Month: May 2024

Al-Haqeel leads the Kingdom's delegation to the 22nd meeting of the GCC Housing Ministers Committee

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Al-Haqeel during his participation in the meeting

Reading time: 2 MinutesHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, the Saudi Arabian delegation at the 22nd meeting of the Committee of Their Excellencies and Honorable Ministers Responsible for Housing Affairs in the Gulf Cooperation Council (GCC) countries, held in the Qatari capital, Doha, to discuss a number of joint issues in the housing sector. During the meeting, the ministers discussed… Read more

“Manshaat” is organizing the “Real Estate Path” event to support entrepreneurs and developers working in the sector

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Franchising - Facilities

Reading time: < 1 MinuteYesterday, the Enterprise Support Center in Madinah organized the “Real Estate Pathway” event as part of the activities and programs it implements to support entrepreneurs and business owners and to raise awareness of the services it provides to beneficiaries. The event included advisory and guidance sessions, a meeting to highlight the role of the Human Resources Development Fund in empowering businesses operating in the real estate sector, a review of the key factors for successful investment in the real estate sector, and experiences … Read more

Infographic | New updates in the real estate brokerage system platform Check it out

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Real Estate Brokerage Compliance

Reading time: < 1 MinuteThe General Real Estate Authority has announced new updates to the Real Estate Brokerage System platform, aimed at combating fake listings in the real estate market in the Kingdom of Saudi Arabia. In an infographic posted on its official account on the social media platform X, the Authority explained these updates, which include the following: – Checking the validity of a real estate listing license, as the service allows users to verify the authenticity of the listing for … Read more

Video | Construction accelerates at 6 Flags Park in Qiddiya

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Reading time: < 1 MinuteThe Saudi Projects account on X has shared footage showing the progress of construction on the 6 Flags theme park in Al-Qiddiya, which spans over 320,000 square meters and features 28 unique rides, most notably “The Falcon’s Flight,” which is set to break all records as the world’s fastest and longest roller coaster. Meanwhile, Qiddiya City posted a video on its “X” account… Read more

How does a real estate developer dispose of surplus off-plan sales projects?

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Off-plan sales projects - Real estate transactions

Reading time: < 1 MinuteArticle 12 of the Executive Regulations of the Off-Plan Sale or Lease System provides as follows: The developer may request disbursement from the escrow account for administrative and marketing expenses—and other non-construction expenses related to the licensed real estate project—at a rate not exceeding (20%) of the value of the sold real estate unit. The certified public accountant must ensure that the total amount disbursed from the escrow account for expenses … Read more

An investment opportunity to establish and operate an industrial complex in Medina

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Medina Municipality - Commercial Project

Reading time: < 1 MinuteThe Medina Municipality has announced an investment opportunity to establish, renovate, operate, and maintain an industrial complex in the Wa'ira neighborhood of Medina, which will include light and consumer industries, warehouses, and trade exhibitions. The Medina Municipality stated that the industrial complex is located on an area of approximately 115,000 square meters, and the contract term between the investor and the municipality is 25 years, calling on investors and entrepreneurs to … Read more

Residential program clarifies eligibility for subsidies if there is a land title deed

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Residential program

Reading time: 2 MinutesThe Housing Program clarified the eligibility criteria for citizens to receive housing support in cases where a land title is registered in the applicant’s name or that of a family member. The program stated via its account on the ‘X“ platform that the existence of a land title in the applicant’s name or that of a family member does not affect their eligibility for housing support. This came in response to a query from one of the beneficiaries, who asked: “Is … Read more

Real Estate Authority spokesperson: 5.9% contribution of the real estate sector to GDP

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Spokesperson for the General Real Estate Authority - Penalty for providing real estate informationTaysir Al-Mafraj

Reading time: 2 MinutesTaysir Al-Mufarraj, spokesperson for the General Real Estate Authority, said, that the real estate sector’s contribution to GDP was 5.91% according to statistics from the fourth quarter of 2023, and that the contribution of real estate activities to non-oil GDP reached 12.1%. Al-Mufarraj added during his speech at the opening of the Saudi Real Estate Development and Ownership Exhibition “SIREDO 2024” that the General Real Estate Authority has launched to date more … Read more

Saudi Central Bank releases draft rules for opening e-wallets to solicit public feedback

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Saudi Central Bank

Reading time: < 1 MinuteThe Saudi Central Bank (SAMA) announced the release of a draft set of rules for opening e-wallets to solicit public feedback from interested parties and experts through the “Istislaal” platform operated by the National Center for Competitiveness. This step stems from SAMA’s supervisory and regulatory role and underscores its commitment to enforcing relevant regulations and instructions. As an initiative by SAMA, the draft sets forth a number of regulatory requirements… Read more

The largest 3D printer that builds a house in 80 hours is unveiled

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3D Printing

Reading time: < 1 MinuteGermany’s University of Mainz has unveiled the world’s largest 3D printer, dubbed the “Factory of the Future.” It can print large objects relatively quickly. The new printer, which has been featured in the German media, can construct a single-story house in just about 80 hours. The printer’s developers have indicated that in the future it will be capable of building … Read more

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