Month: August 2024

With 200 speakers and 26,000 visitors Fintech 24 kicks off in Riyadh on September 3

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Reading time: 2 MinutesIn early September, the capital city of Riyadh will host the launch of FinTech 24, the first edition of the international conference specializing in the financial technology sector, which will take place from September 3–5, 2024, at the Riyadh Front Exhibition and Convention Center. The event is hosted by the Financial Sector Development Program, the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, and is jointly organized by “Fintech Saudi” … Read more

5 things to watch out for to avoid housing subsidy cuts Get to know them

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Residential program

Reading time: < 1 MinuteThe Sakani Program outlined five reasons that could lead to the suspension of housing subsidies, in response to a query received on its social media account on “X.” According to the program, the five reasons are as follows: 1. Contract cancellation. 2- Rescheduling without prior request. 3- Failure to update self-build project data. 4- Default on monthly installment payments. 5- Early repayment … Read more

Engineering consultant: Sustainable construction has become a shift and a necessity, not an option

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Reading time: < 1 MinuteEngineering Consultant Saud Al-Dalbahi highlighted the growing importance of sustainable construction in the Saudi real estate sector, emphasizing that green architecture has become a central component of modern home economics. He noted that the Kingdom of Saudi Arabia is strongly committed to achieving global leadership in applying sustainability principles to all its buildings. The concept of sustainable construction, and in his remarks during an interview with Al-Ikhbariya TV about the evolution of the concept … Read more

571 million riyals net profit of cement companies in the second quarter

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Reading time: 2 MinutesSaudi cement companies listed on the stock market reported an increase in net profits during the second quarter of 2024 compared to the same period last year, driven by higher profits at 12 of the 14 listed companies. The companies’ profits grew by 161% during the first half of this year, despite a decline in profits for the two largest companies in the sector. According to … Read more

Implementation of Riyadh's ring and main road axis development program projects begins

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Reading time: 2 MinutesThe Board of Directors of the Royal Commission for Riyadh City announced the launch of a program to develop Riyadh’s ring roads and major thoroughfares, as well as the awarding of four projects, including the “first phase” of the program at a cost exceeding 13 billion riyals, with the awarding of contracts for subsequent phases of the program to be announced in the coming period, God willing. This program aims to develop the main … Read more

51,256 financing contracts worth 5.3 billion riyals. Achievements of the “Residential” program in the first half

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Residential Sector - Real Estate Licensing

Reading time: 2 MinutesThe “Sakani” program has released the latest issue of its quarterly newsletter for the first half of 2024, highlighting the sector’s most significant efforts and achievements in serving Saudi families and enabling them to purchase their first home through a variety of housing options and financing solutions, through which it seeks to increase homeownership rates, provide adequate housing for citizens, and improve their quality of life … Read more

SAR 5.19 billion sales of cement companies in the first half

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Cement prices fall

Reading time: < 1 MinuteSales of Saudi cement companies listed on the Saudi Stock Exchange “Tadawul” by 6.491% to reach 5.19 billion riyals during the first half of 2024, compared to 4.87 billion riyals in the same period of 2023. According to the financial disclosures of companies listed on “Tadawul,” Saudi Cement Company continued to lead the companies in terms of revenue, as … Read more

Hospitality spending by inbound tourists to Saudi Arabia to exceed SAR 45 billion in 2023

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Ministry of Tourism-Housing Rentals

Reading time: < 1 MinuteThe Ministry of Tourism confirmed that total spending by tourists visiting the Kingdom from abroad during the past year, 2023, exceeded 141 billion riyals, with spending on hospitality facilities being the highest category of expenditure, totaling 45 billion riyals, according to the Ministry’s annual report on tourism statistics for 2023. The Ministry indicated, according to … Read more

Statistics: Housing rental prices rose 11.1% in July

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General Authority for Statistics - Residential Rental Prices

Reading time: < 1 MinuteThe General Authority for Statistics revealed that actual residential rent prices rose by 11.11% during the month of July. This increase was driven by a rise in apartment rent prices, which rose by 12.01%. In its monthly Consumer Price Index bulletin, the Authority noted that this increase in rents had a significant impact on the persistence of inflation, given the weight … Read more

Medina Development Authority, Al Masar Sports and Ithra Center win King Salman Urban Charter Award

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Reading time: 2 MinutesThe Al-Masar Sports Foundation won the «King Salman Urban Charter» Award in its inaugural edition, organized by the Architecture and Design Authority to celebrate urban environment projects, in recognition of the project’s excellence in adopting the charter’s concept and standards in its outcomes through the Al-Masar Sports Urban Code, while the King Abdulaziz International Cultural Center “Ithra” received the King Salman Urban Charter Award for … Read more

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