Month: July 2017

“Google Buys 52 Properties in California for $820 Million

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Reading time: < 1 Minute  The search engine company “Google” (GOOGL.O)   has entered a new phase by purchasing 52 properties in California for approximately $820 million from real estate development partner CBRE, according to the Silicon Valley Business Journal. This move by Google—which is owned by Alphabet—comes a month after the company won exclusive rights to negotiate with San Jose authorities to purchase sixteen… Read more

Ministry of Commerce Unveils Service Allowing Companies to Obtain Immediate Approval of Their Trade Names Online

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Reading time: < 1 MinuteThe Ministry of Commerce and Investment announced that limited liability companies can now obtain immediate approval for their trade names electronically. The ministry’s official spokesperson, Abdulrahman Al-Hussein, explained that the service is available through the articles of incorporation for limited liability companies, and is also accessible on the trade name page within the terms of the electronic company formation contracts. The Ministry urged business owners to avoid names … Read more

Wage Program Takes Effect on August 1 for Establishments with 60 or More Employees

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Reading time: < 1 Minute  The Ministry of Labor and Social Development announced that the Wage Protection Program will take effect on August 1 as part of Phase 11 for establishments with 60 or more employees. The program monitors wage payments to all male and female workers (both Saudis and expatriates) with the aim of creating a database containing up-to-date information on wage payments and identifying … Read more

Visconti 4... New Japanese technology from Toshiba and Denso addresses traffic safety with innovative front-facing cameras

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Reading time: < 1 MinuteToshiba Corporation, an electronics and storage company, announced today that Denso is rolling out the “Visconti 4,” its latest image recognition processor designed for automotive applications, in next-generation active safety systems based on front-facing cameras. “Visconti 4” is considered the most advanced solution for road safety; it is multi-engine and provides drivers with real-time analysis of road conditions and potential hazards. It is increasingly … Read more

Musharaka REIT aims to distribute 90% of dividends annually It has a capital of 880 million riyals

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Reading time: < 1 MinuteWith a capital of 880 million riyals, the Capital Market Authority approved “Musharaka Financial Company’s” request to offer, register, and list units of the “Musharaka REIT Fund” on the market as publicly offered, tradable real estate investment trust units. The Capital Market Authority noted the importance of investors reviewing the terms and conditions of the “Musharaka REIT“ on the fund manager’s website and the Capital Market Authority’s website, … Read more

The Ministry of Housing Renews Its Call for Housing Subsidy Recipients to Visit the Al-Kharj Housing Project

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Reading time: < 1 Minute  The Ministry of Housing has renewed its call to housing subsidy beneficiaries and those interested in obtaining apartments in the Al-Kharj Governorate housing project to visit the site, which includes 800 residential units and more than 3,000 plots of land, spanning an area of more than 2.5 million square meters. The ministry clarified that prices for the apartments available in the project start at 266,000 riyals, with monthly installments starting at … Read more

The Ministry of Labor Plans to Form a Partnership with the Ministries of Housing and Commerce to Build 100,000 Housing Units for Social Security Beneficiaries

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Social Development Bank

Reading time: < 1 MinuteIn partnership with the Ministry of Housing and the Ministry of Commerce, the Ministry of Labor and Social Development intends to sign a joint agreement aimed at providing 100,000 suitable housing units for social security beneficiaries most in need of housing. In its annual report for2016 that the agreement will define all responsibilities and roles assigned to each party, noting that criteria have been established for those most in need of housing, including … Read more

Al Faisaliah project in Makkah aims to house 700,000 families. Creating one million jobs

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Reading time: 2 Minutes  Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of the Makkah Region, revealed the general outline of the Al-Faisaliah project, noting that it covers an area of 2,450 square kilometers, and will provide one million jobs and affordable housing for 700,000 families. He clarified that Al-Faisaliah is an extension of the city of Makkah, not a new city, as it begins at the official boundary of the Holy City and ends at the western shore … Read more

Riyad Bank Launches Wristband and Mobile Sticker Services to Enhance Service at Points of Sale

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Reading time: < 1 Minute  Riyad Bank has launched the first banking innovation for point-of-sale payments via a smart wristband or mobile sticker for Riyad Bank customers who hold Mada cards, making it the first Saudi bank to launch this service as part of its strategy for continuous development, and to create distinctive banking solutions that live up to its customers’ trust, meet their expectations, and reinforce the bank’s leading position … Read more

Plans to sell 3 troubled contributions The Real Estate Contributions Committee deposits 1.8 billion riyals in the accounts of 9,000 victims

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Reading time: < 1 Minute  The Real Estate Contributions Committee deposited «Tafsiya» 1.8 billion riyals into the accounts of 9,000 shareholders in the Eastern Province who were affected by delinquent contributions. The committee noted that the remaining amount—exceeding 1.9 billion riyals—has been fully distributed to all those on the waiting lists. Hamza Al-Askar, Secretary-General of the Real Estate Contributions Committee «Tasfiya,» said that the committee was able to recover approximately 7 billion riyals in claims … Read more

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