Month: July 2021

Minister of the Environment: Tabuk Has Projects Underway Worth Over One Billion Riyals

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Reading time: < 1 MinuteEngineer Abdulrahman bin Abdulmohsen Al-Fadli, Minister of Environment, Water, and Agriculture, confirmed that the Tabuk region is home to projects in the fields of water, the environment, and agriculture that are still under implementation, with a total cost exceeding one billion riyals, and that it will see additional projects, noting that the ministry is continuing to implement environmental, water, and agricultural strategies to achieve the goals of the Kingdom’s Vision 2030 while continuing to complete … Read more

Fines Will Take Effect for the Import and Sale of Non-Compliant Telecommunications Devices

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Telecommunications Commission

Reading time: < 1 MinuteThe Communications and Information Technology Commission announced the end of the grace period for the supply and sale of non-compliant telecommunications devices and the start of enforcement of fines of up to 25 million riyals, in accordance with the Telecommunications Law, upon detection of any such devices in local markets. The Authority also warned suppliers of telecommunications devices against supplying, distributing, or selling devices that do not comply with the specifications approved by the Authority, including telecommunications devices … Read more

Saudi Arabia's new housing supply rises 29% during Q1 2021

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Real Estate Brokerage Compliance

Reading time: 2 MinutesThe Housing Data and Monitoring Center’s periodic bulletin revealed that construction was completed on more than 106,000 new housing units and that construction began on 101,000 housing units currently under construction in the Saudi market during the first quarter of 2021.The bulletin presents a wealth of information and statistics from official sources regarding the latest developments in the local housing and mortgage finance sector, and it is possible to … Read more

As of August 9. “Environment” launches a new mechanism to apply the controls and conditions for importing vegetables and fruits

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Reading time: < 1 Minute The Ministry of Environment, Water, and Agriculture has launched a new mechanism to enforce the conditions and regulations governing the import of fruits and vegetables, effective 1 Muharram 1443 AH, corresponding to August 9, 2021, with the aim of supporting the sustainability of local production, ensuring quality control, protecting plant resources, and maintaining a steady supply of fresh fruits and vegetables to enhance food security. The Ministry clarified that the new regulations include specifying the varieties and quantities to be listed on the import license, according to … Read more

“Human Resources” clarifies the details of localizing 5 real estate activities within 6 professions

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Reading time: 2 MinutesThe Ministry of Human Resources and Social Development has issued the procedural guide for the six ministerial decisions regarding the localization of several professions, including: legal consulting and law firms, customs clearance, real estate activities, the film industry, driving schools, and technical and engineering professions.  Regarding the decision to nationalize real estate activities and professions, the procedural guide stipulates that nationalization will reach a rate of 70 %, in addition to … Read more

“Sera” Signs Partnership Agreement with “Kaden” to Develop Hotels in Saudi Arabia

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Reading time: < 1 MinuteSera Holding Group announced the signing of a major hotel development agreement with “Kaden Investment” to establish a joint venture for the management and development of mid-scale hotels within a number of projects being developed by “Kaden Investment” in Saudi Arabia. In a statement, “Sera” explained that “Riyadh Front” will see the launch of the first of the hotels slated for development under this agreement. “Kaden Investment” is working on developing … Read more

With an investment of 16 million riyals... The first glass factory in “Hail” is inaugurated”

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Reading time: 2 MinutesDuring his inspection visit to the industrial city in the Hail region, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khuraif, inaugurated the region’s first glass manufacturing plant, with total investments amounting to approximately 16 million riyals and covering an area of nearly 7,000 m². The plant represents added value for the industrial sector, as it is the first of its kind in the Hail region and the second in … Read more

Compulsory insurance for residential buildings Cutting down on manipulators

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Reading time: 2 MinutesFour agencies are conducting inspections to ensure compliance with the Saudi Building Code following the implementation last Thursday of mandatory insurance for residential buildings in the Kingdom consisting of three stories or fewer, came into effect last Thursday to cover defects in construction work. With the policy term set at 10 years, there will no longer be any room for manipulation in construction projects, and the problems of “settlement” and ”cracks” that occur … Read more

Banque Saudi Fransi Distributes 779.97 Million Riyals to Shareholders for the First Half of 2021

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Reading time: < 1 MinuteThe Saudi French Bank announced that its Board of Directors has recommended a cash dividend distribution to shareholders for the first half of 2021, amounting to 65 halalas per share.The bank explained in a statement today that the total amount distributed was 779.97 million riyals, based on 1.1 billion dividend-eligible shares, with a payout ratio of 6.51% of the par value per share.It noted that the dividend entitlement for the bank’s shareholders … Read more

“Real Estate Wealth” Prepares to Offer 43 Plots of Land in the Al-Louloua Development East of Riyadh

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Reading time: < 1 MinuteAl-Tharwa Real Estate Company has completed preparations to offer 43 plots of land in the Al-Louloua development in Riyadh, with a total area exceeding 32,000 square meters, at a public auction, in collaboration with the Real Estate Contributions Committee (“Tasfiya”). Al-Tharwa Real Estate confirmed that the development is one of the best in the Qurtuba neighborhood east of Riyadh and is distinguished by its strategic location and access to a number of major roads, such as: … Read more

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