Month: August 2016

Jabal Omar succeeds in establishing a real estate investment fund with one billion riyals to buy 52 residential units

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Reading time: < 1 MinuteAs part of its ongoing development projects in Makkah, Jabal Omar Company has successfully established a real estate investment fund aimed at purchasing a minimum of 52 residential units in the first phase of the Jabal Omar project in Makkah, with an approximate value of one billion riyals (to be determined after completion of due diligence). All procedures for establishing the fund are expected to be completed before the end of the fourth fiscal quarter, so that … Read more

Ministry of Commerce and Investment invites companies to deposit their financial statements in the “Qaqaam” program”

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Reading time: < 1 MinuteThe Ministry of Commerce and Investment has emphasized that companies must submit their financial statements through the «Qawaem» electronic filing system via accounting firms, using the website qawaem.sa. The Ministry emphasized the importance of companies promptly filing their financial statements for the 2015 fiscal year to avoid the prescribed penalties, which may include the suspension of commercial registrations for non-compliant entities and the imposition of penalties set forth in the Companies Law in … Read more

“Trade and Investment” launches campaign to protect trademarks and preserve property rights

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Reading time: < 1 MinuteThe Ministry of Commerce and Investment has begun implementing its enforcement campaign targeting markets and retail stores to protect the logos of sports clubs registered with it, which is being carried out in accordance with the Trademark Protection Law and the Commercial Fraud Prevention Law, to safeguard intellectual property rights and to fulfill the partnership announced recently following a series of meetings and workshops attended by senior officials from the relevant authorities and other … Read more

Abdulaziz Al-Issa, editor-in-chief, writes : Lease contracts ... . A painful end for the tenant

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Reading time: 2 Minutes The local real estate market suffers from numerous distortions that paint a chaotic picture of the overall landscape, despite the efforts of the relevant authorities to establish rules and regulations designed to strengthen the market and make it a productive economic activity that serves citizens and fulfills their various needs, whetherthey are investors, renters, or legitimate property owners. These distortions are evident in the real estate landscape in … Read more

President of the Tourism Authority: 775 million allocated for the construction of “Okaz City” In support of domestic tourism

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Reading time: < 1 MinuteThe National Transformation Program has allocated 775 million riyals for the development of the first phase of the «Okaz City« project, including 220 million riyals for estimated costs to construct projects by the General Authority for Tourism and National Heritage and 555 million riyals for infrastructure development both on and off-site. These development projects are expected to be completed over the next five years, beginning immediately upon approval of … Read more

“The ”Eastern Province Secretariat” Announces the Names of Citizens Who Have Received Royal Decrees Granting Financial Aid

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Reading time: < 1 MinuteIn accordance with the generous royal decrees regarding land grants, the Eastern Province Secretariat announced the names of citizens who received royal decrees granting land in Dammam, which were implemented in Al-Nairiyah Governorate under the approved plan No. (Sh.N. 133), as part of the first batch for the years 1418–1424 AH. The Secretary of the Eastern Province, Engineer Fahd Al-Jubeir, directed the completion of these procedures and the finalization of all applications for royal grants, totaling 800 grants as the first batch… Read more

After compensating owners and expropriating 5,150 properties... The Haramain High-Speed Rail will launch in Jeddah at the end of 2017

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Reading time: < 1 Minute  The General Organization of Railways confirmed in a press statement that the Al-Haramain Railway Project will begin operations at the end of 2017, The project is scheduled to be fully operational by late 2017, at which time the train will be able to transport 9,000 passengers per hour. The Authority denied rumors circulating about the project becoming operational by the end of 2016, stating that they are untrue.  It is worth noting … Read more

Ministry of Housing agrees with “Environment” to connect water services to residential projects and plans of Tajam Center

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Reading time: 2 Minutes  The Ministry of Housing signed a memorandum of understanding with the Ministry of Environment, Water, and Agriculture, headed by Abdulrahman Al-Fadli, to expedite the provision of water and sanitation services to residential developments affiliated with the Developers“ Services Center ”Itmam” within a maximum period of 60 days from the date of submission of a complete application that meets all conditions and requirements, at the headquarters of the Ministry of Environment, Water, and Agriculture. Housing Minister Majid Al-Hogail confirmed that … Read more

“The Ministry of Commerce Suspends 75 Accounts Selling Counterfeit Products and Those Without Brand Names

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Reading time: < 1 MinuteThe Ministry of Commerce and Investment has suspended 75 accounts on Twitter, Facebook, and Instagram through a special procedure it follows for violations of trademark regulations. The ministry detected that these accounts had posted approximately 36,500 advertisements for counterfeit and adulterated products bearing trademarks registered with the ministry, which constitutes a clear violation of the use of these platforms to market and promote counterfeit products and is considered a blatant infringement … Read more

Dr. Hossam Youssef writes: “Failures Who Have Benefited the World”

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Reading time: 2 MinutesSuccess has a distinct flavor and taste that only those who have tasted failure and endured its bitterness can truly appreciate; for success that comes easily fades away just as easily, All those who have succeeded in life have walked barefoot over the thorns of suffering, anxiety, and deep reflection; the winds of despair have swept them up and tossed them about time and again. There are people in life who, had they given in to the moments of failure they experienced, would have deprived humanity of so much… Read more

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