Month: June 2014

The Ministry of Labor Inspects and Issues Warnings to 187 Establishments Violating the Ban on Working Under the Sun

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Reading time: < 1 MinuteThe Ministry of Labor has taken action against and issued warnings to 187 establishments for violating the ban on working under direct sunlight, which took effect early last week in the Kingdom’s regions and provinces. Dr. Abdullah Abu Thaneen, Deputy Minister of Labor for Inspection and Workplace Environment Development, explained that the violations resulted from the employment of 484 workers during the prohibited hours, and that 96 establishments in Riyadh were caught violating the ban by employing workers… Read more

New rules for liquidating troubled real estate contributions

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Reading time: < 1 MinuteThe Real Estate Contributions Committee at the Ministry of Commerce and Industry has begun implementing a package of new regulations, which have been graciously approved, to expedite the liquidation of non-performing real estate contributions. The Committee will begin coordinating with the Ministry of the Interior to bring in certain defaulting real estate contribution owners, in accordance with the new amendment to paragraph (2) of the Committee’s operating procedures, which now reads as follows: »If the owner of a real estate contribution fails to respond to the Committee …” Read more

Saudi Real Estate Index Defies the «Summer Slump» and Hits 21 Billion in Four Cities

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Reading time: 2 MinutesThe real estate index on the Ministry of Justice’s website did not account for the summer break that began three weeks ago and recorded transactions totaling approximately 21.2 billion riyals since the start of the break in four major cities: Riyadh, Jeddah, Mecca, and Medina. Transactions in the four cities over the past three weeks totaled approximately 8,992, driven by the trend among many Saudis who … Read more

Saudi Arabia's land zakat collection depends on landowners coming forward

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Reading time: 2 MinutesAn official source at the Saudi Zakat and Income Authority stated that the preliminary mechanism for collecting zakat on land will require taxpayers to declare their liabilities, and that if they fail to declare their liabilities in a given year, they will be required to pay them as soon as this becomes apparent. The source also noted that the tax system itself has not been amended; rather, the changes pertain to the zakat aspect and the expansion of … Read more

Experts: Migration and Land Scarcity Are Driving Up Real Estate Prices in Major Cities

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Reading time: 2 MinutesExperts and specialists have attributed the rise in real estate prices in major cities to large-scale migration from villages to major cities, coupled with a shortage of land suitable for construction, which has led to high demand and low supply, and consequently, rising prices. Abdullah Al-Ahmari, chairman of the Real Estate Committee at the Jeddah Chamber of Commerce, says: “It is natural for real estate prices in cities to be…” Read more

«The Shura Council» Votes on Timelines for Land Distribution

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Reading time: 2 MinutesDuring its session next Tuesday, the Shura Council will vote on the Housing Committee’s recommendations regarding the ministry’s annual report; The committee called for expediting the preparation of its land holdings and establishing a timeline for their distribution to citizens, as well as strengthening the private sector’s role in providing affordable housing units; A vote will be held tomorrow, Monday, on the recommendations of the Finance Committee regarding the annual report … Read more

No complications in granting apartment loans

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Reading time: < 1 MinuteThe Real Estate Development Fund clarifies that there are no complications in granting loans from the Fund for residential apartments, as the borrower is granted the full loan amount if the apartment’s area is (240 m²). The Fund stated that (90 percent) of the apartments sold meet the specifications, and the Fund’s estimated cost for granting the loan is 3,015 riyals per square meter, which is attractive to those who wish to … Read more

King Abdullah Economic City Aims for 46 Billion Riyals in Investments by 2020

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Reading time: < 1 MinuteFahad Al-Rashid, Managing Director and CEO of King Abdullah Economic City, confirmed that the city aims to attract investments exceeding 46 billion riyals over the next five years, through 2020. He added that the city has come a long way in its development, as work has begun on the King Abdullah Economic City port, which now has a capacity of 1.3 million containers, … Read more

“Labor”: More than 260,000 businesses have updated their information

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Reading time: < 1 MinuteThe Ministry of Labor stated that 263,140 businesses have updated their information since the update process became mandatory 14 days ago. The Ministry called on the remaining businesses to visit the website (www.mol.gov.sa), confirm their contact information, and cooperate with the Ministry to improve communication with customers. It noted that the update process aims to improve the mechanisms for registering new customers, in addition to … Read more

27 billion riyals in real estate investments by the «Pension Fund» as of the end of 2013

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Reading time: < 1 MinuteThe General Pension Authority’s annual statistical report for the fiscal year 1434–1435 AH (2013 CE) revealed that its total real estate investments amounted to 26.63 billion riyals, in addition to its other investments both within and outside the Kingdom. The Authority explained that it contributes to supporting and developing the national economy by investing a significant portion of its assets in shares of local companies, through equity participation in … Read more

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