Month: August 2016

Saudi International Oil and Gas Exhibition to kick off in October with wide international participation in Dhahran

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Reading time: 2 Minutes  With wide Gulf and international participation, the eighth Saudi International Oil and Gas Exhibition will host about 100 specialized companies from 25 countries, most notably from Italy and China. It will be held from October 17 to 19. Dhahran International Exhibitions Company (Dhahran Expo), the organizing company, expects the exhibition to attract more than 10,000 visitors, praising the success of all previous editions ... Read more

In three months, “Credit and Savings Bank” injects 172 million riyals into 1451 projects

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Reading time: < 1 Minute  In the second quarter of the current year 2016, the Saudi Credit and Savings Bank approved the financing of 1451 projects worth more than 172 million riyals in various regions and cities of the Kingdom, in addition to providing more than 26 thousand social loans worth more than 1.5 billion riyals. The bank's spokesperson Abdulaziz Al-Nasser explained in ... Read more

Saudi Oger offers 60% of its shares to cover its financial obligations and debts

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Reading time: < 1 MinuteSaudi Oger has entered into negotiations with multiple commercial parties to sell 60% of its shares, while banking experts expected the company's debts to reach 15 billion riyals (4 billion dollars), and follow-ups report the issuance of higher directives to end the crisis of the company's employees who have not received their salaries since ... Read more

CMA calls on investors to read fund terms and conditions and update their information

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Reading time: < 1 Minute  The Capital Market Authority (CMA), represented by the CMA Agency for Legal Affairs and Enforcement (Investor Complaints Department), monitored the number of complaints and inquiries it received during the second quarter of this year 239 cases with an increase of 31% compared to 182 in the first quarter of the same year, and according to the statistical data of investor complaints, complaints related to investment portfolios decreased by 33% ... Read more

Academic economist: Housing components cause inflation to rise in Q1 2016

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Reading time: 2 Minutes  Dr. Imtithal Al-Thumairi, an economist and faculty member at the Department of Economics at King Saud University, called for the need to take measures to provide affordable housing, noting the need to set a permissible percentage for the annual rent increase, and to seek to limit the rise in rental prices by offering a larger supply of housing and allowing multiple floors ”horizontal height” in specific and desirable neighborhoods. Reduced ... Read more

A real estate deal in Riyadh. Qatari company buys a plan for 660 million riyals to build a residential-commercial project

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Reading time: < 1 Minute  Qatar's Barwa Real Estate Company has concluded a major real estate deal by purchasing a 2,216,060 square meter plot of vacant land in Riyadh, located in the Janadriyah neighborhood on Khurais Road, with a transaction value of SAR 659,277,850, to build an integrated residential and commercial scheme. The company plans to complete the infrastructure works of the master plan in the project during the fourth quarter of the year ... Read more

Economist: Current land prices are the cause of the housing crisis 50% of the home's value

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Reading time: < 1 Minute  Dr. Saeed Al-Sheikh, an economist at the National Commercial Bank, diagnosed the rise in real estate prices that has occurred in the market in recent years, stressing that the cost of land constitutes a percentage of 50 to 60% of the value of the house in many cities, especially the main ones such as Riyadh, Jeddah and Sharqiya, while the natural value is within 30% of the value of the house ... Read more

Custodian of the Two Holy Mosques directs measures to address the situation of affected workers

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Reading time: 2 MinutesThe Minister of Labor and Social Development, Dr. Mafraj bin Saad Al-Haqbani, announced that the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - has issued directives to address the situation of workers affected by the violations of the establishments in which they work, noting that the labor law in the Kingdom provides for the preservation of the rights of workers in private sector establishments and creates a balanced relationship between the owners ... Read more

Cabinet decides to adjust visa fees; traffic and financial penalties and imprisonment await offenders

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Reading time: 4 MinutesThe Cabinet issued a number of decisions during its session held on Monday under the chairmanship of the Deputy Custodian of the Two Holy Mosques, HRH Prince Mohammed bin Naif bin Abdulaziz Al Saud, and reviewed the topics on the agenda of its session, including topics that the Shura Council participated in studying, ... Read more

650%'s high annual rent increase threatens the national economy by driving businesses out of the market

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Reading time: < 1 MinuteThe follow-ups of Amlak newspaper revealed that the Saudi market is facing a violent wave of insanely high real estate prices that will have a negative impact on the stability of the economic conditions of small and medium enterprises because of their inability to continue their activity in light of the demand of commercial real estate owners for astronomical amounts for the leased property. Informed sources confirmed that the increase in the rental value in some shops amounted to 650%, which led to ... Read more

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