Month: October 2022

Crown Prince launches Downtown Saudi Arabia to develop 10 million square meters

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Crown Prince Mohammed bin Salman

Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Chairman of the Public Investment Fund (PIF), announced the launch of Downtown Saudi Arabia, which aims to create and develop urban centers and diverse destinations across the Kingdom. The company will contribute to the development of city infrastructure, foster strategic partnerships with the private sector, and ... Read more

Property Articles... M. Laith Al-Shibl writes: Unknown Contractors in the Contracting Sector

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M. Laith al-Shibl

Reading time: < 1 MinuteAnonymous contractors in the contracting sector M. For example, there are those who open a commercial register in the name of his wife within 5 minutes without a feasibility study of the proposed project, nor details of the value of the contracts, which makes the financier's capital at risk; especially since some organizations do not have experts ... Read more

Real Estate Fund issues 500,000 real estate and technical evaluation reports in 9 months  

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Real Estate Fund Payments

Reading time: < 1 MinuteThe Real Estate Development Fund announced the issuance of 500,000 real estate and technical evaluation reports for beneficiaries of housing support programs and products until the end of the third quarter of this year. The CEO of the Real Estate Development Fund, Mansour bin Madi, said that the total real estate and technical reports covered the period from May 2021, which witnessed the approval of the assessment, until the end of September 2022, ... Read more

Stimulating real estate development in Wafi projects in Sharqiya

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Off-plan sales projects - Real estate transactions

Reading time: < 1 MinuteThe Eastern Chamber, represented by the Real Estate and Urban Development Committee, organized a workshop entitled “Stimulating the real estate development sector for off-plan sales and leasing projects“, with the participation of a number of officials in the off-plan sales and leasing program “Wafi”, at the Chamber's headquarters in Dammam. During the meeting, the participants emphasized that Wafi works to organize the activity of selling or renting real estate units, regardless of their purpose ... Read more

40% organizations harness AI to protect the environment           

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Environmental protection

Reading time: < 1 MinuteA recent survey of more than 1,000 executives involved in artificial intelligence (AI) or climate change initiatives has confirmed that 40% of organizations will be able to use AI in their efforts to protect the environment. According to the AI Alliance for the Planet survey, experts agreed that there are still enormous challenges limiting the ability to adopt ... Read more

General Authority for Real Estate seizes 4,592 violations of real estate advertising regulations

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Public Authority for Real Estate - Real Estate Announcement

Reading time: < 1 MinuteDuring last September, the General Authority for Real Estate seized 4,592 violations of real estate advertising controls and real estate market analysis controls, including violations of real estate advertising controls: Failure to mention the name of the advertiser and his capacity (owner, commissioner), and failure to mention the boundaries and lengths of the property and services related to it, while violations of real estate market analysis controls included: Creating an effect that would cause confusion to the public, lack of objectivity and lack of ... Read more

172 billion riyals worth of real estate transactions during 9 months

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Riyadh - Business - Localization of real estate activities and professions

Reading time: < 1 MinuteThe total value of real estate transactions during the third quarter of 2022 amounted to about 45 billion riyals, a slight increase (0.8%) from last year, while it recorded a quarterly decrease compared to the second quarter of this year by 26.2%. The area of real estate transactions during the third quarter recorded a record annual decline of 70.8 percent. The data indicates ... Read more

Ejar program signs 12 agreements to facilitate contractual procedures

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Apartments for rent - apartment rental platform - residential rental - real estate lease

Reading time: < 1 MinuteYesterday, the electronic network for rental services “Ejar” concluded 12 digital integration agreements with a number of real estate platforms, under the patronage of His Excellency the Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the General Authority for Real Estate, Majid bin Abdullah Al-Hogail, in the presence of His Excellency the Governor of the Digital Government Authority, Engineer Ahmed bin Mohammed Al-Suwayan, at the headquarters of the General Authority for Real Estate (G.A.R.A.). The agreements concluded between Ejar Network ... Read more

Interest rate hike has no impact on real estate products

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Reading time: < 1 MinuteAttendees at the Distinguished Cities Projects Conference discussed the effects of the interest rate hikes taken by most central banks around the world, especially the Saudi Central Bank (SAMA), on the real estate finance sector, as well as investment opportunities and oversight development programs. The expected effects of the interest rate hike were explained by the CEO of the Housing Program, Nawfal bin Saleh al-Salama, ... Read more

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