Month: August 2015

Bahrain Family Business Forum to discuss “Preparing the Next Generation” in late October

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Reading time: < 1 MinuteThe Family Business Conference, themed “Preparing the Next Generation,” will kick off on October 31 at Art Rotana in The Wave Islands, Bahrain. Following the outstanding success of the first conference in 2013, this year’s event will once again bring together leaders of family businesses from across the Gulf Cooperation Council (GCC), the Middle East, and South Asia. The conference will feature … Read more

Al Tayyar acquires a 25% stake in Zakher for SAR 669.8 million

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Reading time: < 1 Minute  Al-Tayyar Travel Group Holding announced the signing of an agreement to acquire shares in Zakher Real Estate Development and Investment Company with both Mohammed Ibrahim Al-Subaie & Sons Investment Company (MASK) and Abdullah Al-Mashal & Sons Company. Al-Tayyar clarified in a statement today on Tadawul that, under the agreement, Masak and Al-Mashal will jointly sell a 25% stake… Read more

Majid al-Haqeel in a month. Policies, reforms and follow-ups herald a new face for the Ministry of Housing

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Reading time: 2 MinutesLess than a month after Mr. Majid Al-Hogail assumed the position of Minister of Housing, he outlined two courses of action based on plans and strategies that are expected to bear fruit and pave the way for the Ministry to achieve its goals: The first course of action is to accelerate the completion of current projects and enforce previous decisions; the second is to implement reform policies and new plans to chart the ministry’s future. Here, we provide an overview of the first… Read more

Ministry of Housing threatens to withdraw stalled projects from contractors

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Real Estate Fund real estate

Reading time: 2 MinutesBranches of the Ministry of Housing across the Kingdom have continued to step up their inspection and monitoring tours of housing projects and work progress in order to accelerate the completion of all housing projects, whether they involve ready-to-move-in housing units or infrastructure development projects «Land and Loan» projects, in accordance with the directive of Minister of Housing Majed Al-Hogail. At the same time, the relevant departments within the Ministry are working … Read more

“Monetary Authority” : Real estate loans rise to 171 billion riyals in 6 months

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Reading time: < 1 Minute  During the first half of this year, mortgage loans rose to 171 billion riyals. Loans to individuals totaled approximately 98 billion riyals, while loans to companies amounted to about 72 billion. A report recently issued by the Saudi Arabian Monetary Authority stated that the increase in personal loans from banks amounted to approximately 16% compared to the same period in 2014. … Read more

“King Abdullah Foundation for Development Housing approves the construction of 100 housing units in Bariq

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Reading time: < 1 Minute  The King Abdullah Foundation for His Parents for Developmental Housing announced that it has approved the construction of 100 housing units as part of the housing project in «Khabat Al-Hajri» in the Barq Governorate, in addition to a number of buildings and facilities. Barq Governor Sultan Al-Sudairi said that this is an extension of the efforts and projects undertaken by this leading charitable foundation in various regions and governorates. Al-Sudairi noted … Read more

“Contractors Committee” is preparing a study on companies with stalled projects

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Reading time: < 1 MinuteFahad Al-Hammadi, Chairman of the Saudi National Contractors Committee, revealed that studies and research are currently being conducted on the number of contractors who fall under the category of «stalled,» noting that these studies cover all regions of the Kingdom, which include many different and vital projects that require swift implementation. These stalled projects have brought down a significant proportion of small and medium-sized enterprises, leading to their withdrawal … Read more

“Al Tayyar Group signs agreement to operate and manage 48 hotel villas in Riyadh

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Reading time: < 1 MinuteAl-Tayyar Travel Group Holding, one of the largest travel and tourism companies in Saudi Arabia and the Middle East, has signed a cooperation agreement with Fursan Investment and Real Estate Development, the company responsible for managing the Vivenda Hotel Villas in Riyadh, to work together to develop the luxury hospitality sector locally. Abdullah bin Nasser Al-Dawood, CEO of Al-Tayyar Travel Group Holding, said… Read more

Ministry of Housing launches 2637 new apartments at Sharqiya in its second phase

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Reading time: < 1 MinuteYesterday, the Ministry of Housing’s Eastern Province Branch launched the second phase of the “Eastern Province Housing” exhibition to market 2,637 residential apartments to eligible beneficiaries. The Ministry had selected eight companies for the South and North Dammam projects, and one company for its project in Qatif Governorate. It is worth noting that during the first phase of the exhibition, participating companies executed 1,800 contracts worth 900 million riyals and processed 100 … Read more

Real estate marketers are laying off employees as the market changes and the future is uncertain

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Reading time: < 1 MinuteMany real estate marketing companies have begun laying off employees due to the uncertainty surrounding the market’s future, resulting from certain changes in the global and local economic landscape, particularly decisions related to the real estate sector. Sources familiar with the real estate market attributed the move to a need to cut expenses in order to cope with the general slump affecting both sales and purchases in the market, despite … Read more

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