Month: December 2015

Industrial Development Fund: 118 billion riyals worth of funded industrial projects

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Reading time: < 1 MinuteDr. Nayef Al-Shammari, Director of the Credit Department at the Industrial Development Fund, revealed that the total number of industrial projects financed by the Fund through the end of 2014 reached 2,717, with total allocations amounting to 118 billion Saudi riyals, distributed as follows: 38% in the chemical industry, 20% in the engineering industry, 17% in the consumer goods industry, 11% in the building materials industry, 101 projects in the cement industry, 41 projects … Read more

”Trade” urges foreign investors to fulfill license requirements to avoid suspension

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Reading time: < 1 Minute  The Ministry of Commerce and Industry urged foreign investors in the Kingdom’s industrial sector to obtain the necessary licenses from the Ministry authorizing them to conduct business, so as not to be subject to the suspension of services at their facilities, The Ministry emphasized the importance of meeting licensing requirements and obtaining a valid license from the General Investment Authority to engage in any industrial activity. The Ministry revealed … Read more

for the upcoming Riyadh Chamber Council. !!! Abdulaziz Al-Issa

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Reading time: < 1 MinuteThe elections for the Board of Directors of the Riyadh Chamber of Commerce and Industry, now in its 17th term, come at a time when the Kingdom is experiencing steady growth in investment volumes, and the Riyadh region bears a heavy burden in setting the country’s economic course, as it serves as the driving force and primary guide for the economy. Participating in the electoral process of the Chambers of Commerce and Industry is no longer a luxury or a family tradition, but rather… Read more

Warning about disconnecting service to residential and commercial units

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Reading time: < 1 MinuteThe Saudi Electricity Company has clarified that some owners of residential and commercial units are cutting off electricity service to tenants on their own initiative if they are late in paying their rent. It noted that this disconnection is carried out without judicial rulings or orders from regional administrative authorities, and without consulting the company, which constitutes a violation … Read more

«Contractors Authority to hold its first meeting this week

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Reading time: < 1 MinuteThe Saudi Contractors Authority will hold its first meeting this week, following the completion of the formation of its board of directors. Regarding the classification of construction companies operating in the market, the royal decree stipulates that no company is eligible to participate in a government tender without obtaining a certificate from the Contractors Authority; consequently, the Authority will coordinate with all relevant authorities in the coming phase… Read more

The Ministry of Labor begins returning the SAR 2,400 to contracting companies

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Reading time: < 1 MinuteOver the next two weeks, the Ministry of Labor will begin refunding the amounts it previously collected from certain construction companies under the work permit fee of 2,400 riyals per expatriate worker, while it had previously collected 200 riyals, as was the case before the 2,400 riyal decision. The Ministry has extended the deadline for companies to submit requests for refunds of the 2,400 riyals for the next six months. It confirmed … Read more

With 165 residential units, Taraz Al Arabia and Manafa Holding award Riyadh's Midtown residential project

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Reading time: < 1 MinuteTaraz Al-Arabiya has entered into a joint development agreement with Manafa Holding in the residential development sector; this marks the first project between the two companies to develop the «Mid Town» project, located in northern Riyadh. The agreement was signed by Mr. Mohammed Saad bin Dawood, CEO of Manafa Holding, Dr. Mamoun Abdullah Al-Muneef, Managing Director of Taraz Al-Arabiya, and Mr. Qusai Abdullah Al-Fakhri, … Read more

Auction of Dana Al Rams in Qatif to be launched. Tomorrow Friday and Saturday

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Reading time: < 1 MinuteA real estate consortium comprising Al-Nooh Real Estate Company, Abdullah Al-Suleiman Real Estate Group, Talal Al-Ghunaim Group, and Ajlan & Brothers is organizing the public auction for “Dana Al-Rams Project” this coming Friday and Saturday at the Sheraton Dammam Hotel. The auction is expected to attract significant interest from investors due to the project’s substantial potential, as evidenced by the number of lots available… Read more

Significant drop in the value of real estate transactions last month

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Reading time: < 1 MinuteThe value of real estate transactions across various cities in the Kingdom during the month of Safar 1437 AH saw a significant decline of approximately 41.1% compared to the same period last year, reaching 24.1 billion riyals. This was revealed by data released by the Ministry of Justice. According to a report cited by “media sources,” real estate transactions are divided between residential and commercial properties, with the value of residential transactions during … Read more

Minister of Commerce honors Bank Albilad for sponsoring the Riyadh Economic Forum

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Reading time: < 1 MinuteIn recognition of its ongoing contributions to supporting sustainable social development initiatives and its sponsorship of economic events, the Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, honored Al-Bilad Bank, the social responsibility partner of the Riyadh Economic Forum in its seventh session, organized by the Riyadh Chamber of Commerce and Industry and attended by a distinguished group of economic and legal experts, government officials, and business leaders, under the patronage of His Majesty … Read more

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