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Saudi Central Bank launches draft «Banking Law» to solicit public feedback

Reading time: 2 Minutesأعلن البنك المركزي السعودي طرح مشروع “نظام البنوك” لطلب مرئيات العموم، داعيًا في هذا الصدد العموم والمهتمين والمختصين “تعزيزًا لمبدأ الشفافية والمشاركة” إلى إبداء مرئياتهم ... Read more

29/01/2023

Saudi Central Bank
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.

اتحاد-الغرف-السعودية

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.

Directory of offending residential units

Launching the draft control manual for violating residential units Controls and fines of up to 25,000 riyals

The ministry has released a draft regulatory guide to prosecute violating unit division, with fines of up to 25,000 riyals.

«White Land»: Developing the land stops fees and enhances the efficiency of the real estate market

The program confirms that the completion of land development suspends fees and incentivizes investment within urban areas to increase supply and balance the market

«Ejar launches settlement invoice reversal service to enhance transparency of contract termination

The new service enables canceling the settlement invoice after the termination of the lease contract and sharing it with the competent authorities to ensure the accuracy of financial transactions.

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