Month: February 2025

“Municipalities and Housing” signs MoU to develop tourist marinas

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Residential program

Reading time: 2 MinutesThe Ministry of Municipalities and Housing signed a Memorandum of Understanding (MoU) with the Saudi Red Sea Authority (SRA) to enhance cooperation in the establishment, development and operation of marinas, the establishment of marine maintenance centers, beach development and the promotion of coastal tourism destinations in order to contribute to the development of coastal tourism and achieve the objectives of the Kingdom's Vision 2030. The Ministry was represented by the Undersecretary of Licensing and Project Coordination, Eng. Mohammed ... Read more

Head of the Contractors Authority expects the contracting sector to grow by 5% until 2030

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Reading time: < 1 MinuteMohammed Al Ajlan, Chairman of the Saudi Contractors Authority, predicted that the Kingdom's contracting sector will see an annual growth rate of 5% until 2030, which will reflect positively on other sectors such as suppliers, industry and labor in the field. The number of current projects in the Kingdom stands at 18,000, with plans to spend trillions of riyals ... Read more

Saudi Media Forum: Saudi Arabia's influence reaches more than 8 billion people in 2030

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Saudi Media Forum

Reading time: 3 Minutes  Salman Al-Dosari, Saudi Minister of Information, revealed that the Kingdom is living the greatest success story in the 21st century, told by its media, which works with the tools of the future, and with a movement that knows no stopping, adding that in 2024 until now, the Kingdom has witnessed the visit of 24 leaders from different countries of the world, as well as the organization of more than 15 thousand events of conferences and events with the presence of ... Read more

Boris Johnson: Saudi Arabia is fast becoming a global tourism leader

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Reading time: < 1 MinuteFormer British Prime Minister Boris Johnson praised the rapid development of the Kingdom of Saudi Arabia, emphasizing that it is on its way to becoming the world's number one tourist destination in the near future. Johnson said he was honored to receive an invitation from Crown Prince Mohammed bin Salman to visit NEOM, noting that the Kingdom's transformation is a unique model that deserves ... Read more

Emir of Qassim inaugurates “Ataa Housing” project to build 28 housing units in Unaiza

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Reading time: < 1 MinuteHis Royal Highness Prince Dr. Faisal bin Mishaal bin Saud bin Abdulaziz, Emir of Qassim, inaugurated the “Housing Ataa” project, which is one of the projects of the Ma'awa Association for Developmental Housing, which aims to build 28 housing units in the governorate of Unaiza to support the neediest families, within the framework of promoting sustainable housing solutions and strengthening the framework of partnership with government agencies and the non-governmental sector. Read more

Royal Commission for Riyadh City launches fast payment service for public transportation users

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Reading time: < 1 MinuteThe Royal Commission for Riyadh City has launched the Apple Pay “Quick Pay” service for public transportation passengers in Riyadh, which allows direct payment using Apple phones or watches, iPhone and Apple atc at the boarding gates of trains and buses, without the need to open the device, as it is sufficient to bring it closer to the electronic reader to make the payment immediately. According to the Royal Commission for Riyadh City, ... Read more

Today. Labor Law Amendments Take Effect

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Reading time: < 1 MinuteThe Ministry of Human Resources and Social Development announced that the amendments to the Labor Law will come into effect as of Wednesday, 20/08/1446 AH corresponding to 19/02/2025 AD, based on the decision of the Council of Ministers dated 02/02/1446 AH, based on the Royal Decree dated 08/02/1446 AH, with the aim of enhancing job stability and raising the efficiency of the labor market to meet the needs of the private sector. The new amendments include amending 38 articles of the law, ... Read more

Arcapita signs strategic partnership with King Abdullah Economic City to develop logistics centers

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King Abdullah Economic City

Reading time: 2 MinutesArcapita Group Holdings Limited, a global alternative investment management company, announced the signing of a Memorandum of Understanding (MoU) with King Abdullah Economic City (KAEC) at a special ceremony held in Bahrain to develop world-class warehousing facilities that will contribute to the growth of the city's industrial valley. The project aims to optimize KAEC's operational capabilities, in addition to ... Read more

Details... Learn about the draft executive regulations of the real estate transaction tax system

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Zakat, Tax and Customs Authority

Reading time: 3 MinutesAs part of efforts to regulate real estate transaction tax and enhance transparency in real estate transactions, the Zakat, Tax and Customs Authority (ZTA) invited financial and regulatory authorities to submit their comments on the draft executive regulations for real estate transaction tax, which it launched on a consultation platform, during the period from February 15 to March 15, 2025. Objectives of the Draft Executive Regulations for Real Estate Transaction Tax The draft executive regulations aim to... Read more

Australia imposes a ban on foreigners buying real estate What are the reasons?

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Australia

Reading time: < 1 MinuteIn a move aimed at boosting homeownership opportunities for Australians, the Australian government has announced a two-year ban on foreign entities buying existing residential properties in the country. Australian Housing Minister Claire O'Neill confirmed to Sky News on Sunday that the government has decided to prevent foreigners from owning residential real estate in Australia, describing the decision as an “important measure”. She added ... Read more

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