Month: April 2015

«SABB's profits jump to SAR 1.2 billion in 3 months

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Reading time: < 1 MinuteSABB’s net income for the three months ended March 31 (March) reached approximately 1.11 billion riyals, an increase of 34 million riyals, or 3.2 percent, compared to 1.08 billion riyals for the same period in 2014, and an increase of 146 million riyals, representing a 15 percent increase compared to the profits achieved … Read more

 800 billion riyals in investments. Saudi Water, Electricity and Energy Exhibition opens  

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Reading time: < 1 MinuteDr. Saleh bin Hussein Al-Awaji, Deputy Minister of Water and Electricity for Electricity Affairs, confirmed that the estimated volume of investments in the Kingdom’s electricity and water sectors over the next ten years will reach 800 billion riyals, noting that this presents the ministry with further challenges given the scale of spending. He made these remarks during his opening address at the 11th Saudi International Water Exhibition … Read more

UAE's Etihad Real Estate expands its investments in Saudi Arabia

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Reading time: < 1 MinuteThe UAE-based Al-Ittihad Real Estate Company plans to expand its investments in the Saudi market after signing a memorandum of understanding with Saudi Arabia’s Naif Al-Rajhi Investment Company to launch real estate projects in Riyadh starting in the second half of this year. The memorandum of understanding provides for the establishment of a limited liability company in Riyadh to engage in real estate investment and development, including the management of … Read more

”Real Estate Fund” approves the third installment of loans worth 3.3 billion riyals

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Real Estate Development Fund

Reading time: < 1 MinuteThe Real Estate Development Fund has approved the third tranche of loans authorized under the budget for fiscal year 1436– 1437 AH, totaling 3.3 billion riyals. This includes 6,667 loans for the construction of more than 8,000 housing units in the cities, provinces, and centers of the Kingdom covered by the Fund’s services, based on the order in which loan applications were submitted, and includes all applicants who submitted their applications to the Fund throughout the Kingdom as of November 9, 1425 AH. The Director General noted … Read more

Information Transparency Symposium: 200 billion riyals worth of real estate facilities built during the current year

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Jeddah Chamber

Reading time: 2 MinutesThe registration of sukuk enhances the security of the real estate market. A seminar «Transparency of Information in Sukuk Trading,» organized by the Jeddah Chamber of Commerce and Industry, revealed that the value of real estate projects currently under construction in the Kingdom is no less than 200 billion riyals, with the real estate market expected to grow significantly over the next few years. Participants agreed on the need to train employees … Read more

With 41 plots of land, Downtown Rakaz launches its first investment plan in the center of Khobar

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Reading time: < 1 MinuteRakaz Real Estate Company—the largest real estate developer in the Eastern Province—has finalized arrangements for the “Downtown Rakaz” project in Al-Khobar’s Central Business District. The aim is to meet the specific demand in the tourism and retail sectors by developing a project that addresses all the requirements of the current phase and accommodates the future growth of the Eastern Province. Commenting on this project, Abdulmohsen bin Hassan Al-Qahtani, Deputy … Read more

Al Rajhi Bank adds a new purchasing card in cooperation with Saudi Airlines

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Al Rajhi Bank

Reading time: < 1 MinuteAl Rajhi Bank has added a new card to its services to offer customers a range of exclusive benefits and privileges. This was done in collaboration with Saudi Arabian Airlines and Visa under the name “Al Rajhi Al Fursan” Card. The new card offers numerous benefits, including one free air mile in the Al Fursan program for every 5 riyals spent using the card, as well as immediate and exclusive discounts on purchases within the Kingdom … Read more

“Zamil Air Conditioners wins SAR 348 million contract for Dar Al Hijra project in Madinah

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Reading time: < 1 MinuteZamil Central Air Conditioning Co., Ltd., a wholly owned subsidiary of Zamil Industrial Investment Company (Zamil Industry), has signed a new contract worth 348 million Saudi riyals with Al-Fawzan Trading and General Contracting Company to supply advanced cooling systems with special specifications for the Saudi Real Estate Development Company’s (Dar Al-Hijrah), owned by the Public Investment Fund under the Ministry of Finance, in Madinah in the region … Read more

STC's brand maintains global leadership with a value of SAR 21.36 billion

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Reading time: < 1 MinuteSaudi Telecom Company (STC)“s brand ranked 240th among the world’s top brands, moving up 30 spots from last year’s ranking, according to a report by Brand Finance, a global firm specializing in brand valuation. It is the only Saudi company included in this list, and its brand value has thus increased by 14.5% compared to 2014, reaching 5.695 billion … Read more

Prince of Makkah receives briefing on the projects of ”Al Balad Al Amin” and ”Jeddah for Development and Urban Development”

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Reading time: < 1 MinuteHis Royal Highness Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of the Makkah Region, listened yesterday in his office in Jeddah to a comprehensive briefing on programs to develop informal settlements such as Al-Nakasa and Al-Kadwa, as well as the development of Jabal Al-Sharashif and Zamzam Square, housing, and suburban development, as well as public transportation projects. This took place during his meeting with Al-Balad Al-Amin Company; the meeting also included Jeddah Urban Development and Planning Company. … Read more

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