Month: August 2016

Jeddah Real Estate Industry Forum to be launched in October with the participation of experts, specialists and academics  

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Reading time: < 1 Minute  With the participation of a select group of experts, specialists, and academics in the fields of real estate and finance, the “Real Estate Industry” Forum will take place on October 25 and 26 at the InterContinental Jeddah Hotel, under the supervision of University President Dr. Abdul Fattah Mashat. This initiative reflects the university’s commitment to engaging with societal issues and strengthening the partnership between the university and the private sector to develop the educational and professional aspects of the real estate markets and their requirements, with the aim of preparing future leaders in … Read more

Ministry of Housing launches housing savings program starting from 300 riyals per month

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Reading time: < 1 Minute  The Ministry of Housing plans to launch a housing savings program aimed at enabling citizens to purchase a housing unit for a maximum of 1.04 million riyals, The draft regulations for joining the program specify four categories of beneficiaries based on their monthly savings amounts, which are 300, 500, 1,000, and 2,000 riyals, provided that the saver participates regularly in the program for a period of no less than … Read more

“Jabal Omar” and Al-Inmaa Investment Company Plan to Establish a Real Estate Income Fund

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Reading time: < 1 MinuteJabal Omar Development Company, in collaboration with Al-Inmaa Investment Company, intends to establish a real estate investment fund that generates income, pursuant to an agreement between the two parties, in accordance with the Capital Market Law and its implementing regulations, for the purpose of selling and leaseback of real estate assets. The fund will acquire certain operating assets located within the first phase of the Jabal Omar project in Makkah, and the assets of the first phase include five hotels … Read more

With a fleet of Airbus aircraft, Sky Prime Airlines receives its operating license and is set to launch in 2016

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Reading time: < 1 Minute  Sky Prime Salem Al-Muzaini has been granted a license (as a national air operator for charter flights), with the Minister of Transportation and Acting Chairman of the General Authority of Civil Aviation, Sulaiman bin Abdullah Al-Hamdan, presenting the license to the company’s CEO during a ceremony held for this occasion at the Four Seasons Hotel in Riyadh. Al-Hamdan emphasized during the ceremony that 2017 will be a significant turning point for the air transport industry in … Read more

Ministry of Justice Resolves Dispute Over Rabou’ Makkah Investment and Restores Rights to 2,700 Investors

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Reading time: < 1 Minute  After a legal battle lasting more than 12 years, the Ministry of Justice, represented by the competent judicial chamber, resolved the Rabou’ Makkah case after the chamber issued its ruling on Tuesday, the 20th of Dhu al-Qi’dah. The court ruled to restore the rights of the 2,700 shareholders to the land, which has a total area of 3,666,711 square meters in Makkah al-Mukarramah, … Read more

“Mechanisms to Support SMEs and Entrepreneurship” forum kicks off today and the launch of the “Nine Tenths” program”

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Reading time: < 1 MinuteToday marks the start of the “Mechanisms for Supporting Small and Medium-Sized Enterprises and Entrepreneurship“ forum and the launch of the ”Nine-Tenths” program, implemented by the Human Resources Development Fund (Hadaf). The program aims to develop small and medium-sized enterprises and transform them into job-creating institutions through a range of essential services designed to foster growth and advancement in the sector and make it a more attractive environment for Saudis, by contributing … Read more

Trade Minister Praises Cabinet Decision to Form a Board of Directors for the Investment Authority

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Reading time: 2 Minutes  Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, affirmed the Investment Authority’s commitment to working on the development and growth of the small and medium-sized enterprise (SME) sector to contribute to achieving the long-term goals of Vision 2030 and the medium-term goals of the National Transformation Program. Al-Qasabi noted that the ministry is working to mobilize all resources and capabilities to increase the contribution of the small and medium-sized enterprise sector … Read more

“Housing”: The “Etmam” Center Overcomes Development Obstacles… and We Are Committed to Speeding Up Completion to Boost Supply and Increase Homeownership Rates

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Reading time: 2 Minutes  The Ministry of Housing reaffirmed its commitment to the 120-day timeframe for completing the approval process for housing plans through the Real Estate Developers Services Center (Itmam) from the date the application is submitted. The Ministry noted that this measure aims to accelerate the introduction of housing projects into the market with diverse options that contribute to increasing homeownership rates, in line with the strategic goal of improving the sector’s performance … Read more

Estimated at approximately five billion dollars... Saudi Arabia ranks first in real estate and tourism investment in Turkey

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Reading time: < 1 Minute  A high-ranking Turkish official revealed that Saudi Arabia ranks first in real estate and tourism investment with approximately $5 billion, while the United Arab Emirates ranks second in terms of investments in Trabzon Province, with the value of Emirati investments exceeding $2 billion, Qatar ranks third, followed by Kuwait. Yugal Yavuz, the governor of Trabzon, explained during a meeting … Read more

13 ministries and government agencies are launching programs to privatize some of their services and outsource them to the private sector

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Reading time: 4 Minutes  Thirteen ministries and government agencies announced the launch of programs to privatize certain services by outsourcing them to the private sector or establishing affiliated companies to operate according to private-sector principles, Meanwhile, employees in these entities will be handled according to specific arrangements, including retirement, transfer to another government agency, or transfer to various companies and institutions. Several … Read more

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