Month: August 2018

Saudi Electricity Company gives residential properties free access to Taysir's flexible payment program

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Electricity bills

Reading time: < 1 MinuteThe Saudi Electricity Company confirmed that re-enrolling in the «Taysir» program for residential customers does not entail any financial cost, noting that after receiving a text message confirming their re-enrollment in the program, customers can pay only the “Taysir” amount, rather than the full amount of the bill, without the need for any additional procedures. In a statement yesterday, the Saudi Electricity Company clarified that any customer … Read more

Kafalah signs financing agreements for SMEs to revitalize the sector

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Sponsorship program

Reading time: < 1 MinuteThe Small and Medium-Sized Enterprise (SME) Financing Guarantee Program signed a cooperation agreement with Saudi OREX Leasing Company and Gulf Finance Company, thereby beginning to provide its services to non-bank financial institutions licensed by the Saudi Arabian Monetary Authority, with plans to expand these services to additional companies in the near future. The agreement was signed on behalf of Kafala by General Manager Hammam Hashim and on behalf of Orx by its Chairman … Read more

Hotels and tourism businesses see a boost... Saudis are the second-largest group of visitors to Abu Dhabi hotels during Eid al-Adha

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Reading time: 2 MinutesSaudis ranked as the second-largest nationality staying in Abu Dhabi hotels during Eid al-Adha in 1439 AH, corresponding to this August, accounting for 9%. Emirati nationals ranked first with 28%, followed by Indians and British nationals in third place with 8%, while American tourists accounted for 4%. In addition, there were visitors of other nationalities arriving from outside the country. Hotel establishments… Read more

Emaar India plans to complete 10,000 housing units by the end of next year

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Reading time: < 1 MinuteEmaar India, a subsidiary of Emaar Properties, plans to complete 10,000 residential units in India by the end of next year. The company stated that it has secured the necessary financing and has increased its workforce to carry out its projects. The company increased its workforce on these projects from 7,000 to 9,000 workers a few months ago, according to the president … Read more

To boost productivity and improve performance, the Jeddah Governorate has issued a decision appointing three women to head sub-municipalities

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Grandma

Reading time: < 1 MinuteThe Governor of Jeddah Province, Saleh Al-Turki, issued an administrative decision appointing three women to head sub-municipalities in Jeddah Province. The decree appointed Ms. Heba Al-Balawi as head of the Al-Sharafiyah sub-municipality, Ms. Rasha Al-Mahani as head of the Dhahban sub-municipality, and Ms. Mariam Abu Al-Ainin as head of the women’s sub-municipalities—“responsible for activities dedicated to women”— They report directly to the Deputy Secretary-General for Services, and it was decided to change … Read more

USD 300 mn creditor investors demand removal of UAE's Al Abraaj Group from investment fund management

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Reading time: < 1 MinuteInvestors in an investment fund affiliated with the UAE-based Abraaj Group have demanded that the group be removed from the fund’s management due to its accumulated debt to the fund, which amounts to $300 million. The investors added that they would stop paying management fees to Abraaj due to the group’s failure to fulfill its fund management duties. Informed sources indicated that the amount of debt announced by the creditors is estimated to be three times … Read more

At a cost of $100 billion... Malaysia Confirms Ban on Foreigners Purchasing Residential Units in the Giant Forest City Project

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Reading time: < 1 MinuteMalaysian Prime Minister Mahathir Mohamad dropped a bombshell on Sunday when he announced that his country would not allow foreigners to purchase residential units in the $100 billion Forest City project in Johor. Uncertainty has surrounded this project since Mahathir’s coalition scored an unexpected victory in the general elections held last May, and the company … Read more

The countdown has begun... The “NEOM” project management team is accepting proposals for housing and offices for engineers and supervisors ahead of the start of construction

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Reading time: < 1 MinuteThe NEOM Project Management revealed on its Twitter account that it has received proposals for housing and offices for the engineers and supervisors who will begin work on the project, explaining that it is currently working on developing the master plan and reviewing environmental assessments. In its tweet, NEOM noted that the project relies on key elements that must be in place before implementation can begin, foremost among them being the foundations, plans, and workforce… Read more

35 billion riyals in VAT and labor fees during the first half of this year

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VAT Payment - Real Estate

Reading time: < 1 MinuteA report issued by “Saudi Fransi Capital” showed that revenue from value-added tax and labor fees during the first half of 2018 totaled approximately 35 billion riyals, while the amounts deposited into the accounts of beneficiaries of the Citizen Account during the same period totaled approximately 15.5 billion riyals, benefiting about 12.5 million citizens. Non-oil revenues amounted to 142 … Read more

The deadline for submitting comments on the draft of the new amendments to the Chambers of Commerce Law expires today

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Reading time: < 1 MinuteToday, Monday, August 27, marks the end of the deadline set by the Ministry of Commerce and Investment for submitting comments on the draft of the new amendments to the Chambers of Commerce and Industry Law, which it recently released. The Ministry invited interested parties to submit their opinions and suggestions regarding the draft via(Chambersmci.gov.sa). The Ministry clarified that the draft Chambers Regulation establishes fundamental changes to the system of chambers of commerce and industry in accordance with … Read more

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