Month: August 2016

The Governor of the Asir Region Launches a Series of Infrastructure Projects

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Reading time: < 1 MinutePrince Faisal bin Khalid bin Abdulaziz, Governor of the Asir Region, inaugurated a package of projects for the Ministry of Labor and Social Development in the region, with a total cost of 89,513,983 riyals. These included the Social Education Center for Girls building project in Khamis Mushait, with a total cost of 36,161,118 riyals, with a capacity of 144 girls, and the Girls’ Care Institution project in Khamis Mushait, with a total cost of 25,648,721 riyals, … Read more

Industrial Development Fund and SAP form strategic partnership to support technology solutions

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Reading time: < 1 MinuteThe Saudi Industrial Development Fund and the global business software company SAP have announced a strategic partnership aimed at developing applications and technical solutions. Through this partnership, the Industrial Development Fund seeks to adopt SAP’s advanced technologies in the areas of planning, support, and business intelligence for organizational resources, with the goal of optimizing the use of modern technologies and applying them appropriately in all business operations … Read more

Ministry of Housing: Off-plan sales aim to reduce the cost of owning real estate units and preserve the rights of buyers

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Reading time: < 1 MinuteThe Ministry of Housing’s off-plan sales program offers a number of services to its clients, the most important of which is the marketing and sale of real estate units before or during the development or construction phase. The Ministry oversees the real estate developer’s work and monitors implementation in accordance with the timeline and the agreed-upon model and specifications. This was explained by the Secretary-General of the Off-Plan Sales Program, Mohammed Al-Ghazwani, in a press statement, noting that … Read more

It liquidated 228 shares... “Real Estate Investments” deposits hundreds of millions into shareholders’ accounts

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Reading time: < 1 MinuteThe Real Estate Contributions Committee at the Ministry of Commerce and Investment completed the deposit of more than 700 million riyals into the accounts of 2,000 shareholders during the first half of 2016, while the committee’s total disbursements since its establishment in 2012 have reached approximately 6 billion riyals, with payments made to more than 28,000 shareholders across 43 projects, some of which date back to … Read more

With a capital of (4) billion riyals. Cabinet approves the establishment of a holding fund «in the name of the Fund of Funds»

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Reading time: 2 MinutesThe Council of Ministers, chaired by the Deputy Custodian of the Two Holy Mosques, His Royal Highness Prince Muhammad bin Nayef bin Abdulaziz Al Saud—may God protect him—— a number of important economic decisions. After reviewing the proposal submitted by the Ministry of Commerce and Investment regarding the activation of the private sector’s role and increasing its contribution to the gross domestic product through the stimulation of investments … Read more

“Housing” plans to survey banks and real estate developers to clarify the mechanism for collecting white land fees

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Reading time: < 1 MinuteIn the coming period, the Ministry of Housing plans to begin meetings with representatives of Saudi banks and real estate developers to explain the mechanism for collecting fees on undeveloped land, The Ministry aims to use these fees to alleviate land hoarding within urban areas, develop land, and increase the housing supply in order to enable citizens to own homes. The Ministry will base its assessment of vacant land subject to the fees on economic value … Read more

Minimum of 200 shareholders. CMA draft sets SAR 100 million threshold for establishing real estate funds

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Reading time: < 1 MinuteA draft of the proposed terms and conditions for publicly traded real estate investment funds, issued by the Capital Market Authority, revealed that the minimum amount required to establish a fund is 100 million riyals, and the par value of each unit is 10 riyals. The draft stipulates that, for fund units to be registered and accepted for listing on the market, the units must have sufficient liquidity such that the number of unit holders from the public is no less than 200 shareholders, … Read more

National Transformation Program allocates SAR 26 billion to implement 13 quality initiatives for the Tourism Authority

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Reading time: 3 Minutes Saudi tourism has taken its rightful place within the economy and gross domestic product, serving as a key contributor to development projects, and as a testament to the Kingdom’s commitment to supporting the sector, the Council of Ministers recently approved 13 initiatives by the General Authority for Tourism and National Heritage at a cost exceeding 26 billion riyals. These initiatives constitute high-quality projects that the Authority has submitted to the government since the adoption of the National Development Strategy … Read more

186 experts at the Riyadh Economic Forum adopt five themes for the eighth session next November

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Reading time: 2 MinutesThe Riyadh Economic Forum has made significant progress in its preparations for its eighth session, scheduled for November 2017, following intensive discussions and meetings held during the main workshop, which was attended by 186 participants, including stakeholders, experts, academics, and business leaders. The studies approved by the Board of Trustees cover five key areas: “infrastructure, human resources, the business sector, legislation, policies, and procedures, and natural resources”. Recommendations … Read more

Fahad Al Hammadi calls for alliances between Arab construction companies

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Reading time: < 1 MinuteFahd Mohammed Al-Hammadi, President of the Arab Contractors Union, revealed efforts to bring together Arab contracting and construction companies and encourage mergers among them through alliances and agreements, as well as to increase coordination and cooperation among them, emphasizing the Federation’s role in enhancing coordination and cooperation among them. During his meeting with the President of the Union of Chambers of Commerce, Industry, and Agriculture of the Arab Countries and President of the Jordan Chamber of Commerce, Nael … Read more

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