Month: August 2018

127 billion riyals the size of the hospitality and entertainment sector in the Kingdom 32 % The contribution of the local component

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Hospitality and Leisure

Reading time: 2 MinutesParticipants in the expanded meeting held by the Hospitality and Entertainment Committee at the Eastern Chamber stressed the support provided by the government agencies concerned with the hospitality and entertainment sector to upgrade the economic establishments operating in it, and considered it a promising sector with a size of about 127 billion riyals, in which the local component contributes by 32%, as the second largest sector after retail that can achieve localization options. He explained ... Read more

Kafalah Program Signs Developer Agreement with Bank Albilad

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Reading time: < 1 MinuteBank Albilad signed a development agreement with the SME Finance Guarantee Program in a new initiative aimed at encouraging and motivating financing entities to finance a larger segment of beneficiaries who own small and medium enterprises by increasing the coverage of guarantees in accordance with Sharia financing formulas, due to the importance of this sector and its economic and social impact. Abdulaziz Al-Anezan, CEO of Bank Albilad, said: “The ... Read more

712 economic activities in the labor market will benefit from the elimination of license verification procedures

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Reading time: < 1 MinuteThe Ministry of Labor and Social Development explained that there are about 712 economic activities that will benefit from the service of canceling the procedures for verifying the licenses of many economic activities, which covers more than 95% of private sector establishments, by linking them to the valid commercial register only, in order to facilitate entrepreneurs and private sector establishments, and in order to raise the efficiency of the labor market. According to the ministry's spokesperson Khaled ... Read more

Launching the Unified Payment Window System at Saudi Ports

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Reading time: < 1 MinuteThe General Authority for Ports (Ports) launched today the first pilot phase of the unified payment window system in Jeddah Islamic Port as a first phase, in cooperation with the General Authority of Customs, Saudi Electronic Information Exchange Company (Tebadul) and Saudi British Bank (SABB). The service aims to unify fees and charges automatically, facilitate financial transactions and reduce the time and effort on customs brokers, freight forwarders and port operators, in addition to ... Read more

55 road projects with a total length of 1,689 kilometers were completed during the first half of 2018

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Reading time: 3 MinutesThe Ministry of Transport announced that the number of road projects that were completed during the first half of this year reached 55 projects, with a total length of 1689 km and a total cost of four billion nine hundred and seventy-eight million riyals, as part of the ministry's continuous efforts to upgrade the road network in the Kingdom and facilitate the movement of people and goods, in order to enhance the growth of the sectors ... Read more

Ministry of Finance: Total revenues rose 67 % during Q2 2018 Reached 273.5 billion riyals

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Reading time: 3 MinutesThe Ministry of Finance issued the quarterly report on the performance of the state's general budget for the second quarter of the fiscal year 1439/1440 AH (2018). The report included many indicators and data reflecting the government's commitment to transparency and financial disclosure, strengthening the governance and control of public finances, and moving forward towards achieving the goals of the fiscal balance program. The financial indicators of the performance of the state's general budget for the second quarter of ... Read more

“Contractors Authority”: The Ministry of Finance's requirements for disbursement of final abstracts are strange and bizarre

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Reading time: < 1 MinuteThe head of the Saudi Contractors Association, Engineer Osama Al-Afaleq, said that the requirements of the “Ministry of Finance” through the electronic platform for government financial services “Etimad”, to disburse the final abstracts to contractors is strange and strange, according to Okaz newspaper. Al-Afaleq explained that the ministry forces contractors to bring a certificate from Saudi Airlines stating that its planes are used to transport labor, despite the existence of other carriers in ... Read more

“Mortgage Refinance signs partnership agreement with Saudi Home Finance”

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Riyadh - Real Estate in Riyadh - Trade Names System

Reading time: 2 MinutesThe Saudi Real Estate Refinance Company (SRRC) has signed an agreement with the Saudi Housing Finance Company (SAHL) to provide more diversified housing finance solutions at better prices, with a value of SAR 1.5 billion to purchase the housing finance portfolio currently owned by SAHL, in addition to providing short-term financing on ... Read more

Jeddah Islamic Port employs technology and automation to process the arrival of pilgrims

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Reading time: < 1 MinuteJeddah Islamic Port has employed technology and mechanization of work in various procedures for the arrival of pilgrims through the largest maritime port in the Kingdom of Saudi Arabia, as part of its operational plan for the Hajj season this year 1439 AH, harnessing all its human and material resources to receive and deposit pilgrims, facilitate the arrival and departure procedures for them and provide maximum safety and security regarding the ships transporting them by applying ... Read more

4976 cars loaded with more than 2,000 tons of dates during 5 days at Buraydah Dates Festival

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Reading time: < 1 MinuteStatistics monitored by the statistics team at the 39th Buraydah Dates Festival confirmed that the number of cars coming to the market during the past 5 days reached 4976 cars loaded with 515,175 cartons weighing 2060 tons and 700 kilograms of various types of dates that exceed more than 45 varieties of dates. For his part, the executive director of the Buraydah Dates Festival 39 ... Read more

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