Month: July 2016

100% occupancy rate. Chalets in Sharqiya revive for Eid holidays after Turkey's tourism slump

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Reading time: < 1 Minute  The Eastern Province witnessed a relentless movement in the tourism sector during the Eid Al-Fitr holiday, where chalet prices witnessed a rise of 30% due to the change in the tourist map in the region and multiple warnings against traveling to Turkey, which prompted some operators to restrict reservations to three nights. As many citizens and visitors to the region rushed to book early, and the percentage of ... Read more

Makkah is the world's fastest-growing city in the hotel and tourism sector, with an occupancy rate of 100%  

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Reading time: 2 Minutes  Makkah has been categorized as one of the fastest growing cities in the world in the hotel and tourism sector, as it witnessed during the past two years the highest growth rate in the number of five-star hotels in its history, and the largest increase in hotel rooms in its history, as it gathered all internationally renowned hotel brands and various stars and classifications of hotels and hotel units, which made it reap profitable returns ... Read more

Brexit-induced failure and postponement of huge real estate deals

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Reading time: 2 MinutesBrexit has cast a shadow on the local economic situation, as the sharp drop in the value of the British pound stimulated investors to buy residential units in new deals at attractive prices, while some economists considered that the investment situation in the UK is uncertain, which prompted a foreign bank to freeze mortgage loans to buyers and some investors withdrew from ... Read more

Riyadh to host 160 events at 43 venues to celebrate Eid al-Fitr Carnivals steal the show

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Reading time: < 1 MinuteThe Riyadh Municipality has achieved great success by organizing Eid Al-Fitr 1437 events and carnivals, where the Municipality organized more than 160 events every day in more than 43 locations, including all parts of Riyadh. This year's events were characterized by an interesting diversity that focused on providing a package of events that serve all segments of society, blending entertainment with culture, through a number of ... Read more

Samba report: Mortgage credit growth slows to 17%, consumer spending pattern changes for 2015

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Reading time: 2 Minutes  A report issued by the Saudi Arabian Monetary Agency (SAMA) showed a slowdown in real estate credit growth in 2015, falling from about 30% in 2014 to 17.2%, and real estate credit granted to companies accounted for 45% of total real estate credit, while real estate credit to individuals accounted for 55%. Despite the slowdown in real estate credit growth in 2015, the ... Read more

Global report predicts 50% housing costs to fall by 2020 under the National Transformation Program

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Reading time: < 1 MinuteAn economic report issued by «National Business» addressed the housing crisis in the Kingdom and its analysis according to the National Transformation Program 2020, as the report revealed that the cost of housing in Saudi Arabia will decrease by 50% by 2020, by raising the ownership rate from 47 to 52%. The report highlighted the location of the housing crisis as a key pillar in the National Transformation Plan, which aims to raise non-revenue ... Read more

Kayan Real Estate Group celebrates the continuation of its “Cash Management” partnership with Abu Dhabi Commercial Bank

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Reading time: < 1 MinuteCayan Group, the leading real estate developer in the Middle East, recently celebrated its Cash Management Partnership Agreement with Abu Dhabi Commercial Bank (ADCB), which the two companies have maintained and developed over several years. The ceremony, held at the Cayan Business Center in Dubai, was attended by senior representatives from both Cayan Group and ADCB. During the ceremony, ... Read more

“Tourism Authority issues 375 licenses in Shaaban and seizes 230 violations in tourism activities

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Reading time: 2 MinutesThe Saudi Commission for Tourism and National Heritage (SCTH) monitored (230) violations in tourism activities during Sha'ban 1437 AH, most of which were limited to the lack of an operating license in the tourist accommodation sector. The report of the General Department of Licenses and Quality in the Authority indicated that the violations in the tourist accommodation sector amounted to (201) violations, while the violations of travel and tourism agencies that were seized reached ... Read more

250 initiatives to promote decentralization, development and partnership with the private sector in the report of the “Tourism and Heritage Authority”

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Reading time: 2 MinutesThe General Authority for Tourism and National Heritage has launched 250 initiatives during the current year to enhance work in the fields of tourism, antiquities, museums, urban heritage, crafts and handicrafts, exhibitions and conferences, until this month of Ramadan. This came during the tenth annual report issued by the authority for the current year 1436-1437 AH, in which it reviewed the activation of memorandums of cooperation with the authority's partners and the relevant authorities ... Read more

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