residential suburb, located north of Riyadh, and reviewed the progress and level of completion of the 14 projects currently under construction in the suburb, He listened to a detailed explanation from Engineer Mohammed bin Saleh Al-Bati, CEO of the National Housing Company, regarding the suburb and its features … Read more

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