Month: April 2016

Alwaleed bin Talal: Paris' George V is the world's first and most expensive hotel

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Reading time: < 1 Minute The Four Seasons Hotel George V in Paris has been named the “World's Best City Hotel” for 2015 by Gallivanter's Guide. HRH Prince Alwaleed bin Talal bin Abdulaziz, Chairman of Kingdom Holding Company, expressed his delight at the award, saying that the George V is the first and most prestigious hotel in the world. What makes the hotel ... Read more

“Saudi Real Estate” hosts international experts to set the future vision for the development of “Al Wasil” project”

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Reading time: < 1 MinuteSaudi Real Estate Company (SREC) organized an advanced workshop to develop a future vision for the Al Wasil project, which is located on Sulbukh Road in the northwest of Riyadh on an area of seven million square meters. The workshop, which lasted from mid to late March, was attended by a group of experts, consultants and developers from different parts of the world, represented by ... Read more

In a TV interview, Minister of Housing: We plan to set up a development company that gives land and provides financing

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Reading time: < 1 Minute The Ministry of Housing is planning to create a development company and start launching a mortgage fund to encourage banks to increase lending. The ministry will also regulate developers, but the final ownership of the product will be held by another government entity, Minister of Housing Majid Al-Hogail revealed. The new development company will give companies plots of land to build homes and help them secure financing. Read more

Real Estate Fund disburses 6 phased payments to beneficiaries in 2016

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Reading time: < 1 MinuteInformed sources confirmed that the Real Estate Fund has started at the beginning of the week to disburse loans to beneficiaries who signed contracts to buy housing units before the decision to restructure the mechanisms of granting loans, indicating that the Fund will start within days to disburse mortgage loans to beneficiaries, expecting that the current year 2016 will witness the disbursement of about six payments in stages to beneficiaries, but he did not ... Read more

The head of the Chamber of Commerce's Steel Committee denies that companies intend to raise steel prices

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Reading time: < 1 MinuteEngineer Sha'il Al-Ayed, Chairman of the National Steel Committee of the Saudi Chambers of Commerce, confirmed that there is no truth to what was reported in some media outlets about the intention of steel companies to raise prices, stressing that prices are a private matter for each company, and the determination of the price is subject to market factors in terms of supply and demand, and that this does not fall within the work of the committee and its competencies. Some media outlets had reported a statement by the head of the ... Read more

India invites real estate developers to build 50 million housing units

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Reading time: < 1 MinuteIndian Prime Minister Narendra Modi called on Saudi companies and businessmen to invest in his country, especially in real estate development, stressing his country's need to build 50 million housing units, and revealed the issuance of a number of infrastructure laws to address obstacles, and promote the opening of the field for economic partnerships, especially in manufacturing and technology, pointing out that the Kingdom has the fertilizer industry that India needs, ... Read more

“LG showcases its latest innovations at the Global Luxury Show in Riyadh

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Reading time: 2 Minutes  The participation of LG Electronics Saudi Arabia, the world's leading technology giant in the production of advanced electronic devices, in the International Luxury Show, which is hosted by the Kingdom for the fourth consecutive year, received great attention from visitors looking for excellence and uniqueness, as LG was able to attract many visitors with its innovative products, who expressed their great admiration for the level of ... Read more

Penalty could be up to 10% of sales... The Competition Council warns steel companies against agreeing to raise prices

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Reading time: < 1 Minute The Competition Council warned steel companies in the Kingdom against agreeing to raise the prices of steel because it is considered a violation of the Competition Law under Article 4, which explains that any agreements between competing enterprises, whether written or oral, aimed at controlling the prices of goods and services intended for sale by increasing, decreasing, stabilizing or in any other way harming legitimate competition is considered ... Read more

Saudi Arabia to launch $2 trillion sovereign wealth fund

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Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Deputy Crown Prince, Second Deputy Prime Minister and Minister of Defense, has announced the establishment of the largest sovereign wealth fund in the world, worth two trillion dollars, to prepare for the post-oil era, has found deep satisfaction in economic and political circles because the move is considered a positive step and aims to distribute wealth to generations ... Read more

Ministry of Commerce imposes fines and penalties on 40 real estate offices in Riyadh

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Reading time: < 1 MinuteThe Ministry of Commerce and Industry organized inspection campaigns for real estate offices that resulted in the seizure of 40 violators in Riyadh, where the violations represented exceeding the sales or rental commission of (2.5 %) of the value of the contract for a year or its repetition, combining real estate activity with other activities in the headquarters, employing non-Saudi workers, in addition to not adhering to the commercial name, ... Read more

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