Month: November 2024

100 thousand beneficiaries of housing subsidies next year

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

Reading time: 2 MinutesAs part of the 2025 State Budget, approved by the Council of Ministers with total spending of 1.285 trillion riyals, the Ministry of Finance has unveiled a series of major projects in the municipal and housing sectors. These projects aim to bring about a qualitative leap in the quality of life for citizens and residents, with a focus on meeting the growing demand for housing and housing support, and strengthening infrastructure in Saudi cities, … Read more

Arab Union for Construction and Real Estate Development announces its 2025 vision and initiatives

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Reading time: 2 MinutesA conference was held yesterday in the Egyptian capital, Cairo, to announce the vision of the Arab Union for Construction and Real Estate Development and its initiatives for 2025, under the auspices of the League of Arab States. The event was held under the slogan ”For Arab Real Estate Development.” The President of the Arab Union for Construction and Real Estate Development, Counselor Dr. Lahak Al-Otaibi, delivered a speech during the conference in which he emphasized that cooperation and joint efforts among Arab organizations, unions, and institutions… Read more

“Black Hat continues for second day with more than 300 international speakers and 450 exhibitors

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Reading time: 2 MinutesThe third edition of the “Black Hat Middle East and North Africa” event, which kicked off yesterday, Tuesday, continues today, Wednesday, at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh. The event is organized by the Saudi Federation for Cybersecurity, Programming, and Drones, and ”Tahaliq,” one of the Federation’s companies, in partnership with the global firm “Informa” and the Events Investment Fund. The event will run until November 28, 2024, with more than … Read more

Updated requirements for cultural buildings and theaters in Saudi Arabia Full guide

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Reading time: < 1 MinuteAs part of ongoing efforts to enhance quality of life and develop cultural and recreational infrastructure, the Ministry of Municipalities and Housing announced an update to the requirements for cultural buildings and performance venues in the Kingdom. This update is intended to meet the aspirations for providing a distinctive and safe experience that meets the needs of visitors and reflects community values and customs. Details of the new requirements: The Ministry confirmed that the new requirements focus on the application of architectural standards … Read more

An investment opportunity to build, operate and maintain the Montenegro Resort and Spa

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Reading time: < 1 MinuteThe Jazan Region Secretariat announced an investment opportunity to establish, operate, and maintain the Black Mountain Resort and Viewpoint in Al-Rith Governorate on a 5,000-square-meter site, under a 25-year contract. The Secretariat invited those interested in competing for the investment opportunity to view further details via the municipal investment app “Fursat” or by visiting the link: https://furas.momra.gov.sa, noting that … Read more

Decline in steel and lumber prices and changes in electrical wires and cables

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Steel Prices - Rebar

Reading time: 2 MinutesThe construction materials markets in Saudi Arabia saw mixed price trends during October, with prices for steel across all categories—except for one—declining, while lumber prices continued their notable decline. These changes raise questions about market dynamics and their impact on the construction sector. Decline in Steel Prices According to a bulletin from the General Authority for Statistics, prices for rebar … Read more

Cement and concrete prices fall, gypsum and sand prices diverge over the past month

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Cement prices fall

Reading time: < 1 MinuteCement and concrete prices in Saudi Arabia saw a notable decline during October 2024, according to the bulletin on average prices of goods and services issued by the Statistics Authority. This decline comes amid a gradual improvement in construction costs, reflecting economic developments that may help boost real estate activity. Decline in Cement Prices Black cement (50 kg): Its price fell by 0.1% to reach 15.45 … Read more

Citizen Account Program begins applying financial capability criteria to applicants and activating field visits

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Citizen's account

Reading time: 2 MinutesIn accordance with the Royal Directive to extend the Citizen Account Program while continuing to provide additional support to its beneficiaries, and to keep registration for the program open, the program will begin applying additional eligibility criteria with the aim of improving the efficiency of the support, ensuring its delivery, and directing it to the most deserving groups, in accordance with the approved support regulations; financial capacity criteria will be applied to all beneficiaries and applicants … Read more

Ministry of Investment and Saudi Contractors Authority sign MoU to support the contracting sector

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Reading time: 2 MinutesIn a new initiative to support the construction sector and enhance its appeal to local and international investors, the Ministry of Investment and the Saudi Contractors Authority signed a joint memorandum of understanding aimed at strengthening cooperation and developing the sector. The signing ceremony was attended by Mohammed bin Ali Al-Sahib, Acting Undersecretary for Investment Development at the Ministry of Investment; Abdulmajeed bin Mohammed Al-Rashoudi, Secretary-General of the Saudi Contractors Authority; and the Assistant Undersecretary for Investment Development … Read more

Chaired by His Highness the Crown Prince. Cabinet approves the state's general budget for fiscal year 2025

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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— the session of the Council of Ministers held today, Tuesday, 24/5/1446 AH, corresponding to 26/11/2024 AD, in Riyadh, to approve the general state budget for the new fiscal year 1446/1447 AH (2025 AD). The Council of Ministers reviewed… Read more

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