Month: August 2015

Ministry of Commerce finalizes liquidation of Safwa Scheme with profits exceeding 990 million riyals

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Real estate contributions

Reading time: < 1 MinuteThe Ministry of Commerce and Industry, represented by the Real Estate Contributions Committee, has finalized the liquidation of the Al-Safwa scheme in Riyadh, indicating that it achieved profits estimated at more than 990 million riyals. Last May, the committee had sold part of the Al-Safwa scheme in Riyadh with a total value of more than 400 million riyals. The committee decided to sell the remaining part of the contribution because the owner of the contribution did not respond adequately ... Read more

“Tourism Authority and Taif Chamber adopt an advisory team to develop exhibitions and conferences programs

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Reading time: < 1 MinuteThe Chairman and members of the Board of Directors of the Taif Chamber of Commerce and Industry, the Exhibitions and Conferences Committee and a team from the General Authority for Tourism and National Heritage approved the establishment of an advisory team for the Taif Exhibitions and Conferences Program, which includes five government agencies headed by the Chamber of Commerce and includes (Taif Municipality, Chamber of Commerce, Tourism Authority, Ministry of Commerce, Taif University), and nominating two private sector ... Read more

Industrial Development Fund approves 4.2 billion riyals to finance 60 projects

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Reading time: < 1 MinuteDuring the first half of the fiscal year 1436/1437 AH 2015, the Saudi Industrial Development Fund (SIDF) approved 69 loans to contribute to the financing of (60) new industrial projects and the expansion of 9 existing industrial projects with a total of SAR 4.2 billion, while their total investments amounted to SAR 13.14 billion, an increase of 10% in the number of approved loans, 64% in their value and 173% in their total investments ... Read more

“Bank of America puts $1.2 billion in real estate loans up for sale

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Reading time: < 1 MinuteThe Bank of America Group announced that it has put $1.2 billion worth of loans, mostly real estate loans, up for sale as part of a series of loan sales by US banks to reduce their loan portfolios and meet the growing demand from investment companies for risky real estate loans. According to press sources, Bank of America is selling five groups of doubtful debts ... Read more

With the participation of more than 100 specialists. The Council of Chambers launches the Businesswomen's Forum in early September

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Reading time: < 1 MinuteUnder the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz - may God protect him - the work of the Second National Forum for Businesswomen at the Council of Saudi Chambers will start on September 1 in Riyadh, and its activities will continue for two days. Read more

Riyadh Metro's main western station completes 25% of excavation work

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Reading time: < 1 MinuteRiyadh Metro's main western station completes 25% of excavation work Riyadh Metro officials announced the completion of 25% of excavation work at the main western station. According to tweets on the Riyadh Metro Twitter account: The Western Main Station is being built on an area of 12,500 square meters, on the site of the Central Vegetable Market in the western Suwaidi neighborhood ... Read more

Ministry of Finance approves additional Riyal 20 billion worth of bonds for government development

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Reading time: < 1 MinuteThe Ministry of Finance issued government development bonds worth SAR 20 billion, and these bonds were allocated to a number of public institutions and local commercial banks, and the maturities of the bonds ranged between five, seven and ten years, as follows: Five years with a rate of return (1.92%), seven years with a rate of return (2.34%), and ten years with a rate of return (2.65%). And it was ... Read more

“Municipality and Rural Development” issues a decision to establish project management offices to solve work obstacles

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Reading time: 2 MinutesThe Minister of Municipal and Rural Affairs, M. Abdullatif bin Abdulmalik Al-Sheikh stressed the need to develop the methodology, systems and mechanisms for managing municipal projects according to the latest methodologies and international standards for project management “PMI Standard” in all stages of their implementation, starting with the planning and approval stage, which includes activities to identify new projects and programs and conduct studies and designs according to development priorities and according to the reality of actual needs and strategic plans ... Read more

A record-breaking year. 193.7 tourist nights in Germany in 6 months

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Reading time: < 1 MinuteGermany's Federal Statistical Office announced that the number of tourist nights in hotels and hostels reached 193.7 million in the first half of this year. This is a 3% increase compared to the first half of 2014, which also recorded a record number of tourist nights. The number of tourist nights for foreigners rose by 5% in the months ... Read more

“DAMAC Properties collects AED 3.67 billion in installments for its residential units

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Reading time: < 1 MinuteDAMAC Properties revealed that it collected AED 3.67 billion in installments for residential units sold in its under-development projects during the first half of this year, at a rate of about AED 600 million per month. The company's Chief Financial Officer, Adel Taqi, attributed the strong collection performance and the disappearance of default rates to several factors, the most important of which is the accelerated pace of completion of real estate projects in ... Read more

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