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Amended Surveillance Law approves the formation of monitoring committees for finance companies

Reading time: 4 Minutesأقر نظام نظام مراقبة شركات التمويل المعدل تكوين لجنة مراجعة من غير أعضاء مجلس الإدارة التنفيذيين، وأشارت التعديلات إلى أنه سوف تصدر في شأن مهماتها، ... Read more

The amendments specify the duties and rules for the selection of non-executive audit committee members and impose restrictions on conflicts of interest.

24/06/2024

Minister of Investment: Real estate and construction is the pillar of economic growth and contributes 13% of GDP

Al-Falih praises reforms that boost real estate attractiveness and foreign investment flows at Future of Real Estate Forum in Riyadh

Public Authority for Real Estate

Real Estate Authority sets date for launch of geographic zones for foreign ownership of real estate in Saudi Arabia

General Real Estate Authority sets new regulatory framework for foreign ownership, with geographic ranges to be announced in early 2026

Public Authority for Real Estate logo

Non-Saudi property ownership system comes into effect for non-Saudis and receive applications for ownership through the «Saudi Real Estate» platform»

Saudi Real Estate Authority begins applying for non-Saudis to own real estate and receiving applications through the «Saudi Real Estate» portal

Public Authority for Real Estate spokesperson Tayseer Al-Mafraj

Real Estate Authority takes legal action against a real estate practitioner who practiced analysis without a license

KDIPA emphasizes the necessity of licensing real estate analysis activity, and confirms the continued monitoring of the market to protect traders and enhance transparency and confidence

Saudi Water Authority clarifies the rights of beneficiaries when service is suspended

CRA emphasizes prior notification, documentation of the reason for suspension, restoration of service within 24 hours, and flexible complaints and financial solutions

Completion of infrastructure services is a prerequisite for the approval of new residential plans Details

Requiring the completion of household connections to infrastructure to approve new residential plans as part of the Plan Readiness Initiative and the «Assets» program.

City-Riyadh

 Expropriation of real estate in the public interest Fair compensation and guarantees

The new expropriation law establishes transparent procedures, additional 20% compensation, tax exemptions, and controls on the use of public property.

Zakat, Tax and Customs Authority

«Zatca invites businesses to submit VAT returns for December and the fourth quarter

KDIPA sets January 31, 2026 deadline for filing VAT returns to avoid late penalties of up to 25%

Riyadh Infrastructure Center launches Asset Program and 9 initiatives to regulate the sector

The Riyadh Infrastructure Projects Center (RIPC) has launched Assal, a transformative program to develop and organize the sector.

union-chambers-saudi

Important clarification from the National Committee for Real Estate Development on requiring banks to have annual plans to liquidate real estate

The National Committee for Real Estate Development clarifies that the CBRD's circular on real estate liquidation plans is a precedent-setting measure aimed at standardizing reporting and enhancing transparency

Regulations for Special Economic Zones come into effect Regulatory exemptions and tax incentives to boost investment

New regulations for special economic zones give companies organizational flexibility, exemptions and tax incentives to enhance the Kingdom's competitiveness and attract investments.

Public Interest Expropriation Law to be implemented Fair compensation and broader guarantees for owners

The new system restructures expropriation procedures, introduces additional compensation and tax exemptions, and unifies oversight to ensure transparency and landlord rights.

Saudi Road Code regulates the location of parking lots and facilities to support traffic safety

The code requires the planning of parking lots and facilities to take into account the movement of pedestrians and bicycles, reduce random parking, and increase the efficiency of roads within cities.

42 million riyals in white land fees for 4 real estate companies

Tadawul disclosures reveal that four listed real estate companies received invoices for white land fees worth SAR 42.48 million in Riyadh.

Ministry of Municipalities and Housing launches «Contractor Coding» initiative to boost project delivery efficiency

The initiative creates a periodic list of defaulting contractors, links project participation to past performance, and provides rehabilitation programs to improve efficiency.

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