Month: November 2016

Issuance of Regulation No. 1087 governing internal operations in private-sector facilities in the Kingdom

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Reading time: < 1 Minute  The Ministry of Labor and Social Development has approved 1,087 work regulations for private-sector establishments since the ministry launched its online service for approving work regulations in private-sector establishments last Shawwal, It was noted that 1,039 of these regulations were approved electronically, and 48 were approved on paper. This was stated by the Assistant Undersecretary for Inspection at the Ministry of Labor and Social Development … Read more

Saudi Arabia's banking sector records highest Emiratization rate in its history

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Reading time: < 1 MinuteThe Saudization rate in the banking sector reached its highest level in the sector’s history at 90.21% by the end of 2015, compared to 89.11% in 2014, The number of Saudi employees in the sector rose from 42,400 in 2014 to approximately 44,700 by the end of 2015, representing a growth rate of 5.41%. In the same context, the number of … Read more

The projects included a variety of initiatives... The Custodian of the Two Holy Mosques lays the cornerstone for a number of Ministry of Housing projects in Al-Ahsa

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Reading time: 3 MinutesA Renaissance of Development and Urbanization The Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, then delivered a speech in which he emphasized that the housing sector, like other sectors, has received the constant attention of the Custodian of the Two Holy Mosques, out of his commitment —may God preserve him—to promote stability and the economic and social well-being of the nation and its citizens, to continue steadily on the path of growth and progress, and to ensure comprehensive and balanced development across all regions of the Kingdom, … Read more

Minister of Housing confirms shift to apartment ownership due to its many advantages

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installations

Reading time: < 1 Minute   Housing Minister Majid bin Abdullah Al-Hogail confirmed that there is a general trend in the Kingdom, particularly in cities, toward a shift toward home ownership, as evidenced by official statistics confirming the growing number of marketable residential units in multi-unit buildings being introduced to the market.” He explained that the Ministry of Housing is working on preparing several related programs while … Read more

Al-Aqaria Contracting Company Establishes a Contracting Company with a Foreign Partner

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Saudi Real Estate Company

Reading time: < 1 MinuteTo strengthen its position in the real estate sector, a construction company established a company named “Saudi Real Estate Development Company,” a closed joint-stock company with a capital of 100 million riyals, in partnership with the Turkish partner “Kaya Homes.” The real estate company owns 60% of the capital, and the Turkish partner owns 40%. The company was established as the real estate company’s operational arm to ensure quality, speed of completion, and low costs, in line with the company’s vision … Read more

Dar Al-Arkan Repays Full Value of Islamic Bonds

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Reading time: < 1 MinuteDar Al Arkan Real Estate Development Company has successfully repaid the full amount of its Islamic bonds, totaling 1.125 billion riyals (equivalent to $300 million). These sukuk mature on November 25, and the full amount of the sukuk and returns has been transferred to the designated account and will be deposited into the sukuk holders“ accounts on November 25, 2016. The company had previously launched Dar Al Arkan’s Sharia-compliant sukuk program… Read more

”Al Omran” succeeds in selling 45.6 million shares in «Almarai»

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Reading time: < 1 MinuteOmran Al-Omran & Partners Co., Ltd. sold approximately 45.6 million shares of Almarai for a total of 2.7 billion riyals, The number of shares sold represents 5.71% of the company’s total capital of 800 million shares, and it still holds shares in Almarai following the completion of the sale. Three entities are included in the list of the company’s largest shareholders … Read more

King Abdullah Economic City prepares to launch its second round of land sales in Riyadh“

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Reading time: < 1 MinuteKing Abdullah Economic City is launching its second round of residential land sales designated for villa construction in the “Al-Shati” in Al-Murooj district, considered the most prestigious coastal residential neighborhood in the Economic City, at the Al-Faisaliah Hotel in the capital Riyadh from November 25 to 27, 2016. The “Al-Shati” area spans 900,000 square meters and includes plots designated for the construction of villas … Read more

Editor-in-Chief Mr. Abdulaziz Al-Issa He writes ... the importance of raising real estate awareness

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Reading time: 2 MinutesAchieving the ambitious economic goals outlined in “Saudi Vision 2030,” such as increasing the share of non-oil exports to 50% from 16%, becoming the top-ranked country in the region and 25th globally in logistics support services, and increasing the share of foreign investment to over 51%, will only be possible through genuine development of the Kingdom’s infrastructure and the advancement of … Read more

Completion Center receives citizens to register their lands in the fees program

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Reading time: 2 MinutesThe Ministry of Housing has called on all owners of land subject to the vacant land fee system who were unable to register their land via the website to visit the “Itmam” developer service centers “Etmam” in Riyadh, Jeddah, and Dammam to register with the center’s staff, noting the need to bring all documents required for registration, such as land information, survey maps, and others. The General Supervisor of … Read more

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