Month: February 2024

IPS Real Estate 2024 kicks off in Dubai on February 27

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Reading time: < 1 MinuteThe 20th edition of the IPS Real Estate Exhibition 2024 will take place at the Dubai World Trade Centre from February 27 to 29, 2024. The exhibition serves as an exceptional platform to showcase real estate development opportunities in the Gulf region to global investors, allowing them to explore the thriving market and available investment opportunities. The IPS Real Estate Exhibition also provides an ideal platform for investors, developers, and professionals … Read more

February 16 is the start date for the mandatory implementation of building compliance certification

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Deputy Minister of Municipal Affairs for Licenses and Compliance Mohammed Almulhim

Reading time: < 1 MinuteMohammed Al-Melhem, Undersecretary of the Ministry of Municipal Affairs for Licensing and Compliance, confirmed that the issuance of building compliance certificates will become mandatory starting February 16. Mohammed Al-Melhem added in remarks to Saudi Arabia’s Al-Ikhbariya TV channel on Monday that notices have been issued and a warning period has been implemented prior to the mandatory enforcement on February 16, alongside the launch of workshops to raise awareness about the mechanism… Read more

Central Jeddah Development Company allocates SAR 12 billion for the implementation and construction of 3 architectural landmarks

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Central Jeddah Development Company

Reading time: < 1 MinuteJeddah Central Development Company—a wholly owned subsidiary of the Public Investment Fund—announced the signing of four construction contracts for three major architectural landmarks: the sports stadium, the Opera House, and the Ocean Pools, in addition to infrastructure construction works for the first phase of the destination. According to a statement issued by the company, the total value of the four contracts amounted to 12 billion riyals, during a signing ceremony… Read more

848.8 million riyals worth of real estate transactions in Medina last month

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Medina Municipality - Commercial Project

Reading time: < 1 MinuteData released by “Al-Borsa Al-Cialtariya” on Sunday revealed that the value of real estate transactions in the Medina region rose by 13.41% in January 2024 compared to the same month last year. According to data from the Real Estate Exchange, the value of real estate transactions in the Medina region during January reached 848.8 million riyals, compared to 748.4 million riyals in January 2023. The number of transactions also increased … Read more

Infographic: Ministry of Industry issues 122 new industrial licenses last month

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Ministry of Industry and Mineral Resources - Certificate of Origin

Reading time: 2 MinutesThe Ministry of Industry and Mineral Resources issued 122 new industrial licenses in December 2023, distributed across five industrial sectors, led by the manufacture of other non-metallic mineral products, followed by the manufacture of fabricated metal products, excluding machinery and equipment, with 18 licenses for each activity, followed by the manufacture of food products with 15 licenses, the manufacture of chemicals and chemical products with 11 licenses, and then the activity … Read more

More than 40,000 building violations in Jeddah last year 2023

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Grandma

Reading time: < 1 MinuteThe Jeddah Municipality revealed that it had identified 40,554 building violations during the past year, 2023, as part of its ongoing regulatory efforts to improve the urban landscape and address visual pollution in the city. Detection of Building Violations The Secretariat also explained that these violations were detected during inspection tours carried out by sub-municipalities in various neighborhoods of Jeddah, as part of a support plan … Read more

IMF expects Saudi economy to grow 5.5% next year

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International Monetary Fund Riyadh office market

Reading time: < 1 MinuteThe International Monetary Fund has raised its recently released forecast for economic growth in Saudi Arabia, revising its positive outlook for the Kingdom’s economic performance upward from 4.51% in 2025 to 5.51%, contrary to its projections in its previous report issued in October 2023. These revisions to the IMF’s projections came in line with data indicating that … Read more

Video | Al-Haqeel: We aspire to issue a new issuance of real estate finance sukuk with two billion riyals in 2024

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Al-Haqeel - Real Estate Finance Sukuk

Reading time: < 1 MinuteMajid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing, said there are plans to issue a new series of mortgage sukuk worth up to 2 billion riyals during the second and third quarters of 2024. Al-Hogail added during an interview with “Al Arabiya Business” on the sidelines of the “Investopia London” event: “The Saudi Refinancing Company (SRC) is in the process of issuing bonds … Read more

Ministry of Justice launches new forms for “e-Wakala” and ”Property Ownership” documents”

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Ministry of Justice - Real Estate Exchange

Reading time: < 1 MinuteThe Ministry of Justice has launched new forms for notary services, with the aim of streamlining and improving the user experience. The Ministry noted that the list of new document forms includes the electronic power of attorney; and property ownership documents, with the aim of enabling users to clearly access the required information from the document and read it more quickly, in addition to standardizing forms across all notarial services and products. It is worth noting that the digital transformation in … Read more

Real Estate Exchange: Significant Activity in the Real Estate Market Last January... With 27,000 Transactions Completed

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Real Estate - Ejar Platform

Reading time: < 1 MinuteData released by the Real Estate Exchange, which is affiliated with the Ministry of Justice, revealed significant activity in the real estate market during the month of January. A total of 27,000 real estate transactions were concluded, covering an area exceeding 8 million square meters, with a total value exceeding 29 billion riyals. This compares to 26,000 transactions in December 2023, with a total value estimated at approximately 27 … Read more

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