Month: December 2015

Al Ahli Bank boosts its capital with SAR 2.7 billion subordinated sukuk

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Reading time: < 1 MinuteThe National Commercial Bank (NCB) announced that it successfully completed yesterday the issuance of a Shari'ah-compliant Tier 1 subordinated Sukuk through a private placement in Saudi Arabia worth 2.7 billion riyals, and explained that this type of issuance is considered within the requirements of (Basel III) to strengthen the bank's capital base and maintain the sustainability of the bank's growth and positive levels ... Read more

Before the end of the second week of Rabiul Awwal ... Real estate sales in 12 days achieve 11.533 million riyals

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Reading time: < 1 MinuteReal estate reports from the Ministry of Justice reported that the value of total sales in the sector achieved more than 11.533 million riyals, during the current month of Rabiul Awwal until yesterday, the twelfth of it, corresponding to December 23, and the residential sector topped the sales by 63%, while the commercial sector achieved 37% of the total sales. The total number of real estate deals and their value The total number of deals ... Read more

220 investment opportunities revealed. Abha Investment Forum announces the birth of three industrial, service and real estate companies

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Reading time: 2 Minutes  The Abha Investment Forum, which kicked off yesterday, revealed the birth of three new investment companies: Biopharmaceutical Production Factory Company, Advanced Educational Services Company, and Real Estate and Tourism Development and Investment Company, in the presence of His Royal Highness Prince Faisal bin Khalid bin Abdulaziz, Governor of Asir Region. In the presence of His Royal Highness Prince Faisal bin Khalid bin Abdulaziz, Governor of Asir Region, who opened the activities of the forum, the Chairman of the Board of Directors of the Chamber of Commerce and Industry in ... Read more

«Red Bricks» company becomes a closed joint stock company to practice real estate investment

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Reading time: < 1 Minute  With a capital of SAR 200 million, Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabiah issued a decision approving the announcement of the transformation of the Saudi Red Bricks Company from a partnership company to a closed joint stock company. The company is managed by a board of directors consisting of ... Read more

Three new candidates join the Riyadh Chamber's board of directors election list

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Reading time: < 1 Minute  Three new members joined the list of candidates for the Riyadh Chamber Board of Directors elections in its seventeenth session (1437-1441 AH), raising the list from 74 to 77 male and female candidates, and the head of the committee supervising the Riyadh Chamber Board of Directors elections Yahya Azzan said that through this number, the Riyadh Chamber records the highest number of male and female candidates and is equal ... Read more

More than twenty initiatives and programs shorten the time to transform the Real Estate Fund into a financial institution

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Reading time: 2 MinutesThe Real Estate Development Fund is preparing with intensive efforts to transform into a financial institution that will be a pioneer in the field of financing individuals and companies to build housing with specifications that satisfy the citizen, and press sources said that the work on the transformation is nearing completion in coordination with a number of government institutions and financing bodies; as there are regular meetings with these parties to accelerate the transformation. ... Read more

“Rafal starts sales at its Rafal Residence suburb north of Riyadh

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Reading time: < 1 MinuteRafal, a pioneer in the development of residential suburbs, has announced the start of the sale of its latest suburb, Rafal Residence, located in Al Sahafa neighborhood, north of Riyadh, after obtaining the approval of the Ministry of Commerce and Industry to sell the project on the map, and completing 80% of construction and finishing works. The Raval Residence consists of 27 floors, divided into 234 apartments offering 5 ... Read more

“Saudi Kuwait Finance House wins 2015 IPO of the Year Award

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Reading time: < 1 MinuteSaudi Kuwait Finance House (SKFH), represented by the Shari'ah-compliant KFH Initial Issues Fund, has been crowned the 2015 IPO Fund of the Year in Saudi Arabia, marking a first in the Kingdom's investment vehicles market. The selection was made by Global Banking & Finance Review, one of the world's leading financial community news organizations, ... Read more

(10) billion dollars to launch the UAE-China Strategic Joint Investment Fund

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Reading time: < 1 MinuteThe UAE and the People's Republic of China finalized a strategic agreement to launch a $10 billion «Joint Strategic Investment Fund» to enhance economic and political cooperation between the two countries, in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chinese President Xi Jinping, at the Great Hall of the People. Sheikh Mohammed bin ... Read more

Sharqiya Chamber issues the Saudi Contractor's Guide to Raise Legal and Procedural Awareness

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Reading time: < 1 MinuteThe Eastern Chamber, represented by the Contracting Committee, issued the second edition of the (Guidebook for the Saudi Beginner Contractor), which includes detailed information on the procedures set by government agencies and large companies in presenting their projects to contractors. The issue comes with the aim of raising the level of legal and procedural awareness among contractors, in order to achieve success for projects and keep them from delays and stumbling, while maintaining the level of quality ... Read more

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