Month: August 2018

“Customs”: Customs operations to continue at all customs checkpoints during the Eid al-Adha holiday

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Reading time: < 1 MinuteSaudi Customs confirmed that operations during the Eid al-Adha holiday for the year 1439 AH will continue at all its land, air, and sea customs ports as they do on official working days, in order to ensure the completion of customs procedures for all imports, exports, and vehicles entering and leaving the Kingdom, as well as for all users of its customs services. The Customs Authority called on all its customers, across all categories, to take advantage of the continuity of … Read more

Off-plan sales and leasing program conducts 82 visits to ensure the quality of residential projects

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Wafi Projects - Residential Unit

Reading time: < 1 MinuteDuring the first half of this year, the engineering teams of the “Wafi” off-plan sales and leasing program completed 82 site visits to residential projects overseen by the program, during which the engineering teams reviewed approximately 150 reports on these projects, which are valued at around 8 billion riyals. The “Wafi” off-plan sales and leasing program explained that the program’s engineering teams, as part of their supervisory role … Read more

The Committee for Raising Awareness and Warning Against “Forex” Warns: Cryptocurrencies Are Not Recognized in the Kingdom… and Trading Them Is Risky

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Reading time: 2 MinutesThe Standing Committee for Awareness and Warning Against Unlicensed Securities Trading in the Foreign Exchange (Forex) Market—which was established by order of His Highness— against trading or investing in virtual currencies, given the various negative consequences such transactions have on traders and the high risks involved, as they fall outside the regulatory framework within the Kingdom of Saudi Arabia… Read more

“Aramco, Air Products, and ACWA Power Establish an $8 Billion Electricity Generation Project in the Jazan Economic City

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Reading time: 2 MinutesSaudi Aramco, Air Products, and ACWA Power announced the signing of a term sheet to establish a joint venture for gasification and electricity production in the Jazan Economic City in Saudi Arabia. Ownership of the gasification assets, power generation facilities, and related utilities will be transferred from Saudi Aramco to the joint venture for more than $8 billion, immediately following successful commissioning in 2019, … Read more

“Saudi Electricity Company: Bills, although issued in August Will be limited to July consumption

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Electricity

Reading time: < 1 MinuteThe Saudi Electricity Company announced that it began issuing electricity bills for the month of July to customers last Thursday, a process that will continue for the next few days. It explained that the decision to issue bills on a daily basis is in accordance with the decisions of the Electricity and Cogeneration Regulatory Authority, while the company emphasized that rescheduling the issuance of bills during the coming period will not affect in any way … Read more

“SAMA” Begins Implementing Responsible Lending Principles for Individuals... Today

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Reading time: < 1 MinuteThe Saudi Arabian Monetary Authority (SAMA) begins implementing the Principles of Responsible Consumer Finance today, Sunday, August 12. Last May, SAMA issued the Principles of Responsible Consumer Finance, which include the procedural principles of responsible finance, namely that the lender must follow a scientific approach and clear, transparent, and documented standards and procedures to assess the customer’s creditworthiness and repayment capacity, in accordance with best practices in … Read more

The most important events in global markets over the past week

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Reading time: 3 MinutesPolitical tensions continued to have a clear impact on trading in global markets last week, amid sharp fluctuations in currency performance in particular. The Turkish lira plummeted to an all-time low after the U.S. imposed sanctions on the ministers of interior and justice amid the crisis between the United States and Turkey over the American pastor detained in Ankara. The International Energy Agency also warned … Read more

“Labor denies request to keep old expat fees

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Reading time: < 1 MinuteThe Ministry of Labor and Social Development has confirmed that reports circulating regarding a request submitted to His Majesty to maintain the financial compensation fees for long-term expatriate workers are untrue. In a statement issued on Friday, the ministry denied that a request had been made to maintain the financial compensation fees for expatriate workers at their original levels, during a meeting between the Minister of Labor and Social Development and the chairman and members of the National Committee of Contractors at the Council of Chambers … Read more

Saudi cement companies sold 3.39 million metric tons in July

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Reading time: < 1 MinuteSales by cement companies operating in Saudi Arabia fell by 3% in July 2018, to 3.39 million metric tons, compared to 3.49 million metric tons in the same month of 2017. According to the monthly report issued by Yamama Cement Company, total cement production by these companies in July fell to 3.44 million metric tons, compared to 4.37 million metric tons in July … Read more

“Tadawul suspends the shares of 3 companies for delaying the announcement of second quarter results

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Trading

Reading time: < 1 MinuteThe Saudi Stock Exchange (Tadawul) has decided to suspend trading in the shares of the following companies (Wafra for Industry and Development, Al-Lujain, and Abdullah Abdulmohsen Al-Khudari & Sons) due to their failure to disclose their financial statements for the period ending June 30, 2018, within the statutory deadline. “Tadawul” stated on its website that trading in the shares of the three companies will be suspended effective Sunday, the 12th … Read more

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