Month: June 2024

Hajj season revives residential sector in Makkah and Madinah

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Reading time: 2 MinutesThe housing sector is one of the most vital sectors underpinning the operations of the agencies responsible for serving pilgrims and visitors in Madinah during the Hajj and Umrah seasons; operational plans in the areas of arrival and departure,  transportation, and hospitality, all of which ensure the comfort of pilgrims and visitors. According to a study by Umm al-Qura University, the greatest impact of the Hajj is felt in the real estate sector, especially since … Read more

Minister of Commerce Approves Amended Implementing Regulations for the Saudi Building Code

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Riyadh - Real Estate in Riyadh - Trade Names System

Reading time: < 1 MinuteThe Minister of Commerce and Chairman of the Board of Directors of the Saudi Standards, Metrology, and Quality Organization, Dr. Majid bin Abdullah Al-Qasabi, has approved an amendment to the executive regulations of the Saudi Building Code Implementation System, which will take effect as of the date of its publication in the Official Gazette and supersedes any previous decisions that conflict with it. The regulations stipulate that any violation of the requirements of the Code, its system, or its regulations … Read more

Infographic: 5 provisions of the off-plan real estate marketing license

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Reading time: < 1 MinuteThe General Real Estate Authority has clarified the regulations governing the licensing of off-plan real estate projects, following the issuance of the executive regulations for the system governing the sale and lease of off-plan real estate projects and the opening of the application period for the necessary licenses. In an infographic posted on its “X” social media account, the Authority stated that the licensing provisions for marketing off-plan real estate projects are as follows: 1- Term (marketing license … Read more

Learn about 3 additional situations that allow real estate developers to claim a VAT refund

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Zakat, Tax and Customs Authority

Reading time: 3 MinutesThe Board of Directors of the Zakat, Tax, and Customs Authority has approved additional cases in which real estate developers are eligible for a Value-Added Tax (VAT) refund, as set forth in Board Resolution No. 12-02-24 dated 14/9/1445. In its latest issue published yesterday, Friday, the Umm al-Qura newspaper published the additional cases in which real estate developers are entitled to a VAT refund, as follows: First, allowing real estate developers eligible for a refund who have deducted … Read more

With revenues exceeding half a billion riyals. “Reemat Riyadh Development signs contracts for outdoor advertising on buildings and white lands

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Reading time: 2 MinutesUnder the patronage of His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf, Governor of the Riyadh Region and Chairman of the Board of Directors of “Riyadh Remat Development Company“—the development arm of the Riyadh Regional Municipality and a strategic enabler for the private sector— the second package of investment contracts in the field of outdoor advertising was signed, with total revenues exceeding half a billion Saudi riyals, as part of the announced opportunities … Read more

Real Estate Authority conducts control tours on 312 real estate establishments and monitors 8990 real estate advertisements

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Public Authority for Real Estate - Off-plan Selling

Reading time: 2 MinutesIn May, the General Real Estate Authority, in collaboration with the Ministry of Human Resources and Social Development, conducted 18 inspection tours covering 312 real estate establishments in the Riyadh, Eastern, and Makkah regions, with the aim of ensuring compliance with real estate legislation in general and the Real Estate Brokerage Regulation in particular, as well as matters falling within the jurisdiction of the participating government agencies regarding Saudization and licensing… Read more

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