Month: June 2014

Minister of Economy: Citizen welfare, job opportunities, housing and service development are key objectives of the Tenth Plan

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Reading time: 4 MinutesMinister of Economy and Planning Dr. Mohammed bin Sulaiman Al-Jasser explained that the Shura Council's approval of the general objectives of the tenth development plan for the period (1436-1437H/1440-1441H) came as a culmination of continuous and joint efforts and embodied cooperation and coordination between the Council and the Ministry to chart the future of development. He expressed his thanks and appreciation for the cooperation, interaction and understanding that the ministry received from ... Read more

Qatar's Barwa reports 21% profit increase

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Reading time: < 1 MinuteThe Qatari real estate company Barwa announced a 21 percent increase in its net profits for 2013, following a financial bailout last summer. Last June, the publicly traded company accepted $7.1 billion from the Qatari government-run company Diyar, which owns 45 percent of the company. Shortly thereafter, it announced … Read more

«Dar Al Arkan leads Saudi Arabia's real estate and construction sector

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Reading time: 2 MinutesDar Al-Arkan Real Estate Development Company ranked first in the real estate and construction sector in the Kingdom of Saudi Arabia, and fifth in the Arab world in the same sector, as part of the 2014 list of the 500 Most Powerful Companies in the Arab World, recently published by Forbes Middle East. The Forbes Middle East list was based on rigorous criteria in its analytical study of more than … Read more

Real estate transactions break the SAR 10 billion barrier

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Reading time: < 1 MinuteReal estate transactions in the Kingdom have surpassed the 10-billion-riyal mark... For the first time in several weeks, when trading volumes ranged between 6 and 8 billion riyals, the real estate index rose by 17.26%, with a total transaction value of 10,840,117,040 billion riyals. The Al-Malqa neighborhood in Riyadh recorded the largest transaction in the capital, valued at 1,318,025,844 billion riyals, while the total value of … Read more

Contracting losses

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Reading time: 2 MinutesFahd bin Muhammad al-Hammadi, Chairman of the Contractors Committee at the Riyadh Chamber of Commerce and Industry and Chairman of the National Contractors Committee, predicted that that the Kingdom’s construction sector would incur losses estimated at approximately 13% of the total project volume by the end of 2014 as a result of bearing the burden of rising project implementation costs stemming from decisions by the Ministry of Labor that raised labor costs in the sector to about 150%. In a statement yesterday, Al-Hammadi noted that … Read more

Minister of Labor Appreciates the Exemption of Small Enterprises from Paying (2400 Riyals)

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Reading time: 2 MinutesThe Minister of Labor—Engineer Adil bin Muhammad Faqih—expressed his gratitude to the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud—following the Cabinet’s approval, at its meeting today, Monday, to exempt small businesses (with 9 or fewer workers) from paying the financial contribution (2,400 riyals annually) for four expatriate workers, provided the owner works full-time at the business, and as outlined in the decision … Read more

Real estate developers welcome Aramco's 6-month moratorium

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Reading time: < 1 MinuteA number of real estate investors in the Eastern Province welcomed the Cabinet’s recent decision regarding the operating mechanism of the Real Estate Contributions Committee, which grants Aramco a six-month grace period to resolve Aramco’s reserved lands in the Eastern Province. According to the decision, the Real Estate Contributions Committee must prepare a list identifying the real estate contribution lands that fall within the concession or reserves of Saudi Aramco – … Read more

(Masaken finances 3680 housing units with 2.4 billion

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Reading time: < 1 MinuteThe General Directorate of Real Estate Investment at the Public Pension Agency revealed that the number of housing units financed through the “Masaken” program reached 3,680, with a total financing value of 2,450 million riyals, as of the end of the fiscal year 1434/1435 AH. The General Directorate of Real Estate Investment also confirmed that the Authority is working to adapt the program’s terms to meet the needs of those wishing to benefit from it and to align with … Read more

Ma'aden begins production of industrial-quality aluminum sheet at rolling mill

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Reading time: < 1 MinuteThe Saudi Arabian Mining Company (Ma’aden) and Alcoa announced the start of production of industrial-grade aluminum sheets at the Ma’aden Rolling Mill, part of the joint venture between Ma’aden and Alcoa for aluminum production. The announcement came during a ceremony organized by Ma’aden to mark the occasion and introduce the company’s aluminum products to major commercial customers and manufacturers. The Ma’aden Rolling Mill is… Read more

”Railways" Calls on Companies and Institutions to Comply with Applicable Regulations and Rules

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Reading time: < 1 MinuteThe General Organization of Railways has called on companies and institutions that ship their goods on the organization’s trains to comply with established and accepted regulations and rules. In a statement on the matter, the Corporation announced that it will impose fees on non-compliant cargo in lieu of refusing to accept such cargo, effective mid-Shawwal. Mohammed Abu Zeid, Director of Public Relations and Media at the Corporation, said… Read more

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