Month: October 2024

More than one billion riyals deposited in the accounts of “Residential” beneficiaries for the month of October

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Reading time: < 1 MinuteThe Real Estate Development Fund deposited 1.16 billion riyals into the accounts of beneficiaries of the Ministry of Municipalities and Housing and the Real Estate Fund’s housing program for the month of October 2024. Mansour bin Madi, CEO of the Real Estate Fund, explained that the total support for the current month of October was allocated to subsidize the profits from various housing support program contracts, with the aim of improving beneficiaries’ ability to own homes, in order to achieve the targets … Read more

“National Housing allows registration of interest in Marjanah project in Jeddah with prices starting from SAR 275K

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Reading time: < 1 MinuteThe National Housing Company (NHC) has announced that expressions of interest are now being accepted for the “Marjana” project, located southeast of Jeddah, which features more than 1,500 residential units designed to the highest standards, with prices starting at just 275,000 riyals, making it an investment opportunity and a unique destination for the future. The Marjana project offers upscale housing options that meet the aspirations of individuals seeking comfort and sustainability, … Read more

November 24. Real estate registry work begins for 119 neighborhoods in Dammam, Khobar and Qatif

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Reading time: 2 MinutesThe General Real Estate Authority announced the start of the physical registration of real estate for (227,778) parcels across (79) neighborhoods in the city of Dammam, (32) neighborhoods in Al-Khobar Governorate, and (8) neighborhoods in Al-Qatif Governorate, starting November 24, 2024, corresponding to 22 Jumada Al-Awwal 1446 AH, and continuing until the end of February 27, 2025, corresponding to 28 Sha’ban 1446 AH. The Authority clarified that the neighborhoods benefiting from the registry … Read more

“Sustainable Building”: 90 million square meters of community space registered in the “Sustainability Assessment”

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Sustainable Building Program

Reading time: < 1 MinuteThe Sustainable Building Program announced that approximately 90 million square meters of community spaces have been registered for “Mustaqbal” certification since the program’s launch through the end of the third quarter of 2024. It noted that community areas in 2024 exceeded 39 million square meters, representing 44% of the total registered areas since the launch of the sustainability assessment service, reflecting the growing demand… Read more

«Taqeem announces the extension of the technical linking period with the Qayyam e-platform to complete the registration with financing entities

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Saudi Commission for Certified Valuers

Reading time: < 1 MinuteThe Saudi Authority for Accredited Valuers (TAQEEM) announced the extension of the technical integration period with the Qayyim electronic platform to complete registration with financing institutions. TAQEEM stated in a press release that, in reference to Administrative Decision No. (525) dated 15/1/1446 AH, corresponding to 21/7/2024 AD, regarding the adoption of rules governing the provision of real estate appraisal services to financing entities via the Qayyim platform, which is scheduled to begin implementation on 1 … Read more

International report predicts: Riyadh needs to add 305,000 new housing units

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International Monetary Fund Riyadh office market

Reading time: 2 MinutesWith rapid population growth and increasing demand for housing units in the capital city of Riyadh, the Kingdom is heading toward a large-scale urban and economic renaissance. In its latest report, Knight Frank revealed projections that Riyadh’s population will rise from 7 million to 9.6 million by 2030, a development that reflects the city’s new dynamics and its role as an economic hub … Read more

In detail... Draft amendments to the rules governing the provision of real estate appraisal services to financial entities

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Real Estate Advertising Regulations

Reading time: 2 MinutesAs part of efforts to strengthen the real estate market in Saudi Arabia, the Saudi Authority for Accredited Valuers has invited all stakeholders in the finance and real estate sectors to submit their comments and suggestions regarding the proposed amendments to the “Rules Governing the Provision of Real Estate Valuation Services to Financial Institutions.” These amendments aim to improve and regulate real estate appraisal activities and ensure the existence of clear controls and procedures that contribute to facilitating the financing process … Read more

Statistics: Foreign Direct Investment in Saudi Arabia to reach 897,347 billion riyals by the end of 2023

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

Reading time: 4 MinutesThe General Authority for Statistics today released the 2023 Annual Foreign Direct Investment Statistics Bulletin for the Kingdom. According to the bulletin’s findings, the total stock of foreign direct investment (897,347) billion Saudi riyals at the end of 2023, an increase of 13.4% compared to the end of 2022, when it stood at 791 billion Saudi riyals. The results revealed that … Read more

80 million tons per year is the total production capacity of cement plants

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Reading time: < 1 MinuteAs part of the drive to strengthen industrial independence and achieve self-sufficiency in vital sectors, the cement sector stands out as one of the cornerstones of the Saudi economy. In a move aimed at leveraging local capabilities and localizing the castings industry, the National Center for Industrial Development organized a specialized workshop to analyze the challenges facing this sector and propose solutions that support its sustainable progress and increase … Read more

Al-Ahsa Governor receives the Director of Housing Affairs in the Eastern Province and is briefed on its achievements

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Reading time: < 1 MinuteHis Royal Highness Prince Saud bin Talal bin Badr, Governor of Al-Ahsa, received Engineer Abdullah bin Hussein Al-Muwaihi, Director General of Housing Affairs in the Eastern Province, at his office today. During the meeting, His Highness listened to a presentation on the achievements made by the Housing Affairs Department in the Eastern Province during the current year 2024 to serve beneficiaries of housing services, and reviewed the province’s housing report. His Highness the Governor noted … Read more

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