Month: January 2018

The General Investment Authority Adopts the National Classification of Economic Activities for Investment Licenses

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The best companies

Reading time: 2 MinutesThe General Investment Authority has adopted the National Classification of Economic Activities for investment licenses, Ibrahim bin Saleh Al-Suwail, Deputy Governor of the General Investment Authority for Investor Services and Consultancy, confirmed that the adoption of the classification is in accordance with the royal decree mandating its adoption as the official and unified classification of economic activities in the Kingdom, noting that the Authority had adopted and completed the implementation of the classification for investment licenses ahead of the target date of 1/… Read more

Ministry of Commerce and Investment Inspects 6,052 Commercial Establishments... and Summons Owners of 247 Establishments Found to Be in Violation

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Reading time: < 1 MinuteThe Ministry of Commerce and Investment summoned the owners of 247 establishments found to be in violation during its inspection tours of commercial establishments in various regions of the Kingdom to ensure compliance with regulations and verify the availability of goods, products, food supplies, and petroleum products. The results of the Ministry’s inspections over the past two days—since the implementation of the value-added tax and the adjustment of energy prices through the end of yesterday evening (Monday)—revealed that … Read more

In the presence of His Excellency the Minister of Housing, the Governor of Al-Baha Hands Over 511 Villas and Housing Units in Al-Makhwah Governorate

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Reading time: 2 MinutesIn the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Housing, and His Royal Highness Prince Saud bin Talal bin Badr bin Abdulaziz, Deputy Minister for Branches, His Royal Highness Prince Dr. Husam bin Saud bin Abdulaziz, Governor of Al-Baha Region, handed over housing units on Sunday evening to a number of citizens benefiting from the “Sakani” program as part of the Ministry of Housing project in Nawān, Al-Makhwah Governorate, … Read more

The Buraydah Administrative Court Reinstates 70 Beneficiaries Who Had Taken Loans from the Real Estate Fund

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Real Estate Fund - Real Estate

Reading time: < 1 MinuteThe Administrative Court in Buraydah reinstated 70 beneficiaries to receive loans from the Fund’s capital and revoked their referrals to banks, This followed a ruling against the Real Estate Development Fund in favor of the 70 beneficiaries—who had received approval prior to July 23, 1432 AH—stipulating that they be granted loans from the Fund’s capital and that their transfers to banks be canceled. Ministerial Decision No. 82 stipulates that approval for the regulation of subsidies… Read more

Dubai's real estate sales pipeline reaches AED 148 billion With growth exceeding 244% in 6 years

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Reading time: < 1 MinuteThe year 2017 saw remarkable growth in Dubai’s real estate sector and its recovery from the fallout of the global financial crisis, with total sales of properties under construction growing by more than 2,44% over the six-year period from 2012 through the end of 2017, and total real estate sales transactions exceeding 148 billion dirhams during that period. Last week, real estate transactions at the Department of … Read more

The General Authority for Zakat urges consumers to ensure that VAT and a tax identification number are included on their invoices

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VAT Payment - Real Estate

Reading time: < 1 MinuteThe General Authority for Zakat and Income has called on consumers to use the Value-Added Tax (VAT) app, which allows consumers to verify whether the business they are dealing with is registered for VAT, through which they can file reports on non-compliant businesses or contact the Authority’s call center at (19993). The Authority also urged consumers to ensure they receive an invoice … Read more

Minister of Transportation inspects road projects in Tabuk, reveals 40 projects withdrawn for violating contracts

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Reading time: 2 MinutesHis Excellency the Deputy Minister of Transportation, Engineer Saad bin Abdulaziz Al-Khalib, revealed that 40 projects had been withdrawn from contractors across the Kingdom’s regions over the past four months, Al-Khalib explained that the contractors had failed to fulfill their contractual obligations under the agreements signed between them and the Ministry, and that these projects would be re-tendered in accordance with government bidding procedures. During his visit to the Tabuk region, he noted that his inspection of the projects… Read more

Al Rajhi Fund begins subscription and offers 42.67 million units With a capital of 1621.9 million riyals

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Reading time: < 1 MinuteAl-Rajhi Financial plans to invest 1,621.9 million riyals through the Al-Rajhi REIT, as the fund manager intends to offer 42.67 million units at a subscription price of 10 riyals per unit. The fund began offering its units yesterday, Sunday, and will continue through the 14th of this month. Al Rajhi Financial stated that the offering will be available to investors, who may begin submitting subscription applications during … Read more

The Ministry of Commerce Issued 153,000 Business Licenses to Women During 1438 AH... and Launched 5 Online Services for Issuing Licenses

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Reading time: < 1 MinuteMedia sources revealed that the number of business registrations under women’s names exceeded 153,000. The source confirmed that the Ministry of Commerce and Investment saw steady activity in the issuance of business registrations overall during the year 1438 AH, with the total number reaching 255,162 registrations—an increase of more than 20% compared to the year 1437 AH. The cumulative total number of registrations for women as of mid-… Read more

“Off-Plan Sales”: Regulations Governing the Sale of Real Estate Units Are Adopted and Will Take Effect on January 1, 2018

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Reading time: 2 MinutesThe Off-Plan Sales Committee (Wafi) announced the adoption and implementation of regulations governing the sale of off-plan real estate units, effective January 1, 2018. On its website, the committee outlined the most important regulations governing off-plan sales and leases, including inspection companies, licensing rules, beneficiaries’ rights, and developers’ obligations, and invited its partners to visit its website to review the details of the regulations … Read more

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