Month: March 2014

Bank of Credit requires employee sponsorship and a mortgage to grant a loan

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Reading time: 2 MinutesRiyadh-Amalak The Saudi Credit and Savings Bank announced on its website the details of the new social loans regulation, according to the regulation, the persons covered by the provisions of this regulation are every person whose monthly income does not exceed (10,000) ten thousand riyals or his annual income (120,000) thousand riyals, and the maximum value of the loan is (60,000) sixty thousand riyals. The regulation stipulates that the applicant must not ... Read more

70 billion dollars in SME investments by the end of 2015

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Reading time: < 1 MinuteAmlak - Follow-ups Several economic authorities expected the volume of investments in small and medium-sized enterprises in the Kingdom to reach more than 70 billion dollars by the end of 2015, funded by the state budget and loans provided by some banks. These projects may contribute more than 37% of Saudi GDP by the end of the same year, compared to 35% at the end of last year, ... Read more

Gulf Businesswomen's Forum preparatory meeting held

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Reading time: < 1 MinuteManama-Agencies Manama, the capital of Bahrain, hosted the second preparatory meeting for the second GCC Businesswomen Forum organized by the General Secretariat of the Federation of GCC Chambers in cooperation with the Bahrain Chamber of Commerce and Industry (BCCI) recently at the Bahrain Chamber of Commerce and Industry (BCCI) to discuss technical and logistical issues related to the organization of the forum, which is scheduled to be held in June 2014 in the Kingdom of Bahrain. He discussed ... Read more

Exhibition events play a big role for the real estate and construction industry

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Reading time: 2 MinutesReal estate exhibitions and forums and the events held on their sidelines play a number of roles that are considered very important. In addition to being an innovative platform that specializes in showcasing the latest and best products in various fields of real estate, housing units, and easy financing programs, they also provide real estate, investors and businessmen with valuable and rich opportunities to meet with each other, to exchange ... Read more

Shaker extends its exclusive air conditioner contract with LG«

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Reading time: < 1 MinuteRiyadh-Amlak Al-Hassan Ghazi Ibrahim Shaker Company «Shaker» signed a contract with LG Electronics to extend the exclusive distribution of LG air conditioners in Saudi Arabia for another 3 years starting from January 1, 2014. The company said in a statement on Tadawul that the financial impact of extending this contract will appear on the company's financial statements, noting that its sales of ... Read more

International Standards for Small and Medium Enterprises (SMEs) Workshop

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Reading time: 2 MinutesRiyadh-Amalak The Saudi Organization for Certified Public Accountants (SOCPA) recently organized a workshop on International Financial Reporting Standards (IFRS) for SMEs at the King Faisal Conference Hall at the InterContinental Hotel in Riyadh, where Paul Pactor, International Accounting Standards Board (IASB) consultant, spoke. He started his talk on the objectives of the International Financial Reporting Standards (IFRS) Foundation, which include meeting the needs of SMEs, as well as the standards that ... Read more

Local factories rise to more than 6,000

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Reading time: 2 MinutesThe number of factories operating in Saudi Arabia increased significantly by the end of 2013, reaching 6,500 factories with investments amounting to SAR 880 billion, growing by more than 53% over the last ten years, due to the availability of infrastructure and the great facilities provided by the competent authorities. According to Crescent Petroleum's report, the region's industrial investments are trending towards increasing ... Read more

Small and Medium Enterprises Workshop in Riyadh concludes its work and issues its recommendations

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Reading time: 2 MinutesAmlak - Follow-ups The Ministry of Finance recently organized the Small and Medium Enterprises Workshop in cooperation with the Saudi Arabian Monetary Agency at the Ritz-Carlton Hotel in Riyadh, with the participation of a large number of national and international financial and business experts, in addition to several regional and international bodies and financial and economic institutions. His Excellency the Minister of Finance, Dr. Ibrahim Al-Assaf, stressed that unemployment levels do not ... Read more

Jeddah Economic Forum 2014 a huge success with national and international experts in attendance

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Reading time: 3 MinutesJeddah - Amlak The Jeddah Economic Forum, which was held recently at the Jeddah Hilton, witnessed a great success with the participation of (42) ministers, officials and local and international personalities, and the attendance of more than (2000), led by His Highness Prince Meshal bin Abdullah bin Abdulaziz, Governor of Makkah Region, and His Highness Prince Sultan bin ... Read more

Monetary Authority imposes new regulations on bank lending interest rates

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Reading time: 3 MinutesAmlak - Follow-ups The IMF's forecast for Saudi Arabia's economy to grow 4.4% this year is «a reasonable and achievable rate,» noting that key interest rates are reasonable and balanced and that the reduction in the Federal Reserve's (US central bank) purchases of bonds is unlikely to affect the direction of monetary policy, adding that the Kingdom's interest rate is reasonable, balanced and achieves the target. He explained that ... Read more

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