Month: November 2023

52.6 billion riyals in bank profits during (9) months

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SAMA Saudi Central Bank - Bank Profits

Reading time: < 1 MinuteEconomic data revealed that banks’ net profits reached 52.6 billion riyals over the past nine months, marking a 13.3% increase compared to the same period in 2022, while earnings before zakat and tax totaled 59.75 billion riyals. The corporate sector accounted for 48% percent of banks’ profits, amounting to 28.4 billion riyals before zakat and tax, the highest share among the operating sectors, … Read more

27.58 billion riyals worth of real estate transactions during last October

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Real Estate - Ejar Platform

Reading time: < 1 MinuteThe number of real estate transactions recorded on the Real Estate Exchange during the month of October reached approximately 23,588 transactions, with a total value of 27.58 billion riyals. The Riyadh region ranked first in terms of the number of real estate transactions, with 8,988 transactions, followed by the Makkah region with 4,810 transactions, then the Qassim region with 1,742 transactions, then the Eastern Province with 3,329 transactions, and finally Madinah with … Read more

Minister of Municipal and Rural Affairs and Housing inspects a number of development projects in Qassim

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Al-Haqeel's visit to Qassim

Reading time: < 1 MinuteHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, inspected a number of development projects being implemented by the Al-Qassim Municipality to review the progress of the work and assess the project to improve the urban landscape in the region’s cities and governorates, in addition to inaugurating several municipal projects in Al-Qassim. During the visit, His Excellency met with senior officials from the Al-Qassim Regional Municipality, where he was briefed on … Read more

Top design and decoration trends for the coming year

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2024 Decorations

Reading time: < 1 MinuteMany people interested in the world of interior design and decoration are keen to learn about the most prominent new trends that will shape the industry in the coming year, including the use of colors, textures, and materials in new and innovative ways. Interior designers say there is a trend toward adopting decor that promotes relaxation and makes a home feel more spacious. One of the latest decor trends for 2024 is hanging decor… Read more

Real Estate Exchange ranks the most active neighborhoods in the Kingdom's real estate market during the past month

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

Reading time: < 1 MinuteFigures and data from the Real Estate Exchange revealed a significant rebound in the number of transactions in the Saudi real estate market during the month of October, with 23,588 transactions totaling 27.58 billion riyals. The Riyadh region ranked first in terms of the number of real estate transactions, with 8,988 transactions, followed by the Makkah region with 4,810 transactions, then the Qassim region with 1,742 transactions, and then the Eastern Province … Read more

265,000 housing units enter the renewable energy system

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Solar Energy - Renewable Energy System

Reading time: < 1 MinuteNew agreements have revealed that 265,000 residential units have been incorporated into the renewable energy system overseen by the Ministry of Energy, as part of the energy sector’s efforts to achieve the goals of the Kingdom’s Vision 2030. Specifically, the Saudi Power Procurement Company plans to sign an agreement to supply 190,000 residential units with clean electricity as part of the Al-Hanakiyah Solar Photovoltaic Project, with a capacity of … Read more

Penalties for practicing real estate appraisal without a license

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Real Estate Registration - Land Registry

Reading time: < 1 MinuteThe Public Prosecution stated that practicing the profession of appraisal without a license, or after a license has been revoked, canceled, or expired, and without following the necessary procedures for renewal, is considered a violation punishable by law. In a previous tweet on its Twitter account, the Public Prosecution clarified the penalties for violators, which include the following: imprisonment for up to one year and a fine of up to … Read more

Conditions for debt transfer and mortgage loan rescheduling

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Mortgage Loan - Housing Units

Reading time: < 1 MinuteThe Housing Program has once again clarified the conditions for offering debt transfer and rescheduling services for subsidized mortgage loans on certain housing products. In response to an inquiry from a beneficiary on the social media platform ‘X,’ the program stated: “The debt transfer and rescheduling service for subsidized mortgage loans is available for certain housing products under specific conditions.” It added: “Availability will be expanded to various regions…” Read more

What are the procedures for licensing real estate contributions?

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Riyadh - Real Estate Investments

Reading time: < 1 MinuteThe Draft Real Estate Investment System sets forth the procedures for licensing real estate investments, which are as follows: 1 – The real estate developer must submit an application for qualification to engage in real estate investment activities. 2 – A commercial registration certificate listing real estate development as a business activity. 3 – A certificate of membership in the Chamber of Commerce. 4 – A certificate from the General Organization for Social Insurance. 5 – A list of active employees. 6 – … Read more

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