Month: November 2015

Honored by Prince Saud bin Nayef Dana Bay Company wins the Best Tourism Project Award in the Eastern Province

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Reading time: < 1 MinutePrince Saud bin Nayef, Governor of the Eastern Province, honored Khaleej Al-Dana Company for winning the award for Best Tourism Project in the Eastern Province, on the sidelines of the recently concluded Restatex Eastern Province exhibition. Abdulmohsen Al-Rashid, Chairman of the Board of Directors of Jinan Real Estate, received the award from His Highness the Prince. On this occasion, Dr. Bassam Budi, CEO and Managing Director of Khaleej … Read more

Incentive decisions imminent. More than 27 countries and representatives of international companies review the Kingdom's investment incentives  

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Reading time: < 1 Minute With representatives from more than 27 countries and major global companies in attendance, the Global Innovation Summit and the Federation of Competitiveness Councils meeting opened yesterday at King Abdullah Economic City, amid significant attendance and interest from local and international investors eager to learn about the latest developments in the Saudi economy and the incentives the government offers to local and foreign investors. During the opening ceremony, the Governor of the General Investment Authority and Chairman … Read more

“Finance” Decision to suspend expropriation of real estate for public benefit; budgets to be disbursed by 3 Safar

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Reading time: 2 Minutes  The Ministry of Finance issued a decision to suspend the expropriation of real estate for public use, to refrain from entering into any new lease agreements, and to terminate previously announced building leases; and that expenditures from item and project appropriations during the fourth quarter shall not exceed 25% of the original budget allocation. The Ministry also confirmed that contractors’ payments will be disbursed through the Saudi Financial Transfer System (Sari’i) … Read more

“Sabtco signs MoU with Riyadh's King Khalid International Airport to develop passenger transportation

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Reading time: < 1 Minute  The Saudi Public Transport Company (SAPTCO) has signed a memorandum of understanding with King Khalid International Airport in Riyadh as part of efforts to develop the public transportation system to and from the airport and integrate its various modes of transport. The memorandum includes SAPTCO providing a range of services, including passenger transport between the airport’s various terminals, an express bus service connecting the airport to the city of Riyadh, and other services within the scope of the company’s activities. It enables … Read more

In the absence of a penalty clause ... . Sources confirm that landowners are circumventing the white land tax law

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Reading time: < 1 Minute  As the countdown begins to the deadline set by the Council of Ministers for the Shura Council to review the recommendations regarding land fees, some evasion tactics by landowners have begun to emerge as a preemptive measure to avoid paying the fees. Informed sources reported that various landowners are taking preemptive measures to circumvent the tax system on undeveloped land, and the source confirmed … Read more

Why do projects fail? Dr. Hussam Youssef

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Reading time: 2 MinutesSome entrepreneurs may believe that securing liquidity is the main reason for the success of their projects, but the reality is that businesses do not thrive on money alone; but rather through sound planning, wise management, and the implementation of a comprehensive set of administrative processes. On the other hand, entrepreneurs face challenges such as unrealistic profit projections; when entrepreneurs overestimate… Read more

Majid and Abdullah Al Futtaim. Two family business empires

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Reading time: 2 MinutesPrepared by Dr. Waddah Al-Said The Al-Futtaim family is among those that have contributed to the development and prosperity of the Gulf region, particularly Dubai, which has become a global hub for trade and business. The family was involved in the pearl and timber trades, and other trades that flourished in the region during the first half of the 20th century. Majid Al Futtaim Group The “Majid Al Futtaim Group” is one of the companies contributing to the development … Read more

Attar United opens its second Chopard showroom at Kingdom Mall

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Reading time: < 1 Minute  Chopard recently opened its second boutique in collaboration with Kingdom Mall in Riyadh. The mall features the Kingdom’s most prestigious and exclusive brands across a wide variety of high-end stores and showrooms, This is part of an expansion strategy with its partner, Atar United, which is the sole partner holding the Chopard brand franchise to open showrooms in the Kingdom. It was… Read more

“Al Rajhi Bank is a diamond sponsor. Riyadh Economic Forum kicks off on December 8th

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Reading time: < 1 Minute  Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz—may God protect him—the Riyadh Economic Forum will kick off its seventh edition from December 8–10, The forum will bring together a distinguished group of economic experts, government officials, and business leaders. This year’s forum will feature four major studies, including: an assessment of the Saudi economy’s ability to create … Read more

For listing on international markets, the Capital Market Authority (CMA) Calls on Companies to Apply International Accounting Standards   

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Reading time: < 1 MinuteThe Saudi Capital Market Authority called on companies to adopt international accounting standards, highlighting their positive impact on the Authority in particular and on the Saudi economy in general, noting that they will also help Saudi companies with dual listings on global markets and vice versa, and support international mergers and acquisitions.” Dr. Abdulrahman bin Mohammed Al-Barrak, a member of the Authority’s Board of Directors, who was speaking at a specialized seminar held by KPMG… Read more

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