Month: August 2024

Al-Ajlan elected as Chairman of the Board of Directors of the Saudi Contractors Authority and Ibn Tuwaili as Vice Chairman

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Saudi Contractors Authority - Contracting Industry

Reading time: < 1 MinuteThe members of the Board of Directors of the Saudi Contractors Authority elected Mohammed bin Abdulaziz bin Mohammed Al-Ajlan as Chairman of the Board and Engineer Abdulaziz bin Nayef bin Tuwaileh as Vice Chairman. This took place during the first board meeting of the fourth term, held yesterday, during which the board members elected the chairman and vice chairman. The board, in its fourth term, is represented by five entities … Read more

64.4 billion riyals in profits for the Public Investment Fund in 2023

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Public Investment Fund Profits - Investment - Investment Opportunities

Reading time: < 1 MinuteBy the end of 2023, the Public Investment Fund had posted a profit of 64.4 billion riyals, compared to a loss of 16.7 billion riyals in 2022. According to the Fund’s annual report, revenues rose to 331.3 billion riyals in 2023, representing a growth rate of 101%, while the fund achieved an operating profit of approximately 64.4 billion riyals compared to losses of about 16.7 billion riyals recorded in 2022 … Read more

4,871 properties in the Taybah neighborhood of Riyadh will be registered in the Real Estate Registry in early September

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Off-plan real estate projects

Reading time: < 1 MinuteThe General Real Estate Authority announced the start of on-site registration for (4,871 parcels of land) in the Taybah neighborhood of Riyadh, beginning on September 1, 2024, corresponding to 28 Safar 1446 AH, until the end of December 5, 2024, corresponding to 4 Jumada al-Akhira 1446 AH. The Authority stated that the neighborhood was selected based on specific criteria, and that the remaining areas and neighborhoods to be subject to these works will be announced in due course… Read more

4 cases that can benefit from the real estate data correction request service

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Cadastre

Reading time: < 1 MinuteThe Real Estate Registry Platform has clarified the circumstances under which the terms of service for requesting corrections to your property data via its platform apply. The platform stated that the data correction request service allows users to correct a previously submitted registration request in the event of typographical or spelling errors, and includes the following: Correction of entries Discrepancies in area Discrepancies in rights and obligations Discrepancies in owner names It is worth noting that the “Real Estate Registry” platform enables owners … Read more

Ministry of Justice: 2.1 million people have benefited from the Real Estate Exchange’s services since its launch

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Real estate stock exchange

Reading time: < 1 MinuteThe Ministry of Justice has revealed that more than 2.1 million people have used the services of the Real Estate Exchange since its launch a year ago. The Real Estate Exchange is one of the Ministry of Justice’s flagship projects, designed to streamline and simplify real estate procedures and ensure transparency in transactions. The Real Estate Exchange allows users to conduct sales, purchases, and property transfers electronically in a secure and fast manner; … Read more

National Housing: Construction of an electric transmission station in Al Fursan suburb begins

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National Housing Company

Reading time: < 1 MinuteAs part of its expansion plans and in accordance with the schedule, the National Housing Company (NHC) announced the start of construction on the electrical substation in the Al-Fursan neighborhood, featuring a unique, model design in the Salmani style. The substation will be connected to the grid via high-voltage power lines, with lengths exceeding 18 km. The project aims to provide electricity to all residential units and facilities in the first phase. It comes … Read more

8 Challenges and Obstacles Facing the Real Estate Sector in the Kingdom, Including Interest Rates

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Reading time: 3 MinutesThe real estate and construction sectors in Saudi Arabia are experiencing remarkable growth, driven by Vision 2030, which aims to achieve sustainable development and diversify the economy away from oil. However, challenges and obstacles continue to affect this vital sector and hinder the achievement of its ambitious goals. From rising interest rates to fluctuations in land and apartment prices, as well as concerns about financial distress, the sector faces … Read more

General Authority of Real Estate announces two new updates to the real estate brokerage platform

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Off-plan real estate projects

Reading time: < 1 MinuteThe General Real Estate Authority recently announced two new updates to its real estate brokerage platform. The Authority stated that one of these updates is the “Request to Hold an Auction” service, which allows holders of a real estate auction license to submit a request to hold a real estate auction for the purpose of conducting a public bidding process on properties to sell them, sell their usufruct, or lease them. As for the second update … Read more

The “Kafala” Program Signs a Memorandum of Understanding to Finance Real Estate Development Projects

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Guarantee Program – Financing for Real Estate Development Projects

Reading time: 2 MinutesThe SME Financing Guarantee Program “Kafala” has signed a memorandum of understanding with Thraco SA, a debt crowdfunding company and fintech firm specializing in real estate development financing, which is licensed by the Saudi Central Bank. Kafala stated via its account on the X platform (formerly Twitter) that the memorandum of understanding aims to explore opportunities for cooperation and product development … Read more

Al-Hogail inaugurates “Residential” exhibition in Washington during his visit to the US

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Al-Haqeel launches residential exhibition in Washington

Reading time: 2 MinutesHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal and Housing Affairs, today launched the Housing Program Exhibition, which offers housing solutions and options for Saudi families to enable them to own their homes through simple and accessible procedures in line with the objectives of the Housing Program—one of the programs of the Kingdom’s Vision 2030 —at the Saudi Cultural Mission in Washington, D.C., as part of His Excellency’s official visit to the United States of America … Read more

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