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Saudi Central Bank releases draft regulations for advertising financial products and services

Reading time: < 1 MinuteThe Central Bank of Saudi Arabia (SAMA) has announced the release of the "Draft Regulations for Advertising Products and Services Provided by Financial Institutions" for public comment

06/12/2022

Saudi Central Bank
Zakat, Tax and Customs Authority

“Zakat Authority invites businesses to submit tax withholding forms for the last month

It calls for forms to be submitted via zatca.gov.sa before August 11, warning of an 1% late penalty every 30 days.

Stalled real estate projects

6 requirements to address the trajectory of stalled off-plan real estate projects

The General Real Estate Authority (GRA) has released a practical guide for addressing defaults and opened the door for feedback, outlining six corrective actions.

Real Estate Registration Authority Logo

The General Authority for Real Estate solicits opinions on the technical guide to address stalled and delayed real estate projects

An invitation to the municipal services and planning sector to provide feedback on the guide via the survey platform (August 4-19, 2024).

Nagz platform

Requirements for updating and amending the real estate deed and application steps

The Najeez platform allows converting paper sukuk into electronic sukuk and submitting requests for updates or amendments electronically without visiting the notary office.

Legal and Real Estate Tips How to avoid fraudulent leases

Lawyer Faisal Al Rumaih offers practical guidance: Read the entire contract, check the deed, deal with a reliable developer and avoid suspicious transfers

Saudi Commission for Certified Valuers

In detail. Adopting the rules governing the provision of real estate appraisal services to financing entities

Registration requirements include a fellowship certificate, 5,000 hours of experience, five members, minimum fee arrangements, and disbursement of dues through the Qayyim platform.

Cadastre

Real Estate Registry achieves ISO 20000 certification in IT service management

The certificate reflects the entity's commitment to promoting digital transformation and increasing the efficiency and reliability of IT services.

Off-plan real estate projects

Real Estate Authority conducts 11 joint monitoring tours targeting 173 real estate establishments during the month of July

KDIPA monitored 11,367 violating ads and received 603 reports during tours and e-surveys to verify real estate compliance.

Real Estate Brokerage System

Documentation of 219 thousand contracts. 3.5 million real estate transactions since the implementation of the real estate brokerage system

KDIPA has documented 219 thousand contracts and organized 3.5 million transactions worth more than 605 billion riyals since the implementation of the system.

Cabinet grants the Endowments Authority the authority to invest real estate funds deposited with it

A decision allowing the investment of expropriated real estate funds in the public interest was announced during a session that reviewed the Vision 2030 reports.

Off-plan real estate projects

How are real estate marketing and sales contracts concluded and what are their terms?

KDIPA clarifies the steps to conclude marketing and sales contracts electronically and the conditions for licensing and approval via text message.

Real Estate Brokerage Survey

The Real Estate Brokerage System A Year of Major Transformations Val's license is the most important gain

After a year of implementation, the market is organized, trust and transparency are increasing, and the VAL license has opened up job and investment opportunities.

Taif Municipality conducts monitoring tours to ensure compliance with the requirements of the Saudi Building Code

Building code management teams conduct field tours on buildings under construction to follow up on implementation and penalize violators.

Franchising - Facilities

“Monsha'at launches real estate innovation accelerator in partnership with the Ministry of Municipalities and Housing

A 12-week accelerator that supports 12 startups selected from over 600 entries to develop innovative real estate solutions.

Real Estate Registration Authority Logo

Infographic: Requirements for concluding and documenting a real estate brokerage contract

KDIPA clarifies the requirements for documenting real estate brokerage contracts and the procedures for concluding them electronically through KDIPA's platform and the conditions of the VAL license.

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