Month: July 2014

70% of buildings without insulation

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Reading time: 2 MinutesCan I say that we’re not very good at “rationalizing” everything?! Am I generalizing? I think I can generalize in this regard—namely, the “waste” we practice in our daily lives, whether it’s food, energy, personal expenses, or other things. Today, I’ll share with you some figures from experts—not my own—from an interview with Osama Al-Banyan, the Chief Operating Officer… Read more

«Housing» receives 4 million square meters of land in Tabuk

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Reading time: < 1 MinuteThe Tabuk Region Secretariat, represented by the Municipality of Bir Bin Hermas, submitted a 4-million-square-meter development plan to the Ministry of Housing. The head of the Bir Bin Harmas Center, Al-Omrani, stated that this action was taken in accordance with directives to transfer housing grants from the Ministry of Municipal and Rural Affairs to the Ministry of Housing. He noted that the plan was submitted after it had been finalized and implemented on the ground in accordance with … Read more

National Committee of Cement Companies Elects Al-Rasheed as Chairman

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Reading time: < 1 MinuteThe National Committee for Cement Companies of the Council of Saudi Chambers elected Jihad bin Abdulaziz Al-Rashid as its chairman, and Engineer Safar bin Muhammad Dhafir and Dr. Ahmed bin Abduh Zqail as vice-chairmen for the new term of the Council’s national committees from 1435 AH to 1438 AH. This decision was made during a meeting held by the committee in Jeddah recently, during which a number of issues related to the cement industry in the Kingdom were discussed… Read more

”Cities” honors the creators participating in the Industrial Innovation Award

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Reading time: < 1 MinuteUnder the patronage of His Excellency Dr. Tawfiq bin Fawzan Al-Rabiah, Minister of Commerce and Industry, and in the presence of Eng. Saleh bin Ibrahim Al-Rashid, Director General of the Saudi Authority for Industrial Cities and Technology Zones (MODON), and a large number of officials, partners, award sponsors, business leaders, investors, and various media outlets, the event was held at 10:00 p.m. on Wednesday, 11 Ramadan 1435 AH, corresponding to July 9, 2014, at the Ritz-Carlton Hotel … Read more

IFC invests $100 million in ACWA Power

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Reading time: < 1 MinuteAcwa Power announced today that it has signed a partnership agreement with the International Finance Corporation (IFC), a member of the World Bank Group, through the issuance of new equity shares worth $100 million, equivalent to 357 million riyals. Aqua Power Chairman Mohammed bin Abdullah Abunyan confirmed in a press statement today that the company has added more… Read more

Samsung expects a sharp drop in second-quarter profit

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Reading time: < 1 MinuteSouth Korean electronics giant Samsung Electronics announced on Tuesday that it expects a sharp decline in profits during the second quarter of this year due to the appreciation of the Korean won and a slowdown in the smartphone market. The company, the world’s largest smartphone manufacturer, expects to post an operating profit of 7.2 trillion won (7.1 billion … Read more

Customs holds second auction in Dammam to sell air conditioners that violate Saudi specifications

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Reading time: < 1 MinuteThe General Customs Authority plans to hold a public auction tomorrow evening, Wednesday, 12 Ramadan 1435 AH, corresponding to July 9, 2014, to sell various new air conditioners (split and window types), at the export price, due to their non-compliance with the new Saudi standard specifications, and their re-export within 30 days of the sale date. The General Customs Authority has designated the Abandoned Goods Yard at King Abdulaziz Port in Dammam as the venue for the auction, and has stipulated … Read more

Chairman of the Training Committee at the Makkah Chamber: The high value of the bank guarantee increases the costs of establishing training centers and institutes

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Reading time: < 1 MinuteBy reviewing the amount of the bank guarantee required from private training centers when applying for their establishment and obtaining a license from the General Authority. Dr. Azhar revealed that the bank guarantee for establishing a private training center is 75,000 riyals, whereas for those wishing to establish a private training institute, the bank guarantee amounts to 150,000 riyals, which increases the costs… Read more

Yanbu Cement's net profit fell 14% for the first half of 2014

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Reading time: < 1 MinuteCompared to 521 million for the same period last year. The company stated in a press release today on the “Tadawul” website that it recorded a net profit of 241 million riyals for the second quarter, a 121% decline compared to the same quarter of the previous year, and an increase of 17.561% from the previous quarter, bringing earnings per share for the first half to 2.83 riyals compared to 3.31… Read more

(Natural gas) is the most widely used fuel for electricity generation in the Kingdom

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Reading time: < 1 MinuteNatural gas accounted for the largest share of the primary fuel sources used in electricity generation in the Kingdom of Saudi Arabia (based on calorific value) in 2013, at 46.1%. According to the annual report issued by the Electricity and Cogeneration Regulatory Authority for the year 1434/1435 (2013), crude oil ranked second… Read more

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