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Real Estate Systems Forum discusses real estate documentation issues in its second session

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Dr. Khalid Al-Hussain, Dean of the College of Law at King Faisal University in Al-Ahsa, chaired the second session of the Real Estate Regulations Forum, which focused on the development of real estate registration. During the session, Dr. Ahmed bin Abdulaziz Al-Omari, a judge at the Supreme Court, listed the obstacles facing real estate documentation, namely inconsistencies in title deeds, the history of neighborhoods, and large tracts of land. He emphasized that the Supreme Court must issue guidelines on this matter and resolving the delay in issuing title deeds due to the large number of cases and procedural delays. Therefore, courts should be electronically linked to the government agencies required to issue such documents, and special departments should be established for title deeds related to small properties and endowments, and clarifying the rulings and procedures that ensure property titles and proof of ownership are valid and enforceable in the event of a dispute, as well as modern real estate documentation.

For his part, Sheikh Abdulrahman Al-Bujaber noted that real estate registration has undergone significant developments since the establishment of notary offices in the Kingdom, most notably the abolition of fees previously imposed on real estate procedures and the elimination of the requirement for multiple witnesses in sales transactions involving government and private developments, with a single witness now sufficient for the woman, provided he is a mahram to her. Al-Bujaber added that among the measures the Ministry has implemented to develop real estate notarization is the provision regarding corporate contracts, which decouples the notarization of articles of incorporation, amendments, and corporate resolutions from the notary public whose office is located within the territorial jurisdiction of the notary public where the company’s headquarters is situated and issuing a documentation system so that notaries can perform the duties of a notary public in accordance with the provisions of the regulations governing documentation work.

 Dr. Omar Al-Khouli, a professor of law at the College of Law at King Abdulaziz University, noted the issuance of the «Mortgage Law» pursuant to a Cabinet decision. The regulation aims to regulate the contractual relationship between financial institutions and those seeking financing from them, thereby enhancing creditworthiness by requiring adequate collateral in exchange for the financing. .

Al-Ahsa governor honors “Real Estate Systems Forum” and calls for an independent supreme body for real estate

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 His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, presided over the “Real Estate Regulations Forum” held yesterday morning, Tuesday, at the InterContinental Al-Ahsa Hotel. The event was organized by the Al-Ahsa Chamber of Commerce and Industry, represented by its Real Estate Committee and the Bar Association.

Claim An Independent Higher Authority for Real Estate

The forum opened with a recitation from the Holy Quran, followed by a speech by Saleh Al-Afaleq, Chairman of the Board of Directors of the Al-Ahsa Chamber of Commerce and Industry, in which he welcomed His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, He noted the Chamber’s intention to organize the forum annually, as the real estate community eagerly anticipates its launch with great interest due to its role as a platform where real estate professionals and stakeholders can discuss their issues and concerns. Al-Afaleq explained that the forum will focus on several key and important themes and will discuss the challenges posed by the development of the real estate market in the Kingdom and the expected changes following the approval of real estate regulations, including the provision of qualified national personnel for the sector and a focus on training and qualification in all related professions.

Al-Afaleq revealed the most important demand  By establishing an independent supreme real estate authority that serves as a consistent point of reference for the sector’s operations, working to develop and monitor the sector’s operating systems in line with the needs of the real estate market.

 The real estate market is valued at 1.3 trillion riyals

Engineer Khalid bin Saud Al-Saleh, Vice President of the Al-Ahsa Chamber of Commerce and Industry and Chairman of the Real Estate Committee, then delivered a speech in which he emphasized the strength of the real estate market as a major draw for investors, as the total size of the real estate market in the Kingdom has exceeded approximately 1.3 trillion riyals at present, making it the largest real estate market in the Middle East. The market is expected to reach 1.5 trillion riyals over the next few years, particularly given the strong demand from both consumers and investors, who are seeking a market that offers significant returns and high levels of capital growth.

Al-Saleh added: "This is underscored by the continued recovery of the Kingdom's real estate market amid an economic boom that reaffirms Saudi Arabia's development trajectory and its financial stability,"

Real estate investments require $640 billion

Al-Saleh noted that the value of investment and real estate portfolios in the Kingdom is estimated at approximately 50 billion riyals, and, God willing, the real estate market is expected to witness unprecedented activity in terms of investment volume, as the Kingdom’s need for real estate investments has been estimated at $640 billion..

More than 25 regulations governing the real estate market

In his remarks, Dr. Youssef bin Abdul-Latif Al-Jabr, Chairman of the Chamber’s Lawyers Committee, emphasized that the state is committed to regulations and laws, including those pertaining to real estate, noting a package of real estate regulations that various ministries helped draft and which have taken on an influential role in regulating life in the Kingdom. Al-Jabr pointed out that there are more than 25 regulations reflecting the government’s interest in regulating the real estate market.

At the end of the ceremony, a documentary was screened on the development of urban and real estate growth across the Kingdom in general and in Al-Ahsa in particular. Afterward, Prince Badr bin Jalawi presented plaques to the sponsors and participants of the forum, and His Highness then received a commemorative gift on this occasion from Chamber President Saleh Al-Afaleq..

During the Industrial Opportunities Forum, the Minister of Commerce emphasizes his keenness for an ideal industrial environment with highly competitive incentives

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The Minister of Commerce and Industry stated Dr. Tawfiq bin Fawzan Al-Rabiah The Kingdom is committed to creating an attractive environment for industrial investment by offering a system of incentives and facilities that are considered the best in the region, including industrial land available at nominal rents and loans from the Industrial Fund covering up to 75% of the capital, with a repayment period of up to 20 years, electricity rates that are the lowest in the region, export guarantees and financing, and customs exemptions for raw materials and machinery, all aimed at fostering a competitive industry and balanced development across all regions, describing the investment environment in the Kingdom as highly encouraging. He added that the Ministry is interested in launching a package of initiatives to make the Kingdom a hub for advanced industries in the region.

Warnings Against Encroachment on Commercial Land

    Al-Rabiah made these remarks during the “4th Industrial Opportunities Forum” organized by “MODON” yesterday under the title “Industrial Integration: Promising Opportunities for Male and Female Entrepreneurs,” to his concerns about the return of commercial investment in industrial land, given the vast and abundant availability of such land, calling on everyone to use it for industrial investment.

He explained that ”there are industrial sites in more than 20 locations, and the Authority continues to strive for development and to deliver the best,“ noting that ”Madin” is currently working to provide cities with comprehensive services in terms of housing, schools, and hospitals to create a well-rounded industrial environment.

Active Participation by National Companies in International Forums

The Minister of Commerce announced that the Kingdom will participate in the food exhibition scheduled to take place in the UK next April, with 60 Saudi companies taking part, noting that this is the Kingdom’s largest-ever participation in an international event. He added: "We had 130 Saudi companies participating in Dubai over the past few months, and the goal is to showcase the development of our country's industry to the world.".

Support for Startups and Small and Medium-Sized Enterprises

Al-Rabiah emphasized support for startups and small-to-medium-sized enterprises, as well as the importance of industrial development in the Kingdom. He stressed the need to focus on diversifying sources of income for young people interested in investing in industry, and anticipated that industrial opportunities would be presented during the forum, describing these opportunities as promising..

6,871 factories and one trillion riyals

The minister revealed that the Kingdom, represented by the Export Authority, is targeting specific countries with the aim of increasing exports to them, expecting that this step will help develop Saudi industry, noting the rise in the number of factories in the Kingdom, which has reached 6,871, with an estimated investment of one trillion riyals and employing 935,000 people.

Business Incubators for Industrial Sector Development

For his part, Engineer Saleh Al-Rashid, Director General of the Industrial Cities Authority (MODON), explained that the Authority has a strategy that bridges entrepreneurs and industrial opportunities to provide the necessary resources to support our industries.

Al-Rashid stated that the Authority will focus this year on identifying male and female entrepreneurs and investments targeting women, while the Authority has worked to establish turnkey factories and has begun setting up industrial incubators to develop the industrial sector, whether in light or medium industries, which are considered environmentally friendly.

Awarding electricity contracts to the contractors with the highest percentage of Saudi employees“

Meanwhile, Khalid Al-Ghamdi, project manager for the localization of the electricity industry at the Saudi Electricity Company, revealed that the company is working to award contracts to local contractors with the highest rates of national workforce localization and the highest percentage of locally manufactured materials, noting that there is a policy to incentivize local factories and give them priority over foreign counterparts in procurement by a ratio of 10%.

 

”MODON reviews its role in the national economy at the Jazan Economic Forum

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Muhannad bin Abdulmohsen Hilal, Secretary-General of the Economic Cities Authority, delivered a speech during the Jazan Economic Forum, held under the patronage of His Royal Highness Prince Mohammed bin Nasser, Governor of the Jazan Region.  Highlighting the most significant initiatives implemented—namely the Authority’s role in providing various government services—Hilal discussed the development of economic cities in the Kingdom, the reassessment of economic cities, and the key lessons learned from the Kingdom’s experience in this field.

In his speech, Hilal highlighted the role of the National Economic Cities Project in achieving strategic objectives, foremost among which are creating job opportunities for the nation’s sons and daughters, achieving economic diversification, spreading development across regions, localizing national capital, and attracting foreign investment. Four economic cities have been established: King Abdullah Economic City, whose key projects include ports, pharmaceutical and food industries, and light and advanced industries; Knowledge Economic City, which specializes in knowledge-based industries and tourism; Prince Abdulaziz bin Musaed Economic City, whose key projects include logistics services and an inland port; and Jazan Economic City, whose key projects include heavy industry, ports, and petrochemicals.

“Cityscape Abu Dhabi set to host more than 130 local and international exhibitors

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Cityscape Abu Dhabi has confirmed that more than 130 local and international exhibitors will participate in Abu Dhabi’s largest real estate exhibition, which will take place from April 21–23, 2015, at the Abu Dhabi National Exhibition Center. More than 18,000 square meters of space has been allocated for the exhibition and participants, thereby contributing to the promotion and consolidation of the steady growth witnessed by the real estate market in the UAE as a whole.

Fauter Mulman, Director of the Cityscape Group at Informa Exhibitions, the organizer of Cityscape Abu Dhabi, said: “Last year’s edition saw a significant improvement, particularly with over 17,000 visitors attending during the three-day event, representing a year-on-year increase of 151%. We expect growth of over 151% again this year, especially since the number of registered exhibitors has exceeded that of previous editions, which will prompt us to add a new hall to the exhibition.”.

Mullman predicted that the exhibition would attract visitors from across the Gulf Cooperation Council (GCC) countries, noting that consumer confidence is on the rise and that dozens of leading real estate developers are preparing to participate in the ninth edition of Cityscape Abu Dhabi, in addition to major real estate development companies and banks in the capital. The exhibition will also feature new participants, most notably “Eagle Hill Real Estate,” as well as the return of some of the sector’s major influential companies such as Aldar Properties, Tourism Development & Investment Company, Al Fursan, Bloom Properties, Manazel, Mubadala, Reem Development, and ”TMK N.”.

Among the exhibitors participating in this year’s edition are Platinum Sponsor Waha Al Zawiya, Official VIP Sponsor Ejada Asset Management, and a number of leading real estate development companies from Turkey, Jordan, Russia, the United Kingdom, and the United States.

According to a report released by JLL on the Abu Dhabi real estate market in the fourth quarter of 2014, rental prices will continue to rise at the same pace throughout 2015, particularly given the notable growth in demand for residential units due to the shortage across all categories, which works in favor of investors and buyers able to take advantage of low interest rates on home loans, estimated at just 2.1% to 3.3%. It is expected that 2015 will mark the beginning of the real estate market’s true maturity in the emirate, with construction activity returning to its former levels, thanks to the boom in real estate development and infrastructure projects.“.

It is worth noting that the “Abu Dhabi Market Outlook“ seminar will be held on the first day of the exhibition (April 21) in collaboration with JLL, following the success of its inaugural edition last year. The half-day seminar will discuss the latest trends and initiatives in the emirate, including future development projects and new laws and regulations expected to be enacted to regulate and develop the real estate market.

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