Month: June 2014

Minister of Commerce inaugurates Riyadh International Fair

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Reading time: < 1 MinuteUnder the patronage of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud—may God protect him- At 8:30 p.m. on June 22, 2014, Dr. Tawfiq Fawzan Al-Rabiah, Minister of Commerce and Industry, will inaugurate the Riyadh International Exhibition, which is the first and largest of its kind in the Kingdom and the Gulf states. The exhibition is supervised by the Ministry of Commerce and Industry and organized by Ilaqat International Exhibitions andConferences, with the participation of 16 countries … Read more

A body for real estate developers similar to the Saudi Authority for Engineers

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Reading time: 2 MinutesDr. Magdi Hariri, a former member of the Shura Council and chairman of the board of directors of Makyoun Urban Developers, called for the establishment of a real estate developers’ association in Saudi Arabia modeled after the Saudi Council of Engineers, in order to distinguish between real estate developers and land speculators, especially since the establishment of a dedicated body for developers would help regulate the industry and protect the profession from intruders … Read more

“Real Estate Contributions” invites the shareholders of “City Center” and the remaining shareholders of “Kingdom Dates” to update their data

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Reading time: < 1 MinuteThe Real Estate Contributions Committee at the Ministry of Commerce and Industry has called on all shareholders of “Al-Madina Center” and ”Tamoor Al-Mamlakah” to update their information by submitting official contribution documents that prove their rights, in preparation for the disbursement of their entitlements and the liquidation of the contribution. The committee directed shareholders of “Al-Madina Center,” affiliated with the office of “Fahd Abdulrahman Al-Matroud,” to update their information by submitting the official documents to the nearest branch of Al-Bilad Bank in various cities across the Kingdom. … Read more

Fears that the insurance company will not be able to fulfill its obligations in the future. for financial burdens

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Reading time: 2 MinutesThe General Organization for Social Insurance stated: A significant increase in expenditures compared to a smaller increase in insurance revenues indicates that the number of beneficiaries and the amount of their pensions are rising at a faster rate than the number of contributors and the value of their contributions, This imposes significant future financial burdens on the Corporation to meet the cost of paying these benefits to current beneficiaries and future contributors. In a statement issued yesterday, the Corporation noted … Read more

“Real Estate Fund” Approves Suspension of “Loan” Approvals”

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Reading time: < 1 MinuteThe Director General of the Real Estate Development Fund, Engineer Yusuf bin Abdullah Al-Zaghibi, explained that the Fund allows citizens who have applied for loans from the Fund to request that the Fund suspend their applications and not issue approval until they are ready to utilize the loans. He said that the Fund has recently received several inquiries regarding the one-year validity period for loan approvals, noting that … Read more

«Real Estate Contributions» places 9 owners on the arrest list

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Reading time: < 1 MinuteThe Committee on Non-Performing Real Estate Contributions at the Saudi Ministry of Commerce and Industry has decided to place the owners of nine real estate contributions on the arrest list. According to a statement from the committee, the list includes: Saleh Abdullah Abdulaziz Al-Rajhi, Malham Abdulhafiz Bahlaq, Saleh Abdulkarim Al-Malik, Turki Abdulrahman Al-Awad, Abdullah Abdulrahman Al-Qahtani, Omar Mu’aid Al-Amaj, Muhammad Thawab Kleib Al-Nafei, Salah Abdullah Al-Nafisi, and Fares Salim Al-Faris. The committee stated … Read more

Ministry of Commerce warns against the Husseiniya land in Makkah

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Reading time: < 1 MinuteThe Real Estate Investment Committee at the Ministry of Commerce and Industry announced that it is offering for sale four plots of land belonging to distressed real estate investment projects currently under the committee’s review; the sale dates will be announced shortly in preparation for their liquidation and the return of rights to the shareholders. The committee has re-listed the “Fajr Abha,” as well as plots from the “Durrat Abha,” ”Al-Nourus,” and ”Al-Sharaf and Hadn Al-Nashwan” projects. The “Fajr Abha” plot, designated for a commercial and tourism project, is located in … Read more

Riyadh Chamber Contractors Committee notes the application of the FIDIC contract in the Makkah public transportation project

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Reading time: < 1 MinuteThe Chairman of the Contractors Committee at the Riyadh Chamber of Commerce and Industry, Fahad bin Mohammed Al-Hammadi, praised the approval of the Council of Ministers to offer the public transportation project in Makkah to the implementing companies according to the FIDIC contract models, which guarantees the financial rights in a balanced manner for both contracting companies and government agencies, expressing his hope for the full implementation of the FIDIC contract system this year on all ... Read more

Fajr Abha's shareholding sold at auction

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Reading time: < 1 MinuteThe Committee of Struggling Real Estate Contributions decided to sell the Fajr Abha contribution in a public auction, and to pay the remaining shareholders' dues in the Al-Muhandiseen contribution in Al-Dilam. The committee also decided at its last meeting to sell the two plots that are free of issues and encroachments in the Nawras contribution, and in the same context, the committee decided to sell 4 remaining plots of land in the Huda plan contribution, and sell the land of the Umm ... Read more

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