Month: August 2017

Riyad Bank Announces That Its Foreign Currency ATMs Are Ready to Serve Mada Cardholders at Other Banks

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Reading time: < 1 MinuteRiyad Bank announced that its foreign currency ATMs are now available to Mada cardholders at other banks, having previously been reserved exclusively for Riyad Bank customers. This move is part of the bank’s strategy for continuous development and the creation of distinctive banking solutions. Riyad Bank is the first Saudi bank to launch an ATM that dispenses four foreign currencies with competitive features, enabling all Mada cardholders to … Read more

King Salman condoles Al-Subaie's sons by phone Princes, ministers and businessmen bid farewell to philanthropy pioneer

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Reading time: 2 Minutes  In a telephone call, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz—may God protect him—conveyed his condolences and sympathy to the sons of Muhammad bin Ibrahim Al-Subaie (may God have mercy on him). The sons of the deceased—Ibrahim, Nasser, and Abdulaziz Muhammad Al-Subaie—expressed their deep gratitude to the Custodian of the Two Holy Mosques for this paternal gesture, which is characteristic of him toward his fellow citizens, praying to God to grant him health, well-being, and guidance… Read more

“Saudi Kuwaiti Finance House appoints Badr Al-Anzi as CEO

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Reading time: < 1 Minute  Saudi Kuwaiti Finance House announced the appointment of Mr. Badr bin Hamid Al-Anzi as the company’s Chief Executive Officer, Al-Anzi brings extensive practical experience from his work in various positions and roles at the Saudi Capital Market Authority, the Malaysian Securities Commission, Riyad Bank, Al-Rajhi Bank, and Gulf House, in a range of fields including risk management and development … Read more

The National Plan for Small and Medium-Sized Enterprises will be finalized by the end of this year... and its contribution will be increased to 1.7 billion riyals

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Reading time: 2 MinutesThe General Authority for Small and Medium-Sized Enterprises (SMEs) announced that work is underway to prepare the National Plan for SMEs, with expectations that it will be completed before the end of this year and then submitted to the highest authorities for approval, and is expected to play a major role in charting a roadmap for these enterprises. The Authority stated that it visited 17 countries to benefit from their experiences, noting … Read more

“Housing” approves 77 real estate developers who met Wafi's requirements to work on the ministry's projects

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Reading time: < 1 MinuteThe Ministry of Housing, represented by the Off-Plan Sales and Leasing Committee, announced that 77 real estate developers have been approved to work on real estate development projects launched by the Ministry and other projects implemented under the off-plan sales system, and approved their registration in the developers“ registry. The Secretary-General of the Off-Plan Sales and Leasing Program ”Wafi,” Mohammed bin Saud Al-Ghazwani, explained that the committee approved the qualification and registration of the developers … Read more

Real Estate Fund gives “subsidized financing” beneficiaries 24 months to pay their obligations with banks

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Real Estate Fund - Real Estate

Reading time: < 1 Minute The Real Estate Development Fund has granted beneficiaries of the “Subsidized Financing” program a 24-month grace period to settle their obligations to banks in order to receive full support, Press sources confirmed that the beneficiaries’ obligations affect the amount of financing from the lender, noting that repayment of these obligations is not mandatory to receive support but is an initiative on the part of the beneficiary to receive full support. The sources reported … Read more

19,197 Zahra Oasis subscribers invested SAR 48.8 million by the end of the fourth day

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Reading time: < 1 MinuteSaudi Fransi Capital, the financial advisor, bookrunner, institutional subscription registrar, and underwriter for the public offering of Zahrat Al-Waha Trading Company, that by the end of the fourth day, the subscription process for the company’s shares had recorded participation from 19,197 subscribers, who invested 48,841,680 riyals through 957,680 shares, bringing the subscription coverage ratio as of that day to 106.41% of the total shares … Read more

The Saudi Arabian Monetary Authority threatens to revoke the licenses of 12 insurance companies if they do not bring their affairs into compliance within 20 days

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Reading time: < 1 Minute  The Saudi Arabian Monetary Authority (SAMA) has given 12 insurance companies 20 business days to rectify and regularize their status, starting today, Sunday, August 20, warning that it will initiate procedures to revoke their licenses. SAMA explained in a statement published on its website that the companies in question have failed to fully comply with regulatory requirements and instructions related to the practice of insurance and have not responded to … Read more

The "Biban 2017" Forum, which will showcase scientific and academic expertise, kicks off on September 17 to support small and medium-sized enterprises

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Reading time: 2 MinutesDuring a press conference held today to mark the launch of the "Biban 2017" forum, which will take place over four days from September 17 to 20, 2017, at the Riyadh Exhibition and Convention Center, Dr. Ghassan Al-Suleiman, Advisor to the Ministry of Commerce and Investment and Governor of the General Authority for Small and Medium Enterprises (Monsha’at), announced that the forum aims to open up growth opportunities for small enterprises … Read more

The total value of real estate transactions last week rose to 4699 transactions worth 4.98 billion riyals

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Reading time: 3 MinutesEight residential and commercial projects in Makkah, Riyadh, and Al-Khobar were sold for a total value of 1.2 billion riyals, accounting for approximately 24.3 percent of the total value of real estate transactions during the week, causing real estate transactions to rise by 57.4 percent and settle at 4.98 billion riyals, compared to their decline … Read more

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