KSA increases construction of housing units by 50%
KSA increases construction of housing units by 50%
According to a report released by the MCI real estate off-plan sales program, the total value of projects under this program reached more than SR34 billion since its approval, including projects of more than SR13 billion licensed during 2015. This shows an increase of up to 50 percent compared with previous years.
Meanwhile, this program continues to follow up and supervise the implementation of 29,000 real estate off-plan sales units in various regions of the Kingdom.
The annual report issued by the said program revealed that the committee supervising the program held 32 meetings last year, where 106 topics were discussed, 10 new projects had been granted licenses and 13 licenses had been renewed for existing projects. Also nine licenses were granted for foreign projects marketing inside the Kingdom, and 15 licenses for existing projects.
The program also followed up the workflow, performance and completed phases of projects, discussed the latest developments and reviewed the periodic reports issued by the chartered accountant and the engineering consultant accredited by the program for each project. Sixty field visits have been conducted in different parts of the Kingdom.
The program responded to 158 complaints against real estate developers involved in real estate off-plan sales who had not obtained licenses, and others violating the law of marketing real estate outside the Kingdom where necessary investigations and legal procedures have been taken, while the program continues to implement inspection rounds on foreign marketing.
Last year, the program introduced new methods for real estate off-plan sales such as the licensing of units, for whatever purpose, licensing lands for off-plan sales, licensing marketing of foreign real estate off-plan sales (inside the Kingdom), licensing of presenting foreign real estate off-plan sales (inside the Kingdom’s exhibitions), where these methods have been received with great interest by developers and those interested in real estate affairs.
The program has also concluded several strategic partnerships with backers of the program such as banks, expo curators, as well as agreements with accounting and engineering bodies for the rehabilitation of accounting firms and engineering consultants to work in the field of real estate off-plan sales.
In an effort to support newly emerging real estate companies and developers, the program held a workshop on “Supporting Small & Medium Enterprises to Engage in Real Estate Off-Plan Sales Activity.”
Real estate off-plan sales projects have achieved a good growth during 2015, since this kind of sales gives more flexibility to buyers in the purchasing and financing process, and helps them to choose and design their units according to their wishes.
We have a story to share with the Saudi people, says new US official in Riyadh
- We have a story to tell and a story to share in Saudi Arabia with the Saudi people. We are pleased that so many Saudis want to study in the United States: US Public Affairs Counselor in KSA
RIYADH: Cultural and educational exchange programs between Saudi Arabia and the United States “help build stronger ties between the two countries and bring them closer together,” according to Brian Shott, the new US Public Affairs Counselor in Saudi Arabia.
Speaking at a reception to welcome him at the US embassy in Riyadh on September 18, he said: “One of the main things we do is we try to share aspects of the United States and of American culture, but we also learn from Saudis and Saudi culture.”
In her opening speech, the embassy’s Deputy Chief of Mission Martina Strong also highlighted the enduring relationship between the two countries, saying: “Tonight is a celebration, a celebration of a friendship that has extended over many, many decades.”
Shott, who previously served in Morocco, Cairo and Baghdad, will be in Saudi Arabia for the next two years, during which he will promote educational and cultural exchanges.
“There are some real opportunities here and we have been fortunate enough to be able take advantage of partnerships with Saudi organizations and Saudi agencies, whether it is the General Authority for Culture or the Ministry of Education,” he said.
“We have a story to tell and a story to share in Saudi Arabia with the Saudi people. We are pleased that so many Saudis want to study in the United States.”
Meanwhile, the reception also served as a farewell to Robin Yeager, the cultural attache in Riyadh. She said that it had been a “very dynamic time to be in Saudi Arabia. It has been a pleasure and an honor to be here at a time when I get to know first-hand the future that Saudis are trying to build.”
The night that women were were given the right to drive, she said she went out and saw the “thrill on their faces.” To assist with empowerment and other progressive policies, embassy staff work on social issues and provide leadership training for women’s groups, she said.
“It is beautiful because they take something that an American expert talks to them about and they turn it into the Saudi way to approach it,” she added. “It’s not that we are changing things; it’s that we are giving them tools, so they can build what they want to build.”