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Ministry of Industry issues 55 new mining licenses in April

Reading time: 2 MinutesThe Ministry of Industry and Mineral Resources issued 55 new mining licenses during April 2023, including 34 exploration licenses and 17 building materials quarry licenses

20/06/2023

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

What are the requirements for a foreign property owner to obtain premium residency?

تتضمن تملك أو الانتفاع بمسكن بقيمة لا تقل عن 4 ملايين ريال، بتقييم معتمد وبدون رهن أو تمويل عقاري.

Contracting Forum Saudi and Turkish companies

“Contractors Authority” discusses new cooperation between Saudi and Turkish companies

Saudi Contractors Authority delegation headed by Zakaria Al-Abdulqader visits Turkey to participate in the Contracting Forum and promote cooperation and investment

Shura Council

Shura Council calls for the speedy completion of the inventory and documentation of state properties and the issuance of deeds

وافق المجلس بعد مناقشة التقرير السنوي على مطالبة الهيئة بالتنسيق وتنفيذ مبادرة إبدال العقارات لتعظيم الإيرادات.

Real Estate Authority Chairman receives Qatar's Real Estate Regulatory Authority Chairman

ناقشا تعزيز التعاون وتبادل الخبرات في التنظيم والرقابة والبيع على الخارطة وزيارات ميدانية للمنصات

Shura Council

Shura Council calls on the Municipal and Rural Council to standardize building regulations and consider increasing the number of floors

The Shura called for studies to evaluate municipal services and infrastructure, support real estate development, and improve roads and parking lots.

Saudi Contractors Authority signs memorandum of understanding with China Enterprise Bank to develop the sector

It aims to promote the exchange of experiences and funding cooperation to develop the business environment and address the challenges of the construction sector in the Kingdom.

Ministry of Commerce - Saudi Companies

Infographic: Direct penalties for non-filing of corporate financial statements

The Ministry of Commerce applies direct financial penalties and graduated fines for failure to file financial statements of companies.

Municipality of the Holy Capital - Building Violations

Contractors and building owners must contract with a waste hauler in accordance with demolition and construction requirements

The Municipality requires contracting with a certified waste hauler and imposes a fine of 2000 riyals on violators.

Riyadh - Business - Localization of real estate activities and professions

Emiratization of real estate activities and professions goes into effect

Localization rates of 100% for workers in real estate brokerage and sustainable construction, and 70% for public establishments in real estate activities.

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

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

Ministry of Commerce - Saudi Companies

ماهي العقوبات المالية لعدم إيداع الشركات السعودية للقوائم المالية

قرار وزاري يحدد غرامات لعدم إيداع القوائم المالية وتضاعف 50% عند التكرار، يبدأ تطبيقه من 1 يوليو 2024.

IMF calls on Denmark to provide additional guarantees against real estate risks

Recommendations to tighten mortgage terms, lower the loan-to-value ratio and activate the 7% risk threshold for commercial real estate.

Real Estate - Ejar Platform

Ejar platform clarifies cases in which rent can be transferred directly to the landlord

Direct transfer is allowed for contracts in force before the mandatory payment date via bank or cash transfer with an e-receipt request

Spokesperson for the General Real Estate Authority - Penalty for providing real estate informationTaysir Al-Mafraj

ماذا يفعل الوسيط العقاري حال رفض المالك دفع العمولة؟

الهيئة العامة للعقار تؤكد حق الوسيط بتقديم طلب قضائي لاستيفاء عمولته عند امتناع المالك عن الدفع.

Residential Sector - Real Estate Licensing

Infographic: Requirements for registering a legal person in the off-plan sales system

The General Authority for Real Estate sets institutional, financial and technical capacity requirements, qualification and licensing rules for off-plan developers

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