Saudi Arabia sets brokerage rules for off-plan property sales

Saudi Arabia sets brokerage rules for off-plan property sales
The new requirements aim to stimulate competition between developers, said Wafi.
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Updated 24 September 2021

Saudi Arabia sets brokerage rules for off-plan property sales

Saudi Arabia sets brokerage rules for off-plan property sales
  • Brokers must have written permission from project owner to market property

RIYADH: Saudi Arabia’s off-plan sale or rent program, known as Wafi, has announced the rules governing the licenses of real estate brokers marketing small and medium-sized projects as it seeks to increase transparency and reliability in the sector, SPA reported.

Wafi requires that real estate brokers have an electronic deed of ownership of the project to be marketed, said head of Wafi Abdulaziz Al-Muhaimid.

Real estate brokers must also obtain prior written approval of the owner or its beneficiary to market off-plan projects, as well as the statutory licenses, engineering plans and architectural designs approved by the relevant authorities, he said.


ndia's Reliance gets shareholders' nod to add Aramco chairman as director

ndia's Reliance gets shareholders' nod to add Aramco chairman as director
Updated 28 sec ago

ndia's Reliance gets shareholders' nod to add Aramco chairman as director

ndia's Reliance gets shareholders' nod to add Aramco chairman as director

BENGALURU: India's Reliance Industries Ltd said on Thursday that a required majority of its shareholders have passed a resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director to the conglomerate's board.
A little over 98% of the total votes polled on the resolution were in favour of Al-Rumayyan's addition, Reliance said in a statement https://bit.ly/3B233xd.
Last month, Reliance said Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending the shareholder vote on the decision.
That announcement came after media reports of shareholder California State Teachers' Retirement Fund saying it would vote against the move, based on U.S. proxy advisory research firm Glass Lewis' recommendation.
Al-Rumayyan's inclusion was earlier widely seen as part of a process to formalise Reliance's agreement to sell a 20% stake in its oil-to-chemical business to Aramco for $15 billion. The Indian conglomerate, however, said last month that his appointment has no connection to the deal.
Al-Rumayyan has been the governor of the Public Investment Fund of Saudi Arabia since 2015. 


Potential $100 per barrel oil price is unlikely to be sustainable: Jadwa

Potential $100 per barrel oil price is unlikely to be sustainable: Jadwa
Updated 45 min 48 sec ago

Potential $100 per barrel oil price is unlikely to be sustainable: Jadwa

Potential $100 per barrel oil price is unlikely to be sustainable: Jadwa

Riyadh: Oil prices could surge to $100 per barrel but only for a brief period, according to Saudi-based capital market company Jadwa.

The firm’s quarterly oil market report said the rise was conditional on an acceleration in gas-to-liquid substitution during the winter months, combined with any unforeseen outages in oil production.

However, this soaring level of prices is unlikely to persist, if it does indeed hit $100, Jadwa said.

The high level of prices would possibly drive OPEC+ to increase production over the current stated levels to stabilize the markets. Moreover, OPEC expects a decrease in global oil demand in the first quarter of 2022. Both of these developments will diminish the possibility of oil prices remaining at $100 in the short term, Jadwa explained.

Jadwa kept their expectation for 2022 Brent oil at $65. Meanwhile, they stated that there is an increasing risk on their full-year 2021 Brent oil forecast of $67.


Tadawul aims to offer incentives for tech startup firms: Bloomberg

Tadawul aims to offer incentives for tech startup firms: Bloomberg
Updated 21 October 2021

Tadawul aims to offer incentives for tech startup firms: Bloomberg

Tadawul aims to offer incentives for tech startup firms: Bloomberg

Saudi Arabia’s stock exchange is discussing introducing incentives for tech startups backed by venture capital investors and technology firms, Bloomberg reported citing people familiar with the matter.

The stock exchange’s smaller market, Nomu, is where the small tech firms are expected to raise capital.

Currently, Tadawul doesn’t provide incentives to list on Nomu, but it could offer regulatory waivers for tech startups to speed up their listing, according to Bloomberg.

In the UAE, tech-startups received considerable financing solutions.

In interviews with CNBC Arabia, Ammar Al Malik said that facilities received by tech startups in Dubai Internet City reached AED1.4 billion ($380 million) while Jida Itani, COO of Abu Dhabi-based Hub71, stated that the firm provided over $260 million to startup companies.

Having the diversification of the economy as its target, the Kingdom aims at attracting tech investments as efforts to create more jobs in the labor market gain pace.


Islamic Development Bank announces its final issuances

Islamic Development Bank announces its final issuances
Updated 21 October 2021

Islamic Development Bank announces its final issuances

Islamic Development Bank announces its final issuances

RIYADH: The Islamic Development Bank of Saudi Arabia has announced the price of its second and final issuances as part of its plan to mobilize financial resources.

The Saudi Press Agency reported the final price of issuance instruments by the bank was SR6.3 billion ($1.7 billion), due to five years of annual returns by 1.435 percent, as a part of the bank medium-term instruments program of SR93.7 billion ($25 billion).

The President of the Islamic Development Bank, Muhammed Sulaiman Al-Jassar, said he wanted to "thank investors" for trusting the institution during the recovery from the pandemic.


Private equity giants Blackrock and Blackstone will attend Saudi FII5

Private equity giants Blackrock and Blackstone will attend Saudi FII5
Updated 13 min 31 sec ago

Private equity giants Blackrock and Blackstone will attend Saudi FII5

Private equity giants Blackrock and Blackstone will attend Saudi FII5

Blackrock and Blackstone, two of the world’s leading private investment management companies, will be attending the fifth anniversary of the Future Investment Initiative (FII), the foundation’s chief executive officer said in a press conference on Thursday.

Richard Attias, IFF’s CEO, also added that Africa will occupy a big place in the event, with presidents of Rwanda and Gabon attending, as well as several African speakers and leaders.

The head of the organization indicated that out of the 5200 participants registered for FII5, 70 percent are from Europe and North America.

Chinese attendees will be small in number because of the 3-week mandatory quarantine, but about 50 speakers from the country will be contributing, he added.