Month: July 2016

“Housing” attracts a number of international companies to implement the ministry's housing projects in early 2017  

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Reading time: < 1 MinuteAs the Ministry of Housing’s strategy for a radical solution to the housing problem in the Kingdom of Saudi Arabia becomes clearer, some international companies have begun conducting economic feasibility studies for housing projects, identifying locations, and forming alliances with other companies, to carry out housing projects throughout Saudi Arabia that comply with the Ministry’s requirements and cater to all segments of society. Forecasts indicate that the Ministry of Housing will enter into agreements to implement … Read more

Jeddah Development and Urban Development Company gives property owners of Ruwais Development Project 5 options

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Reading time: < 1 Minute  The Jeddah Urban Development and Development Company presented the following options to property owners in the Al-Ruwais neighborhood of Jeddah, where the Al-Ruwais Development Project—which has already begun on-site construction—is being implemented: five options to choose from, with the possibility of combining more than one option depending on their financial circumstances and decisions. Many owners preferred the first option, which involves direct development based on certain conditions and considerations… Read more

 Banque Saudi Fransi posts a profit of 2.126 million riyals in the first half of 2016

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Reading time: < 1 Minute  Banque Saudi Fransi’s net profit for the first half of 2016 amounted to approximately 2,126 million riyals, compared to 2,066 million riyals for the same period of the previous year, representing an increase of 2.90%, continuing to achieve the same positive results recorded in 2015 and the first quarter of 2016, which exceeded the targets set in the medium-term plan. The bank also recorded a net profit of … Read more

Deadline for Jeddah's historic hotels to legalize their status under the new tourism law

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Reading time: < 1 Minute  The hotels located within Jeddah’s historic district play a significant role in the hotel and tourism sector. Based on close cooperation between the General Authority for Tourism and National Heritage and the Jeddah Municipality, these hotels have been granted a three-month grace period, beginning on the first day of Ramadan 1437 AH, to bring their operations into compliance, ending on the first day of Dhu al-Hijjah of the same year, in accordance with the Authority’s requirements and classification criteria … Read more

DAMAC Properties begins marketing residential units at Navitas Hotel & Residences in Dubai

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Reading time: < 1 MinuteDamac Properties began sales yesterday, Wednesday, for “The Beach at Navitas Hotel & Residences,” a residential complex consisting of five towers. In the first phase, three-bedroom apartments will be offered starting at 1.25 million UAE dirhams with a three-year payment plan. This is an inspiring new collection of premium apartments… Read more

According to the Ministry of Housing statistics: 90 square kilometers of white land in Riyadh

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Reading time: < 1 MinuteEngineer Mohammed Al-Mudehim, General Supervisor of the Vacant Land Program at the Ministry of Housing, revealed that non-government-owned vacant land within the urban area of Riyadh exceeds 90 square kilometers, with sizes ranging from 200 square meters to large tracts of undeveloped land. Al-Madiheim added that the proposal to establish an operating company to collect fees and inventory the land remains … Read more

Special real estate transaction: Sale of 1.8 million shares of “Jabal Omar” valued at 119.72 million riyals

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Reading time: < 1 MinuteWith a total value of approximately 119.72 million riyals, the Saudi Stock Exchange executed a private transaction involving the sale of 1.8 million shares of Jabal Omar Development Company at 66 riyals per share, representing an increase ranging from 3 riyals to 2.75 riyals per share compared to last Monday’s session. These private transactions are orders executed when a selling investor and a buying investor agree on … Read more

Taif tourism is booming, with 95% occupancy rate and demand for shopping and entertainment centers

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Reading time: 2 MinutesWith the 10th edition of the Souk Okaz Festival approaching next month during Dhu al-Qi’dah, hotels and furnished apartments in Taif have achieved an occupancy rate of more than 95%, with tourist accommodations of all categories packed with tourists and vacationers. It was also noted that farm inns and tourist lodgings in the Taif countryside—in agricultural centers such as Al-Shafa and Al-Hada—recorded a significant increase in booking rates, reaching … Read more

Saudi Arabia's Central Bank Ranks Third in Financial Solvency Among G20 Countries

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Reading time: < 1 MinuteAccording to the latest financial report issued by the International Monetary Fund on banking system solvency ratios, Saudi banks recorded the third-highest capital adequacy ratio among the G20 countries at 18.1% at the end of 2015. Indonesia ranked first with a ratio of 211.3%, followed by Germany at 18.3%, then the Kingdom (18.1%), with the United Kingdom ranking fourth at 17.9%, followed by France … Read more

Targeting more than a million visitors. The 37th Jeddah Summer Festival kicks off today with tourism, business and investment activities

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Reading time: < 1 MinuteWith more than a million visitors and tourists expected, the “Jeddah Summer 37” festival kicks off today, Wednesday. The festival aims to attract families from neighboring countries and encourage Saudis to spend their vacations on Jeddah’s beaches, and in its historic and archaeological sites, through events serving more than one million visitors and tourists and aimed at boosting tourism and generating significant commercial activity in the retail sector in … Read more

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