Month: April 2014

National and international experts discuss Saudi hospital designs

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Reading time: 3 MinutesRiyadh—Amlak: The Saudi Credit and Savings Bank has finalized a new strategy for its financing programs for youth projects, developed in collaboration with the World Bank, which will completely transform the bank. The strategy is currently before the bank’s board of directors and is in the process of being approved. The coming period will witness a 180-degree shift in the bank’s performance, explained Dr. Ibrahim Al-Hunaishal, General Manager of the Saudi Credit and Savings Bank, during a meeting… Read more

The Eastern Chamber concludes the 2014 Women's Economic Forum and SAR 375 billion of women's assets are frozen in banks

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Reading time: 3 MinutesDammam—Amlak: Last week, the Eastern Province Chamber of Commerce concluded the fourth edition of the 2014 Women’s Economic Forum, titled “Shaping the Future… Through Women’s Eyes). The event was held under the patronage of Her Highness Princess Abeer bint Faisal bin Turki, wife of the region’s governor, and was marked by success and praise for the high level of female participation. It saw significant participation from Saudi businesswomen, alongside an elite group of businesswomen from the Gulf and other countries… Read more

SAR 2.535 million net profit for Al Ahli Bank in the first quarter

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Reading time: < 1 MinuteRiyadh—Amlak: The National Commercial Bank reported net profits of 2,535 million riyals for the first quarter of 2014, compared to 2,332 million riyals during the same period of the previous year, representing an increase of 8.71%, and compared to a net profit of 1,795 million riyals for the previous quarter, representing an increase of 41.21%. Mansour Al-Mayman, Chairman of the Bank’s Board of Directors, emphasized that the growth and diversification … Read more

Steel prices drop in local markets in Saudi Arabia

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Reading time: 2 MinutesRiyadh—Amlak: Steel prices have continued to decline in the local market following the completion of a significant portion—up to 60 percent—of the infrastructure for development projects in the Kingdom, a factor that contributed significantly to a drop in demand during the month of April. A number of experts, investors, and local market participants explained that the price decline resulted from the completion of most … Read more

Saudi banks prepare to impose conditions on additional loan applicants

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Reading time: 2 MinutesRiyadh - Follow-ups A number of local banks have started preparing a list of conditions related to additional loan applicants. Some banking sources explained that some Saudi banks are preparing to impose their own requirements that they used to offer to those wishing to obtain real estate loans earlier, on applicants for the additional loan. The sources revealed to some media organizations that the banks ... Read more

Al Rajhi Bank earns 1.7 million for the first quarter of 2014

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Reading time: < 1 MinuteRiyadh—Alamak: Al Rajhi Bank reported net profits of 1.7 million riyals for the first quarter of 2014, a 10% increase from the previous quarter. This was announced by Sulaiman bin Abdulaziz Al-Zabin, CEO of Al Rajhi Bank. Al-Zabin explained that Al Rajhi Bank was able to maintain a steady growth rate in its performance during the first quarter of 2014, as reflected in the positive results across various sectors… Read more

Approval of the Additional Financing Program from Local Banks

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Reading time: < 1 MinuteRiyadh-SPA: The Ministry of Justice has approved the supplementary financing program in its new form, as the Ministry deemed it appropriate to apply the mortgage system to these cases to better reflect the realities of society and to safeguard the rights of all parties (citizens, commercial banks, and the Real Estate Development Fund). Fahad Al-Bakran, the official spokesperson for the Ministry of Justice, explained that the approval included utilizing the mortgage system so that the property is registered … Read more

”Trade” warns against marketing real estate projects (under construction)

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Reading time: < 1 MinuteReal Estate - Updates: The Ministry of Commerce and Industry has warned real estate development companies wishing to invest in projects involving the sale of off-plan real estate units (under construction)) against advertising, marketing, or selling such projects unless they have obtained the necessary license from the committee formed within the Ministry of Commerce pursuant to Cabinet Decision No. 74 dated 5341 4 54 AH, which regulates the sale process… Read more

The Ministry of Commerce Issues the Executive Regulations for the Authorized Resident System

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Reading time: < 1 MinuteReal Estate - Updates: The Minister of Commerce and Industry, Dr. Tawfiq Al-Rabiah, issued a ministerial decree authorizing the issuance of the implementing regulations for the Certified Appraisers System (Real Estate Branch). The decree also outlined procedures for managing the transitional phase. A statement issued by the Saudi Authority for Accredited Valuers clarified that Dr. Tawfiq Al-Rabiah’s decision requires anyone practicing the valuation profession to be a member of the Saudi Authority for Accredited Valuers … Read more

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