Month: June 2024

A culture of saving

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Abdulaziz Al-Issa - Third Amlak Centennial - Lifting the land moratorium - Saudi Media - Vision 2030

Reading time: 2 MinutesThe Culture of Real Estate Savings by Abdulaziz Al-Issa: The culture of real estate savings is considered a civilized financial behavior that fosters in individuals ways to maximize available resources and harness them for long-term benefit; with the aim of helping them purchase a home in an affordable manner that does not strain the family’s overall budget. Observations indicate that the concept of saving is gaining traction among Saudi citizens, as evidenced by the fact that the number … Read more

Saudi Arabia's mortgage refinancing assets to rise to SAR 31 billion in 2023

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Saudi Central Bank

Reading time: < 1 MinuteThe Saudi Central Bank (SAMA) released its annual performance report for the real estate finance and refinancing sector for the year 2023 AH. The report highlights the sector’s developments and financial results for the year 2023, noting that the consolidated capital of the finance companies sector rose by approximately 6% to reach 15.5 billion riyals, while consolidated net profit amounted to 1.7 billion riyals. The report also showed an increase in total assets … Read more

Riyadh Region Infrastructure Projects Center issues the first license for an infrastructure project

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Riyadh Region Infrastructure Projects Center - Infrastructure Projects

Reading time: < 1 MinuteThe Riyadh Region Infrastructure Projects Center today issued its first license for infrastructure project work following the transfer of licensing authority to the center; as a major step aimed at promoting integrated planning and developing infrastructure efficiently and sustainably in line with the Kingdom’s Vision 2030. Engineer Tariq bin Mohammed Al-Harbi, Vice President for Operations, explained that the issuance of licenses will proceed in phases to ensure that market needs and requirements are met … Read more

The Good Housing app... What do you know about it and how can you benefit from the platform?

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Reading time: 2 MinutesHis Excellency the Minister of Municipal, Rural, and Housing Affairs and Chairman of the Board of Trustees of the “Sakan” Community-Based Developmental Housing Foundation, Mr. Majid bin Abdullah Al-Hogail, today launched the “Jood Al-Iskan” platform, which aims to improve the services provided by “Sakan” to beneficiaries, facilitate community contributions to the housing sector, and deliver support to those eligible. His Excellency emphasized that the “Jood Al-Iskan” platform’s mobile app is part of … Read more

Signing of a Memorandum of Understanding Between the Saudi Accreditation Center and the ”Municipal Affairs” Authority to Strengthen Cooperation

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Residential program

Reading time: < 1 MinuteThe Saudi Accreditation Center signed a memorandum of understanding with the Ministry of Municipal, Rural Affairs, and Housing, with the aim of developing bilateral cooperation in the field of quality and accreditation and enhancing mutual understanding between the two sides to achieve the objectives of the Kingdom’s Vision 2030, under the patronage of His Excellency the Minister of Municipal, Rural Affairs, and Housing, Mr. Majid bin Abdullah Al-Hogail. The memorandum was signed by the Executive Director of the Saudi Accreditation Center, Dr. Adel bin Abdul … Read more

Signing two cooperation agreements to govern implementation procedures in the Kingdom's residential sector

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Reading time: < 1 MinuteHis Excellency Dr. Khalid bin Muhammad Al-Yusuf, President of the Board of Grievances and Chairman of the Administrative Judiciary Council, and His Excellency Mr. Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing and Chairman of the Board of Directors of the Real Estate Development Fund, yesterday, two cooperation agreements between the Board of Grievances and the Ministry of Municipal, Rural Affairs, and Housing on the one hand, and the Real Estate Development Fund on the other. The agreements aim to establish a digital link … Read more

Riyadh's dream is just around the corner

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Hani Khashoggi - Foreign Ownership - 95th National Day

Reading time: 2 MinutesRiyadh’s Dream Is Nearing Reality: Hani Khashoggi Riyadh is equipping itself with many advantages and tools that will soon make it an exceptional city—not only within the Kingdom, but also across the Middle East and the world—through plans launched by Vision 2030 and endorsed by the Kingdom’s leaders, who have pledged to transform Riyadh into a model city in every respect. The history of Riyadh reveals plans … Read more

The City Development Authority Invites Construction Companies to Participate in the Implementation of the Rapid Bus Network Infrastructure

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Medina

Reading time: < 1 MinuteThe Madinah Region Development Authority yesterday invited companies and institutions specializing in public construction and the building of public facilities to participate in the contractor qualification program for the design and construction of infrastructure for the Bus Rapid Transit (BRT) network in Medina. It clarified that the deadline for receiving inquiries is 12/12/1445, and the deadline for submitting qualification documents is 12/20/1445, and it will be … Read more

Starting in July Penalties and fines for non-filing of company financial statements

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Reading time: 2 MinutesHis Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, issued a ministerial decision imposing an immediate penalty on anyone who fails to fulfill their obligation to file financial statements, in accordance with the provisions of the Companies Law and its implementing regulations, with the decision to take effect as of July 1, 2024. According to the ministerial decision, which was published in the official gazette “Umm al-Qura,” … Read more

GCC real estate deals hit $56.7 billion in Q1 2024

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Investors in real estate

Reading time: 2 MinutesThe value of real estate transactions in the Gulf states reached 56.7 billion U.S. dollars in the first quarter of 2024, marking a year-over-year increase of 23% compared to 46.2 billion U.S. dollars in the same period of 2023. According to a report released Wednesday by the Research and Investment Strategies Unit at Kamco Investment, the value of real estate transactions has continued to grow since 2023, as … Read more

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