Month: July 2016

“Tourism Authority reviews regulations for the sector, incentivizes investors, and punishes violators And punish violators

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Reading time: 2 Minutes  The General Authority for Tourism and National Heritage is working to raise awareness of the new tourism system and present its implementing regulations, and in this context, Dr. Faisal Al-Sharif, Director General of the General Authority for Tourism and National Heritage in the Holy Capital, reviewed the most important provisions of the system, which regulate activities and professions related to the sector, starting with licensing and classification, then oversight, and ending with penalties, while explaining the incentives for investment in … Read more

Dubai to host global event in September Cityscape celebrates exhibitors and prepares for the 15th edition

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Reading time: < 1 MinuteCityscape Global has attracted more than 46,000 attendees across its various editions, marking a significant shift in the focus of investors, real estate developers, and officials toward the exhibition—the largest of its kind in the Middle East—as they look to set their agendas there.  The 15th edition of Cityscape Global in Dubai is expected to attract a new wave of real estate investors from across the region, following… Read more

”Housing” targets all categories of citizens in line with the Kingdom's Vision 2030

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Reading time: 2 MinutesThe Ministry of Housing aims to provide housing support to all citizens across various categories, including widows, divorcees, orphans, and those with limited or low incomes. It is currently working on a range of programs and initiatives related to these groups to provide them with suitable housing, such as the Affordable Housing Program, in addition to an active partnership with the Ministry of Labor and Social Development in this regard. Housing and the Kingdom’s Vision … Read more

Makkah is the fastest growing city in the world with 100% occupancy rate

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Reading time: 2 MinutesMecca has been ranked among the world’s fastest-growing cities in the hospitality and tourism sector, having witnessed the highest growth rate in the number of five-star hotels in its history over the past two years, and the increase in hotel rooms is the largest in its history. It has brought together all internationally renowned hotel brands, across various star ratings and classifications of hotels and hotel units, enabling it to generate significant profits… Read more

Saudi Fund for Development finances major projects abroad with SAR 2.4 billion

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Reading time: 2 MinutesThe Saudi Fund for Development has achieved numerous successes in financing its overseas programs; during 2015, it funded approximately 19 development projects and programs, including 9 programs and projects in Africa and 10 others in Asia, with total funding amounting to 2,454 million riyals. This brings the total loans and financial contributions provided by the Fund since its establishment through the end of last year to 47 … Read more

Madan confirms no brokering on industrial land and emphasizes investor's seriousness

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Reading time: < 1 Minute    The Saudi Authority for Industrial Cities and Technology Zones (MODON) has emphasized that it will not tolerate the use of land designated for productive and industrial projects for the purpose of converting it into warehouses or leaving it vacant, as this violates the terms of the contract signed between the two parties. Sami Al-Hussein, Director of Marketing and Corporate Communications at MADIN, emphasized that the industrial lands planned and developed by the state, at a cost of millions of riyals, are granted for the purpose of establishing … Read more

“Commercial banks lend SAR 1.7 billion under the Kafalah program in six months

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Reading time: 2 MinutesEngineer Osama bin Abdulrahman Al-Mubarak, Director General of the Small and Medium Enterprises (SME) Financing Guarantee Program, revealed that the value of financing provided by banks participating in the program reached 1,770 million riyals, compared to 1,649 million riyals during the same period of the previous year. During the first half of the fiscal year 1437/1438 AH (2016), the program’s management issued 1,697 guarantees, compared to 1,711 guarantees … Read more

UAE's Abraaj Group closes one of its $526 million Turkey funds

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Reading time: < 1 MinuteThe UAE-based private equity firm Abraaj Group announced the closing of its first dedicated fund in Turkey, which was launched in 2014 with a total value of $526 million. The group explained that the fund raised a total of $486 million, with an additional $40 million to be directed toward co-investments, compared to the target level of $500 million. European and American investors hold approximately … Read more

The Ministry of Housing officially launches the e-portal of the Developer Services Center “Completion”

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Reading time: < 1 MinuteMohammed Al-Ghazwani, General Supervisor of the “Etam” Center, confirmed that the launch of the official website for the Developer Services Center “Etam” aims to develop the real estate sector, streamline its procedures, and create an attractive environment to increase investment in this sector from within and outside the Kingdom, noting that this contributes to accelerating the pace of work on housing projects and, consequently, increasing the supply at the … Read more

The volume of trade between the Kingdom and America rose from 26 to more than 74 billion dollars

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Reading time: 2 MinutesEconomic and trade relations between the Kingdom and the United States have seen significant growth, with the volume of bilateral trade rising from $26 billion to over $74 billion over the past ten years.This was revealed by Dr. Bashir bin Mohammed Al-Ghurayid, Executive Director and Secretary General of the Saudi-American Business Council. Economic ties between the two countries and through economic relations between … Read more

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