Month: August 2014

242 billion riyals in the Saudi market since the announcement of the entry of foreigners.

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Reading time: < 1 MinuteAt its weekly meeting on Monday, July 21, the Saudi Cabinet approved a decision by the Capital Market Authority —at a time it deems appropriate—to allow foreign financial institutions to buy and sell shares listed on the Saudi stock market, in accordance with the rules established by the Capital Market Authority in this regard. Since then, the market has been experiencing… Read more

“Saudi Arabia’s ”Mawad Al-Imar“ Signs Contract to Acquire All Shares of Egypt’s ”Sphinx Glass” for 816 Million Egyptian Pounds

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Reading time: < 1 MinuteSaudi Construction Materials Holding Company signed a contract on Tuesday to acquire all shares of Sphinx Glass—a subsidiary of Qalaa Holdings—for a total value of 816 million Egyptian pounds. The announcement was made during a press conference held by the two companies in Cairo this evening to mark the completion of the transfer of ownership of “Sphinx” to UAE Construction Materials Limited—a subsidiary of “Construction Materials … Read more

Excess demand for real estate and weak oversight are driving inflation in the Kingdom

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Reading time: 2 MinutesExperts attribute attributed the causes of inflation in the local market to several factors, most notably excess demand over supply in the real estate sector, increased government spending, rising inflation rates in countries from which the Kingdom imports basic commodities and food, and the decline in the riyal’s exchange rate against international currencies. Experts explained to Al Jazeera that the most significant cause of inflation at present is merchants« exploitation of the aforementioned factors … Read more

Riyadh to host the second Saudi Forum for Conferences and Exhibitions

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Reading time: < 1 MinuteThe capital city of Riyadh is hosting the «Second Saudi Conference and Exhibition Forum,» organized by the National Program for Exhibitions and Conferences, from November 9–11, 2014, at the Ritz-Carlton Hotel, in the presence of His Royal Highness Prince Sultan bin Salman, President of the General Authority for Tourism and Antiquities, and under the patronage of His Royal Highness Prince Turki bin Abdullah, Governor of the Riyadh Region. The forum is being organized and sponsored by a group … Read more

First “videoconferencing” session to settle labor disputes

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Reading time: < 1 MinuteThe Supreme Authority for the Settlement of Labor Disputes in Riyadh held its first official hearing via »remote digital communication devices» for a labor case involving the Supreme Authority in Riyadh and the Court of First Instance in Arar. This marks the first such initiative among judicial bodies in the Kingdom, aimed at facilitating the process for litigants and resolving their labor disputes by leveraging technological tools that save them time and effort … Read more

The Aviation Agents Committee Discusses Mechanisms for Cooperation with the Civil Aviation Authority“

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Reading time: < 1 MinuteThe Committee on Aviation Agents and Support Services at the Jeddah Chamber of Commerce and Industry has selected the General Authority of Civil Aviation as the first government sector with which to build a bridge of communication and strengthen ties of mutual cooperation, following its inclusion among the sectoral committees for the 21st session of the Chamber’s Board of Directors. The meeting, which brought together a delegation from the Jeddah Chamber yesterday at the Authority’s headquarters, was attended by the Chamber’s Assistant Secretary-General, Engineer Muhyiddin … Read more

“Credit”: No loans for those whose salary exceeds 10,000 riyals

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Reading time: < 1 MinuteAhmed Al-Jabrin, the official spokesperson for the Credit and Savings Bank, denied that the bank intends to raise the maximum salary limit for loan applicants above 10,000 riyals or to increase the value of social loans (for marriage, family, and home renovation). He told Al-Madina that the bank has been working for nearly two years on developing a comprehensive national strategy to implement the savings program, drawing on international experiences … Read more

20 real estate developers compete for housing projects for the first time

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Reading time: < 1 MinuteThe Ministry of Housing plans to award all its residential unit projects in major cities to urban development companies to begin implementation in accordance with the highest international standards. An official source at the ministry told Al-Madina that more than 20 urban development companies have purchased bidding documents from the Ministry of Housing to submit their bids next month for the construction of 1,000 housing units as the first phase of a series of housing projects… Read more

Two consortiums of 6 contracting companies to bid for 11 stadium contracts

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Reading time: < 1 MinuteContinuous meetings among 130 companies over the past two weeks have resulted in the formation of two consortia, each comprising six companies in the Western and Central regions, which will compete to build the 11 King Abdullah stadiums scheduled for construction in several cities. Three major companies in Riyadh and three others in Jeddah have informally reached a preliminary agreement to form a consortium to win the contract to build the stadiums, while consultations are still ongoing … Read more

«MEED: Smart cities reduce labor globally

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Reading time: 2 MinutesMEED magazine stated that the term “smart cities,” which has become an appealing concept in countries around the world, generally refers to a combination of technology and communications—not only between people on the one hand and the services their cities provide on the other, but also to communication between different systems—or what is known as M2M (machine-to-machine) communication—where devices are… Read more

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