Month: November 2016

Riyadh to host Qatar-Saudi Arabia Economic Forum 2016

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Reading time: < 1 Minute  Last week in the Saudi capital, Riyadh, the Qatar-Saudi Economic Forum – Saudi Economic Forum, organized by the Qatar Chamber of Commerce and Industry in cooperation with the Council of Saudi Chambers and implemented by Riyadh Exhibitions Company Ltd., in the presence of Saudi Minister of Energy, Industry, and Mineral Resources Eng. Khalid Al-Falih, Qatari Minister of Energy and Industry Dr. Mohammed bin Saleh Al-Sada, and His Excellency Sheikh Khalifa bin Jassim … Read more

Rotana is preparing to open 16 new hotels in the Gulf in 2017

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Reading time: < 1 MinuteRotana, one of the leading hotel management companies in the Middle East, Africa, South Asia, and Eastern Europe, plans—in line with its strategic plans—to open approximately 16 new hotels in 2017, namely: four hotels in Saudi Arabia, five in the United Arab Emirates, two in Turkey and Iraq, as well as Rotana’s first hotel in Muscat, Oman. Additionally… Read more

Editor-in-Chief Mr. Abdulaziz Alissa writes...The demand gap is growing in housing

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Reading time: 2 MinutesThe recent Jeddah Urban Development and Real Estate Investment Expo in Jeddah drew a large and notable turnout, but unfortunately, most of the attendees were foreign companies marketing products outside the country. Several Saudi companies also stood out, including Sundus, which presented investment land projects and the King Abdullah Economic City. Sundus was one of the Saudi companies offering apartments priced at 1.6 million riyals, distinguished by their locations in Saudi Arabia that take into account the country’s unique characteristics in a way… Read more

Banks and Financial Institutions Charge Fees on Mortgaged Vacant Land

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Reading time: < 1 Minute Well-informed sources have clarified that banks and financial institutions will be charged fees for mortgaged vacant land, regardless of the original owners.  The sources noted that any delay in paying the fees or evasion of fines will subject violators to statutory penalties, which may include recourse to enforcement proceedings, as the fees are subject to the state revenue system. Engineer Muhammad Al-Madiheim, the supervisor … Read more

920 housing units to be delivered by Jeddah Municipality after 18 months

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Reading time: < 1 MinuteIbrahim Katbakhana, CEO of the Jeddah Urban Development and Planning Company, a subsidiary of the ”Jeddah Municipality,” revealed that the company plans to deliver 920 residential units in 46 apartment buildings in northern Jeddah in 18 months. Kitbakhana explained that these units are part of the first phase of a housing project that provides suitable housing for all segments of society. He noted that the company is working on the infrastructure for the project … Read more

Global steel prices rise to 30-month high

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Iron

Reading time: < 1 MinuteIron ore prices posted a notable rise as concerns over a slowdown in the Chinese economy eased, buoyed by measures taken by the world’s largest iron ore buyer to curb demand for coal, other commodities, and steel. Analysts said that the increase in fees imposed by the Dalian Commodity Exchange (DCE) on trading in thermal coal futures contracts … Read more

Saudi Arabia's stocks rise on private sector payout settlement

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Reading time: < 1 MinuteThe stock market index reacted strongly to the Economic Affairs Council’s decision to settle the private sector’s receivables from the state treasury and complete the process before the end of the year, rising by 2.1% to 6,328 points—a gain of 130 points— marking its fourth consecutive session of gains and recording its highest closing level in three months, amid active trading volume of 5.84 billion riyals—the highest in six months. This comes … Read more

Saudi Finance and Installment Expo kicks off Nov. 13

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Reading time: < 1 MinuteThe Saudi Finance and Installment Exhibition will be held on November 13 at the Riyadh International Convention Center. The event supports individuals, entrepreneurs, and small and medium-sized business owners in line with the Kingdom’s Vision 2030. This exhibition is an opportunity for investors to meet with companies, as it opens up avenues for cooperation between banks, finance companies, and entrepreneurs to facilitate successful investments. It also aims to improve the quality of life… Read more

Shura Council approves installment sales system and waives administrative fees for buyers

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Reading time: < 1 MinuteThe Shura Council approved the draft regulation on installment sales and rejected the proposal to impose administrative fees and commissions equivalent to 1% on sellers. This decision was made during the Council’s session last week. Members struck down the article imposing this fee following an additional recommendation by Mansour Al-Kridis, who called for the deletion of this article from the regulation, asserting that it contradicts the objective stated by the Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority regarding the regulation… Read more

Al Othaim Tourism and Leisure boosts excellence with three global awards

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Reading time: < 1 MinuteAl-Othaim Tourism and Entertainment, one of Saudi Arabia’s largest companies specializing in entertainment, has further cemented its excellence and distinguished track record by winning three international awards at the «Middle East Shopping Center Council Awards 2016» «Recon Show,» marking a new achievement that adds to the company’s impressive record of awards and distinctions in the Middle East tourism and entertainment industry. Snow City won the Gold Award for Best Theme Park Design in the Middle East … Read more

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