Month: September 2024

Contractors Authority and Green Building Forum sign memorandum of understanding to enhance cooperation

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Saudi Contractors Authority - Contracting Industry

Reading time: < 1 MinuteThe Saudi Contractors Authority and the Saudi Green Building Forum signed a memorandum of understanding today, in the presence of the Authority’s Secretary-General, Abdulmajeed bin Mohammed Al-Rashoudi, the Forum’s Secretary General, Engineer Faisal bin Saleh Al-Fadl, and a representative of the Ministry of Municipal and Rural Affairs, Dr. Walid Akhtar. The memorandum aims to strengthen cooperation between the Authority and the Forum by offering training and development programs, as well as granting accreditation certificates through the channels … Read more

Ministry of Commerce spokesperson reveals 5 key benefits of the new commercial registry system

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Reading time: < 1 MinuteAbdulrahman Al-Hussein, the official spokesperson for the Ministry of Commerce, outlined the benefits of the new commercial registry system, noting that holders of existing branch registrations have been granted a five-year grace period to rectify their status and align it with the new system by choosing either to transfer ownership or to cancel the branch registration. The spokesperson highlighted the key benefits of the new commercial registry system, which include the use of a single commercial registry across the Kingdom for all business activities … Read more

Minister of Municipalities and Housing signs contract for Qassim Municipality at a cost of more than 277 million riyals

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Al-Haqeel

Reading time: < 1 MinuteHis Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, signed “electronically” a contract with the Qassim Region Municipality for the project to extend King Abdullah Road southward in the city of Buraidah, at a total cost of (277,768,884) million riyals. This was announced by the Secretary of the Al-Qassim Region, Engineer Muhammad bin Mubarak Al-Majali, who noted that the project is one of several regional projects currently being undertaken by the Secretariat and will provide a significant service … Read more

Cabinet Approves Commercial Registration and Trade Names Law

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Reading time: 2 MinutesAt its meeting held today, Tuesday, the Council of Ministers issued a decision approving the Commercial Registry Regulation and the Trade Names Regulation. His Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, explained that the issuance of the Commercial Register and Trade Names Regulations contributes to facilitating business operations and reducing the burden on commercial entities by requiring only a single register for each entity nationwide, and by regulating procedures for reserving names to protect them … Read more

Cabinet Approves Real Estate Transaction Tax Law

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Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister—may God protect him—chaired the Cabinet meeting held today in Riyadh. During the meeting, the Cabinet approved the Real Estate Transactions Tax Regulation. It should be noted that the Real Estate Transactions Tax is a tax of 51% of the value of the property to be sold … Read more

501 new building permits and 3 building renovation permits were issued in Medina last month

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Medina Municipality headquarters - an investment opportunity

Reading time: < 1 MinuteLast August, the Madinah Region Secretariat issued more than 12,000 construction, commercial, health, and renovation permits, in addition to land survey decisions and various commercial permits, through the “Baladi” portal. The Secretariat clarified that the issued permits included 501 new construction permits for commercial and residential projects, 3 building renovation permits, and 4,588 commercial permits, as well as the issuance of … Read more

“ROSHN Launches Design Contribution Competition in collaboration with the Public Investment Fund

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Roshan Real Estate Company - Residential Projects

Reading time: < 1 MinuteThe Roshen Group has announced that registration is now open for the “Design Contribution Competition – Emerging Design Firms Track,” in collaboration with the Public Investment Fund. Submissions will be accepted until September 30, 2024. The “Masaha Design Competition: The Vital Hub of the Sidra Community” offers an opportunity for emerging architects—including final-year students or recent graduates in the field of architecture—as well as … Read more

Statistics: The Kingdom's inflation rate stabilized at 1.6% during the past three months

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General Authority for Statistics - Residential Rental Prices

Reading time: < 1 MinuteThe General Authority for Statistics announced that the annual inflation rate in the Kingdom has remained stable over the past three months at 1.61% year-on-year, showing relative stability on a year-on-year basis. The inflation rate in the Kingdom is considered one of the most stable, underscoring the strength and resilience of the Saudi economy, as well as the effectiveness of the economic plans and decisions that the Kingdom has been quick to implement since some time ago… Read more

“Our Guests are a Priority” campaign launched to promote compliance with licensing and classification requirements

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Ministry of Tourism-Housing Rentals

Reading time: < 1 MinuteThe Ministry of Tourism has launched a national campaign titled “Our Guests Come First” to reinforce hospitality establishments’ commitment to licensing and classification standards and ensure their compliance with regulations and requirements. The first phase of the campaign began in early September with a series of media and awareness-raising activities involving all stakeholders in the tourism sector and facilities operating within it, with the aim of improving the quality of services provided to tourists and both international and local visitors in … Read more

«Zakat clarifies how to recover the tax value after canceling the real estate sale

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Zakat, Tax and Customs Authority

Reading time: < 1 MinuteThe Zakat, Tax, and Customs Authority clarified the procedure for refunding the tax amount following the cancellation of a real estate sale, in response to a query submitted to the «Ask Zakat, Tax, and Customs» account by a citizen, which read: «How do I get a refund of the tax amount after canceling a real estate sale?” The Authority responded via its page on the “X” platform, stating that “if payment has been made but the transfer has not been completed and the decision has been reversed … Read more

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