Month: March 2014

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

The 2014 Jeddah Big Five Exhibition Comes to a Close

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Reading time: 3 MinutesJeddah – Amlak: The 2014 Jeddah Top 5 Exhibition, inaugurated by the Mayor of Jeddah, Dr. Hani Abu Ras, was a resounding and remarkable success. The event, which took place at the Jeddah Convention and Events Center, ran for five consecutive days(from March 9 to 13, 2014), adding another chapter to its rich history in the region. Hundreds of national and international construction and development companies showcased their extensive expertise in … Read more

Minister of Housing reveals efforts to provide housing for citizens

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Reading time: 2 MinutesDr. Shuwaish Al-Duwaihi, Minister of Housing, spoke about a number of issues related to housing and the provision of housing for citizens, noting that his ministry does not predict whether real estate prices in the Kingdom will rise or fall over the next three years, whether in terms of a decline in prices or otherwise, pointing out that the only ones capable of answering the question of whether the real estate index will rise or fall are analysts … Read more

High value of Saudi per capita investment in Dubai's real estate sector

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Reading time: 2 MinutesDubai—Agencies: The real estate sector has continued to achieve significant success at both the local and regional levels, with Qatari nationals recording the highest per-capita investment value in Dubai’s real estate sector in 2013, reaching 6.71 million UAE dirhams, followed by Oman with 5.77 million dirhams per person, and then the UAE, where the investment value per Emirati in the sector reached … Read more

Moving it with the new mortgage

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Reading time: 2 MinutesA qualitative leap in real estate finance The real estate finance sector in Saudi Arabia is promised a major quantitative and qualitative leap after the approval of the financing and mortgage system, as well as after the competent authorities granted a number of banks, institutions and financing companies licenses to practice real estate finance in accordance with the principles of Islamic Sharia, thus, the competent authorities have given these entities great opportunities ... Read more

Establishing a special department to appeal the decisions of «real estate contributions»

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Reading time: < 1 MinuteIn implementation of the Royal Order, the Administrative Judicial Council (AJC), chaired by Abdulaziz bin Mohammed Al Nassar, President of the Board of Grievances, and attended by members of the Council, approved the Royal Order dated 4/17/1435 AH, which calls for taking the necessary measures to expedite the resolution of cases filed against the decisions of the Real Estate Contributions Committee, forming a department according to the system to consider the ... Read more

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