Month: January 2022

International O&M Conference kicks off today in Riyadh and discusses the future of digital transformation in the sector

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Maintenance conference

Reading time: < 1 MinuteThe International Conference on Operations and Maintenance in Arab Countries kicks off today and will run from January 17 to 19, 2022, at the Movenpick Hotel in Riyadh, under the theme “Digital Transformation and the Future of Maintenance Management,” under the patronage of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing. Since its inception in 2002, the International Conference on Operations and Maintenance has been considered… Read more

Qim Real Estate completes its preparations to organize the Riyadh View Auction Tomorrow, Tuesday

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Riyadh divorce auction

Reading time: < 1 MinuteUnder the supervision of the Enforcement and Liquidation Center “Enfaaz,” Qim Real Estate has completed preparations for the Riyadh View auction, which will take place at 4:00 p.m. tomorrow, Tuesday, January 18, 2022 (corresponding to 15/6/1443 AH), at the Adwaa Laylati Hall for Celebrations and Conferences in Riyadh. The auction will feature eight diverse real estate investment opportunities in a number of sought-after neighborhoods in Riyadh that represent important economic hubs in the capital … Read more

New agreement between the Real Estate Development Fund and National Housing to boost real estate supply

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Agreement between Real Estate and National Housing Company

Reading time: < 1 MinuteThe Real Estate Development Fund and the National Housing Fund (NHC) a joint cooperation agreement aimed at enhancing the quality of real estate offerings and providing technical and engineering inspection services through the sustainable construction program for beneficiaries of subsidized mortgage loans, in accordance with the Real Estate Fund’s standards and requirements. The signing took place in the presence of His Excellency the Minister of Municipal, Rural Affairs, and Housing, Mr. Majid bin Abdullah Al-Hogail. The agreement comes within the framework of … Read more

National Housing Company announces the development of more than 134,000 housing units

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Eastern Projects - Real Estate Companies - Residential Projects - Real Estate Finance - Residential Units

Reading time: < 1 MinuteDuring the “Housing Forum 2022,” the National Housing Company (NHC) announced the development of more than 134,000 housing units within integrated residential communities featuring comprehensive services and amenities that enhance quality of life, with modern designs, and affordable prices across seven residential suburbs, bringing the total number of projects overseen by the company to 129 residential projects, of which 54 are on Ministry-owned land and 75 others on land … Read more

The Real Estate Fund has executed 182,000 financing contracts worth 114 billion riyals

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Electronic Construction Stages Data Update Service

Reading time: < 1 MinuteThe Real Estate Development Fund signed more than 182,000 financing contracts in 2021, with a total value exceeding 114 billion riyals, surpassing the target of 140,000 contracts by approximately 30 percent, bringing the total number of beneficiaries of the subsidized mortgage program to over 600,000, with a total value of 33.5 billion riyals from June 2017 through 2021, in pursuit of balanced urban development, … Read more

The Residential Program issues more than 31 thousand electronic contracts for residential lands during 2021

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Mersiya View - North Riyadh - Residential Projects

Reading time: 2 MinutesThe Sakani Program issued more than 31,000 electronic contracts for residential land in 2021 to its Saudi beneficiary families through its smartphone app, as part of the diverse housing and financing options it offers to facilitate homeownership, in line with the objectives of the Housing Program—one of the programs under the Kingdom’s Vision 2030—to increase the homeownership rate among Saudi families to 70 percent by 2030. … Read more

Foreign investment pumped 65 billion riyals into the economy in 9 months

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Reading time: < 1 MinuteGiven the Kingdom’s strategic focus on promoting foreign investment and creating an attractive environment for it, press reports noted that net foreign direct investment inflows into the Saudi economy during the first nine months of last year exceeded the target set in the National Investment Strategy for the entire year, estimated at 42 billion riyals, reaching approximately 65 billion riyals, an increase of … Read more

The Real Estate Contributions Committee “Liquidation” Completes Procedures for 44 Contributions and Disburses 1.404 Billion Riyals

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Liquidation of the Real Estate Contributions Committee

Reading time: < 1 MinuteThe value of financial entitlements disbursed by the Real Estate Contribution Committee “Tasfiya” in 2021 amounted to approximately 1.404 billion riyals, following the completion of the liquidation of 44 real estate contributions for the benefit of 4,533 contributors. The Committee issued 409 decisions during 48 meetings and sold 2,285,083 square meters of real estate contribution land in various regions of the Kingdom for more than 259,466,760 riyals. These achievements for the year 2021 were realized after … Read more

Amlak Articles: Abdulaziz Al-Rahimi writes in the "Perspectives" column: The Fair Value Model for Real Estate

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Abdulaziz Al-Rahimi

Reading time: < 1 MinuteWhen applying International Financial Reporting Standards (IFRS) to listed companies in 2017, the Capital Market Authority suspended the use of the fair value and revaluation models for measuring investment property and real estate for a period of three years. In a subsequent statement, the Authority extended the suspension until the end of 2021. This was done to help the market adjust to the changes in the financial statements of listed companies and to give preparers time to prepare… Read more

Regulations will take effect and bank documents will be issued electronically starting April 1

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Saudi Central Bank - Digital Brokerage

Reading time: < 1 MinuteThe Saudi Central Bank announced that the implementation of regulations governing the electronic issuance and verification of banking documents will begin on April 1, 2022, The new regulations aim to enhance the quality of electronic services for banking sector customers and improve their quality and effectiveness, thereby facilitating financial transactions, saving time and effort in obtaining documents and certificates, and instilling confidence in the authenticity of electronically issued documents. The Central Bank explained that the regulations specify … Read more

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