Month: September 2014

President of the Railways Corporation: Saudi Arabia and the UAE have already started implementing the Gulf Railway

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Reading time: 2 MinutesThe General President of the General Organization of Railways, Engineer Mohammed Al-Suwaiq, told “Al-Riyadh” that the final study for connecting the Kingdom and Bahrain via a high-speed rail line has reached its final stages and will soon be ready for implementation via a bridge parallel to the existing King Fahd Causeway, which the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, recently named after his brother, His Majesty King Hamad of Bahrain … Read more

Accepting applications for electricity connections to homes without deeds in Al-Baha

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Reading time: < 1 MinuteThe Secretary of Al-Baha Region, Engineer Muhammad bin Mubarak Al-Majali, announced that the region has begun accepting applications from citizens to connect electricity to homes whose owners do not possess legal deeds or ownership documents. He noted that applications and procedures related to connecting these homes to the power grid will be accepted at the Services Agency building in the Comprehensive Oversight Department.

Taif: Lifting the ban on obtaining title deeds for a 34-million-meter residential plan

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Reading time: 2 MinutesA source familiar with the suspension of title deed issuance for the largest residential development in northeastern Taif Province—covering an area of 34 million square meters—has learned that the ban on issuing title deeds for land within the development is currently being lifted, following the completion of procedures for its regulatory plan, No. 2483. The source noted that the Reconstruction Agency at the Taif Provincial Secretariat has contacted the court … Read more

Real Estate's Board of Directors recommends distributing half a riyal per share for the first half of 2014

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Reading time: < 1 MinuteThe Board of Directors of Saudi Real Estate Company has recommended the distribution of cash dividends to the company’s shareholders for the first half of fiscal year 2014 as follows: 1. Total amount distributed: 60 million riyals 2. Dividend per share: 0.5 riyals 3. Distribution ratio relative to the par value of the share: 51% 4. Dividend eligibility for the company’s shareholders registered with the Securities Depository Center … Read more

39 Japanese business leaders and members of parliament visit the Investment Authority

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Reading time: < 1 MinuteA high-level Japanese delegation comprising 39 business leaders and a number of economic officials began its visit to the Kingdom, starting with the General Investment Authority, where they met with officials and were briefed on the incentives offered to investors and the relationship with relevant government agencies . Misoshi, a member of the Japanese Parliament and head of the trade delegation to the Kingdom, emphasized that the most important opportunities in which they wish to invest … Read more

«Wathrah Real Estate and Ruya Capital sign a memorandum of understanding to create real estate investment opportunities

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Reading time: 2 MinutesWathra Real Estate Development Company—one of the largest real estate infrastructure developers—and Ruya Financial Group recently signed a memorandum of understanding to establish real estate investment funds in several cities across the Kingdom. The memorandum of understanding was signed in Jeddah last week by Abdulrahman Al-Muheidib, CEO of Wathra Real Estate Investment and Development Company, and Engineer Khalid Bashar Al-Jabri, CEO of Ruya Financial Group. … Read more

Al-Awaji: We are ready to implement land zakat and have a database with Justice to know the prices

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Reading time: 2 MinutesThe General Authority for Zakat and Income has expressed its readiness to implement the new zakat collection system for undeveloped land, which was submitted to the Board of Experts and which, if approved, will require landowners to pay zakat on plots designated for development orindividual investment, which is expected to increase in value in the future and is referred to as »speculative.« The assurances issued by the Authority were conveyed by the Deputy Director for Operations … Read more

«GCC aims to raise industrial contributions to 25% by 2020

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Reading time: 2 MinutesThe semi-annual economic report prepared by the General Secretariat of the Federation of GCC Chambers revealed that, with the Gulf economy expected to grow by 4.2% in 2014, with a total value approaching $1.7 trillion, compared to $1.65 trillion in 2013, the GCC countries aim to increase the contribution of certain economic sectors to their gross domestic product, … Read more

Bar: Receiving applications to deliver electricity to homes without deeds

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Reading time: < 1 MinuteDr. Osama bin Fadl Al-Bar, Secretary of the Holy City and Chairman of the Board of Directors of Al-Balad Al-Ameen Company, announced that the Secretariat has begun examining and studying all necessary arrangements; in preparation for accepting requests to connect electricity to residences whose owners do not possess legal title deeds, noting that the provision of services to these residences does not constitute proof of ownership, as stated in the circular issued by the Minister … Read more

23 cities undergoing thermal insulation system

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Reading time: < 1 MinuteRelevant government agencies continue to work on implementing thermal insulation measures in all buildings across the Kingdom, particularly residential buildings, given their significant impact on reducing household electricity consumption resulting from the continuous use of air conditioners during the summer, as well as heating systems during the winter. Specialists are working within a coordinated system through … Read more

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