Month: November 2017

Riyad Bank participates in Aspar International Forum 2017 to promote development plans and the knowledge economy

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Riyad Bank - Off-plan Selling - Real Estate Finance

Reading time: < 1 MinuteWith the aim of supporting the Kingdom’s development plans, Riyad Bank is participating as a Gold Sponsor in the 2017 Aspar International Forum, reflecting the bank’s commitment to fostering creative and innovative discussions for the knowledge economy. The forum, which will take place this year from November 14–16, aims to attract a select group of leading global experts, in addition to the participation of international companies … Read more

Dubai unveils “The Lines” project, the world's largest suspended building, featuring 357 residential units

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Reading time: < 1 MinuteIthra Dubai, a company owned by the Dubai Investment Authority, has unveiled its new project, «The Link,» which is considered the world’s largest cantilevered building. It connects the two main towers of the project «One Zabeel,» at a height of 100 meters and a length of 210 meters, redrawing the city’s skyline and adding an attractive option to Dubai’s tourist attractions. In this context … Read more

Taif Municipality: Warns Against All Forms of Encroachment and Seizure of Government Land... and Threatens Deterrent Penalties for Violators                                 

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Reading time: < 1 MinuteThe Taif Municipality has warned against all forms of encroachment and illegal occupation of government-owned land, noting the severe penalties that will be imposed, as well as the strict enforcement of sanctions, regulations, and directives in accordance with the royal directives on this matter, and the circulars issued by the Emirate of the Makkah Region and the Ministry of Municipal and Rural Affairs, which mandate the removal of encroachments and violations from the outset, and the monitoring of all sites to ensure this phenomenon is contained. The Taif Municipality had … Read more

This includes money transfers. The General Authority for Zakat and Income Tax (GAZT) identifies 7 activities exempt from VAT

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Zakat & Income Tax - Zakat & Income Tax - Property Tax - Tax

Reading time: 2 Minutes  The General Authority for Zakat and Income Tax has denied that money transfers within the Kingdom are subject to value-added tax (VAT), confirming that they fall under the list of exemptions in the financial services sector. In a statement yesterday, it clarified that VAT is calculated only on transfer fees at a rate of 5%, and is paid by the person transferring the funds. Exemption of interest on loans or lending fees, and it noted that the regulations … Read more

Transportation Minister in Dammam: Stalled projects are a priority for us... and we will deal firmly with contractors and consultants who fail to meet their obligations

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Reading time: < 1 Minute  Transport Minister Dr. Nabil bin Mohammed Al-Amoudi affirmed that the ministry is paying close attention to stalled projects, explaining that the ministry will deal firmly and decisively with any negligence or delays. This came during his visit to Dammam yesterday, Wednesday, to inspect projects currently under construction and maintenance in the Eastern Province, accompanied by the Undersecretary for Roads, Engineer Majid bin Rafid Al-Arqoubi, and the Director General of the Ministry’s branch … Read more

By the end of October 24 developers signed with the Ministry of Housing 41 projects are underway in 18 cities

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Home Finance - Real Estate Loans - Residential Projects - Residential

Reading time: < 1 MinuteAhmed Mandoura, General Supervisor of the Partnerships Program at the Ministry of Housing, revealed that 24 developers have signed agreements with the Ministry of Housing to carry out projects on either ministry-owned or developer-owned land, noting that the number of projects currently under implementation stands at 41, spread across 18 cities, as of the end of October 2017, and indicating that this number is likely to increase following the signing of … Read more

Riyadh will host the second edition of the Saudi Finance and Installment Exhibition on November 21

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Reading time: < 1 MinuteRiyadh will host the second edition of the Saudi Installment Finance Exhibition from November 21 to 23, in support of individuals, entrepreneurs, and small and medium-sized business owners, and to advance one of the key objectives of Vision 2030 by providing the necessary financing for youth projects and developing their own resources. The exhibition, hosted by the Riyadh Exhibition and Convention Center, brings together institutions … Read more

The editor-in-chief of Amlak newspaper and its affiliates mourn the death of Suleiman Al-Juraysh, Undersecretary of the Asir Region Emirate

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Reading time: < 1 MinuteWith hearts filled with contentment and peace, the editor-in-chief of *Amlak Al-Aqaria* newspaper and all its staff mourn with deep sorrow and grief the passing of Suleiman bin Muhammad Al-Juraish, Deputy Governor of the Asir Region, who died in the plane crash that claimed the life of the Deputy Governor of the Asir Region —may God have mercy on them all— Mr. Abdulaziz Al-Issa expressed his sincere condolences and sympathy to Mr. Abdul Latif Al-Jrish, the CEO… Read more

Survey: 87% of GCC experts say additional tax expenses will be borne by real estate companies and investors

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Reading time: < 1 MinuteA survey of investment experts and professionals in the Gulf Cooperation Council (GCC) countries revealed that investors will bear a significant portion of the tax increases in the real estate market, with results showing that 87% of investment experts believe the additional costs incurred by real estate companies will be passed on to investors, while the statement noted that 54% of members of the Institute of Certified Financial Analysts believe that … Read more

Executive Regulations of the VAT system specify tax-exempt activities in the financial sector

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Zakat & Income Tax - Zakat & Income Tax - Property Tax - Tax

Reading time: 2 MinutesThe Executive Regulations of the Value-Added Tax Law specify the tax-exempt activities in the financial sector, which include various types of transactions and services, such as: Interest on loans or lending fees charged with an implied profit margin, including loans and credit cards, mortgages, lease financing, and transactions involving banknotes or financial bonds, in addition to checking accounts, deposit accounts, and savings accounts. Contracts … Read more

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