Month: June 2023

Saudi Arabia begins geological surveys in partnership with the Geological Organization of China

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Ministry of Industry logo

Reading time: 2 MinutesHis Excellency the Deputy Minister of Industry and Mineral Resources, Engineer Osama bin Abdulaziz Al-Zamil, confirmed that the Kingdom has begun operations for the Kingdom’s geological survey project—particularly in the Arabian Shield—in partnership with the Chinese Geological Survey, with the aim of identifying its natural and mineral resources, which has encouraged many investors to engage in exploration activities in the Kingdom. The Arab-Chinese Business Conference came as … Read more

800 billion dollars to be invested in tourism over the next ten years

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Saudi Arabia's investment in tourism

Reading time: < 1 MinuteThe Minister of Tourism, Mr. Ahmed bin Aqil Al-Khatib, revealed that the Kingdom will invest more than $800 billion over the next ten years, noting that the tourism sector in the Kingdom is one of the key pillars of Saudi Vision 2030, noting that tourism contributes to creating job opportunities and promoting sustainable and social development, in addition to strengthening international cooperation and joint efforts to support the tourism sector.

Al-Khatib: 49 countries allowed to obtain an e-tourist visa

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Al-Khatib - Electronic Tourist Visa

Reading time: < 1 MinuteHis Excellency the Minister of Tourism, Mr. Ahmed bin Aqeel Al-Khatib, confirmed that the ministry has set plans for the travel and tourism sector representing 3% of the labor market, indicating that tourism in the Kingdom achieved a growth in GDP by 4.45TP3T, adding that the Kingdom will invest more than 800 billion dollars during the next ten years, pointing out the importance of obtaining an electronic tourist visa in promoting domestic tourism.

With sales exceeding half a billion riyals, Sumtech closes the largest online real estate auction in the Kingdom

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Online Real Estate Auctions

Reading time: < 1 MinuteEarlier this week, the Sumtek online auction platform closed the Al-Nakhil project auction, overseen by the Enforcement and Liquidation Center “Enfaaz”—the largest online real estate auction platform in the Kingdom of Saudi Arabia—with a total value exceeding 600 million riyals. The auction attracted over 2,300 registered users and over 600 participants, with over 18,000 bids placed on 381 land parcels.

U.K. homebuilding activity slows as interest rates rise

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Rental housing prices

Reading time: < 1 MinuteAn economic report showed that activity in the British housing construction sector has fallen to its lowest level since the end of the COVID-19 pandemic and the global financial crisis 14 years ago, amid a sharp rise in mortgage interest rates. Decline in the UK Construction Sector S&P Global Economic Consultancy said that the Purchasing Managers’ Index (PMI) for the residential construction sector … Read more

Commercial concealment is punishable by up to five years in prison

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Penalties for commercial concealment

Reading time: < 1 MinuteThe National Program to Combat Front Companies has established penalties for violators of up to five years in prison and a fine of up to five million riyals, as well as the seizure and forfeiture of illicit funds following final court rulings against those involved. In addition, the program imposes the following statutory ancillary penalties: closure of the business, liquidation of the business, cancellation of the commercial registration, a ban on engaging in commercial activity, collection of zakat, fees, and taxes, and public shaming. The penalty for commercial fronting also includes deporting those who use front companies from the Kingdom and barring them from returning to work here.

To feel comfortable and relaxed... Summer balcony landscaping steps

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Balcony

Reading time: < 1 MinuteSimple Ways to Decorate Your Balcony During the Summer Balconies are one of the places family members turn to during the summer in search of comfort and relaxation after sunset, to breathe in the fresh air, and anyone who has a balcony at home is very lucky, because they have a place to spend time. If they don’t go out on the weekend, they can stay on the balcony, but … Read more

Statistics: Industrial production rises 3.2% in April

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General Authority for Statistics - Residential Rental Prices

Reading time: < 1 MinuteThe General Authority for Statistics (GASTAT) announced that the industrial production index increased by 3.2 % for April 2023 compared to the same month of the previous year, explaining that this came as a result of an increase in industrial production in mining and quarrying activity, manufacturing activity, and electricity and gas supply activity.

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