Month: January 2014

In response to contractors' accusations: The Ministry of Finance denies that it caused the stalling of contracting projects

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Reading time: 2 MinutesRiyadh—Amlak: An official source at the Ministry of Finance has confirmed that the information published in some local newspapers and attributed to certain members of the National Contractors Committee—stating that ”the Ministry of Finance is one of the reasons for the delay in implementing government projects due to its failure to allocate and disburse contractors” entitlements” is incorrect and does not reflect the reality of how the Ministry of Finance handles the funds allocated to government projects. The source clarified in a statement received by “Amlak” … Read more

6364 factories produced by the end of the fourth quarter of last year

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Reading time: < 1 MinuteAmlak - Follow-up: The industrial sector has experienced significant growth in recent years; by the end of the fourth quarter of last year (1434 AH), with a total investment of 873,166,880,000 riyals, while the number of workers in these factories reached 828,051. The Ministry of Commerce and Industry stated in a recent statistical report that the Riyadh region topped the list of productive factories … Read more

Saudi Arabia slips to 55th globally in investor protection

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Reading time: 2 MinutesAmlak-Agencies: Saudi Arabia’s ranking has dropped to 22nd and 55th globally in investor protection and access to credit, according to the 2014 Doing Business report issued by the World Bank and the International Finance Corporation. The Kingdom’s ranking for access to credit fell from 52nd in 2013 to 55th in 2014, while its ranking on the international list in terms of … Read more

More than a thousand «delayed» and 465 «stalled» projects revealed»

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Reading time: 2 Minutes* Municipalities Confirm They Will Withdraw Projects from Non-Compliant Contractors and Impose Fines The Ministry of Municipal Affairs has identified 465 “stalled” municipal projectsacross all regions of the Kingdom out of the total projects currently under implementation, representing 13.1% of all projects currently underway. The Ministry also announced in a report —which it issued recently—that there are 1,294 projects “behind schedule” … Read more

Seventh International Competitiveness Forum discusses building competitive companies

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Reading time: 2 MinutesUnder the patronage of the Custodian of the Two Holy Mosques and with the participation of major regional and international companies, the 7th International Competitiveness Forum discusses building competitive companies • For the first time, the forum will feature the “Invest in Saudi Arabia” exhibition Riyadh-Amlak: All necessary preparations have been completed for the launch of the 7th International Competitiveness Forum, organized by the General Investment Authority from January 18–20 in Riyadh. The forum is considered one of the economic events … Read more

GCC real estate jumps ahead in 2013

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Reading time: 3 MinutesReal Estate - Agencies: The Gulf real estate market has made significant strides, achieving tangible growth in transaction values and property sales across the Gulf Cooperation Council (GCC) countries, which has had a positive impact on other economic sectors in the Gulf states. This was highlighted in a recently released real estate report that tracked the Gulf real estate market during the past year, 2013. The report confirmed the significant growth in the Saudi real estate market… Read more

Launching ”Ejar” project to organize the relationship between tenants and landlords

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Reading time: 2 MinutesRiyadh—Amlak: Last week, the Ministry of Housing launched the online platform for the “Ijar” project, allowing real estate agencies to begin registering and listing residential units available for rent, making them available to all parties involved in the rental process—including tenants, landlords, and real estate brokers—so that everyone can benefit from the features and services offered by “Ijar.” Through “Ijar,” the Ministry aims to find comprehensive solutions for the sector … Read more

Proposals to revitalize intra-GCC trade and customs procedures

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Reading time: 2 MinutesAmlak-Follow-up: During its joint meeting with the Federation of Gulf Chambers, the Customs Union Authority presented 12 proposals to boost intra-regional trade and streamline customs procedures, in line with the directives of the leaders of the Gulf Cooperation Council (GCC) regarding the need to involve the Gulf private sector in economic decisions and policies. The memorandum and the proposals it contained were discussed at the coordination meeting held by the Federation of Gulf Chambers at the headquarters of the Council of Saudi Chambers … Read more

More than 30 million dinars invested by real estate companies in Bahrain

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Reading time: < 1 MinuteManama-Agencies The Kingdom of Bahrain is witnessing a major boom in real estate investment, as recent statistics reveal that the Bahrain Investors Center registered 109 new real estate companies in the Kingdom of Bahrain last year, an increase of approximately 182%. with total capital exceeding 35 million dinars. Domestic investment accounted for 59.1% of this total, while foreign and Gulf capital amounted to 14.3 million dinars. … Read more

The implementation of the land bridge project between Riyadh, the Western Province, and the Eastern Province will begin soon

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Reading time: < 1 MinuteJeddah—Follow-up: An official source at the Saudi Railway Company (SAR) stated that a tender for the largest railway project connecting Riyadh to the eastern and western coasts for the transport of goods and passengers will be issued in the coming days. The Public Investment Fund awarded the consultancy contract for the land bridge project connecting the capital Riyadh to Jeddah to Fluor Corporation to review the engineering designs and develop strategies … Read more

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