The reform of the Real Estate Market

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Based on the 2016 Saudi budget, real estate experts and investors in the Kingdom are anticipating in the coming period a remarkable revitalization of the real estate investment sector.

During his speech, the Custodian of the Two Holy Mosques declared the government’s direction to launching a comprehensive economic, financial and structural reform program to build a strong economy based on solid foundations and diversified resources of income, while minimizing the negative impacts on middle and low-income citizens.

With a total value exceeding 1.3 trillion riyals and estimated to reach 1.5 trillion riyals in the coming years, the real estate sector is becoming one of the most attractive investment sectors in Saudi Arabia, since, unlike any other sectors, it is recognized for its low risk investment opportunities driven by, rigid and inflexible prices, steady returns, sustainable growth of the industry, and the high unmet demand. Hence, Experts believe that 2016 indicators carry a lot of corrective expectations for this promising sector.

Though the 2015 indicator of the real estate market ended with 22.5% decline in the total value of transactions compared to 2014, settling down at 348.4 billion riyals compared to its highest records of 449.7 billion riyals during 2014, the government’s current directions and recently approved legislations are fully capable of strongly boosting the real estate sector in the long run and to provoke the market towards growth.  

The taxes on undeveloped urban land set to be activated before the middle of the current year, and the new regulation of confining property valuation profession to the members of the Saudi Authority for Accredited Valuers, would both regulate the process of real estate sale and purchase and bestow more confidence and peace of mind for clients, in addition to encouraging more capitals into real estate investment especially for those who seek safe and long term investment.

Mr. Essam Al-Ghamdi, Marketing and Strategy director, RAFAL Real Estate Development said:” we are at the beginning of a new path to deal with the negative repercussions and resolve the complications that we face. Everyone has felt that the kingdom is about to impose reforms that promotes the domestic development and ability to confront future challenges. The government’s new strategy is a confirmation of their efforts and commitment to raise the standard of living and reduce unemployment rate through the establishment of the Commission for Job Generation and Anti-Unemployment as well as the Saudi Council of Economic and Development Affairs, and the activation of the national transformation program in 2020 to mark 2016 as the new beginning of the Saudi economy”.

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The Saudi Print & Pack, Plastics and Petrochemicals 2016 concluded its 13th edition More than SR 216 million trade deals enhanced the commercial cooperation between the Kingdom and the participating countries

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Attracting more than 26000 visitors over 4 days, was definitely a clear indicator to the success of the 13th edition of the Saudi Print & Pack, Plastics & Petrochemicals exhibition, which was concluded on the 21st of January 2016.

The Exhibitors along with the visitors have expressed their contentment with this year’s edition, and valued the efforts of the organizers, Riyadh Exhibition Company Ltd.., who managed to gather prominent key players in the biggest specialized industrial gathering in the Kingdom over a total area of 15000 sqm.

“Since its inception, this exhibition has been positioned as one of the biggest, most successful  specialized shows in the Kingdom, in terms of business deals, the level of exhibitors and sponsors, the number of VIP visitors’ the international participation , and the quality of services offered “said Mr. Kamil Al Jawhari, Saudi-PPPP, Project Manager.

“More than SR 216 million worth of announced deals with a total of 414 deals conducte, 26000 high profile and targeted visitors, and more than 520 exhibitors and the participation of 24 international countries have definitely given a clear message on the stability and strength of the Saudi Economy.” Added Mr. Al Jawhari.

“These achievements contributed to the success of this show, which is considered as the ideal platform for local, regional and international Decision Makers, industry specialists, from the Printing, packing, Petrochemicals and Packaging industry, to gather and explore business opportunities and grow their business “concluded Mr. Al Jawhari.

Under the patronage of the Ministry of Commerce & Industry, The Saudi Print & Pack, Plastics and Petrochemicals exhibition 2016, has showcased the latest technologies in these industries, and explored the business and investment opportunities and the Saudi economic capabilities, backed by the support of the diamond sponsors of the SABIC, and National Industrialization Company (Tasnee), and the Platinum sponsors of Advanced Petrochemical Company, Saudi Polymers Company LLC (SPCo), in addition to many local and international companies.

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CNIEL AND EUROPEAN UNION TO HOST EXCLUSIVE PASTRY MASTERCLASSES BY EXECUTIVE PASTRY CHEF LUDOVIC AUDAUX IN RIYADH AND JEDDAH Riyadh – January 25th & Jeddah – January 27th 2016

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CNIEL and the European Union have together embarked on a 3-year global campaign to raise awareness of French dairy cream. Following the campaign launch and workshops held in Dubai (UAE), two exclusive masterclasses dedicated to pastry professionals will take place in Saudi Arabia this month.

Ludovic Audaux, Complex Executive Pastry Chef at The St. Regis Dubai, W Dubai and The Westin Dubai Al Habtoor City will host the masterclasses and present his personal version of the ParisBrest. Chef Louis Durand created this traditional French pastry in 1910, and today the Paris-Brest is one of the most famous traditional French desserts. It continues to provide inspiration to the best pastry chefs who constantly seek to reinvent it! Chef Ludovic will demonstrate the many roles played by dairy cream – in improving taste, texture, binding and even presentation – that make it an essential ingredient in every sophisticated pastry! Chef Ludovic grew up in France and started baking when just eight years old. His passion continued into his teenage years, and he started working in a bakery aged fifteen where he discovered the charming world of the French patisserie. He has worked in prestigious establishments in France as well as in Qatar and the UAE.

Last June Chef Ludovic joined The St. Regis Dubai, W Dubai – Al Habtoor City and The Westin Dubai – Al Habtoor City following two years as Complex Executive Pastry Chef at Dubai’s Westin Mina Seyahi and Le Meridien Mina Seyahi, where he oversaw the entire pastry and baking operations for the hotels’ eighteen outlets. He brings creative flair, an abundance of passion and unparalleled expertise in French patisserie to his role.

The masterclasses will run from 11 a.m. to 1 p.m. tomorrow (Jan. 25) at Spazio 77 Restaurant, Kingdom Tower, 77th floor, Riyadh and from 11 a.m. to 1 p.m. on Wednesday at Le Concheur, Al Murjana Centre, P. Sultan Road, Jeddah. — SG.

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The largest dedicated exhibition for plastics and petrochemical industries in the Middle East The launch of The Saudi exhibition for plastics and petrochemical, printing and packaging at Riyadh International Convention & Exhibition Center

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The thirteenth edition of the Saudi exhibition for plastics and petrochemicals, printing and packaging was launched at the Riyadh International Exhibition Centre today, gathering local and regional leading companies, decision-makers and governmental figures, thus constituting the largest industrial assembly in the kingdom. The exhibition will continue for 4 days, from 18th until 21th of January 2016, corresponding to 8 to 11 Rabi al-Thani 1437 H.

Under the Patronage of theMinistry of Commerce and Industry, and in the presence of Eng. Saleh S. Al-Solami ministry deputy for industry affairs, the exhibition was inaugurated amid a crowd of VIPs from public and private sectors from different regions of the Kingdom, the region and the world.

HRH Prince Saud Al-Abdullah Al-Faisal bin Abdulaziz, Chairman of Riyadh Exhibitions company Ltd, the organizing company of the Saudi exhibition for plastics and petrochemicals, printing and packaging Said: ” like every year, the exhibition constitutes a assembly point for Local and international decision makers and stakeholders, however this year the exhibition witnessed exceptional international participation reaching 24 countries”.

He added: “Our successful track record in organizing leading exhibitions in major economic sectors has led to the government recognition and support, especially that the exhibitions we lead focus on improving and developing the Saudi economy and applying  the national strategy in developing a sustainable national economy, diversifying the economy and attracting industrial investments as per the global trends.”

The participants expressed their delight and content with this specialized platform that successfully highlights the rapid and advanced growth of the industries. They look forward to making the most out of their participation, by showcasing their products and services to the targeted audience that will be present in the exhibition, in addition to attracting collaboration opportunities with local and international companies to promote Investment, and contribute to the development of these sectors through the exchange of experiences and knowledge. “

It is worth mentioning that the exhibition brings together more than 540 companies and 24 countries to display a wide range of plastic and petrochemical products, laboratory equipment and instruments, Printing Techniques and supplies, packaging machinery and equipment, in addition to sign and graphics.

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Saudi Print & Pack Plastics and Petrochemicals Partners gather Prominent Partners

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Riyadh Exhibition Company Ltd. Conducted a press conference at Tiara hotel, to announce the Saudi Print & Pack, Plastics and Petrochem Exhibition Agenda and program, which is set to launch on the 18th of January.

The press conference was attended by the commercial attaches of China, Taiwan, Italy and India; Media representatives, and Sponsors’ represented by Mr. Fawaz Al Fawaz, Chief financial Officer, National Industrialization Company (Tasnee); Mr. Ayoub Al Ghamdi, Vice President Commercial & Logistics, Saudi Polyemrs Co.; Mr. Ahmed Bu-Hazza, supply Chain General Manager, Advanced Petrochemical Company.

HRH Prince Saud Al Abdullah Al Faisal Bin Abdulaziz, Chairman, Riyadh Exhibitions Co. initiated the press conference by an opening speech welcoming the attendees and highlighting the role played by the Riyadh exhibition center throughout the years in upgrading the MICE Industry by organizing hundreds of conferences and attracting thousands of exhibitors and visitors. HRH added, “the Saudi Print & Pack Plastics and Petrochemicals exhibition is an annual event that gathers the decision makers from the private and public sector, to discuss the latest trends in the industry and explore the local opportunities with a global audience attending from the 24 countries participating in the event.

Eng. Sami Mohammed Al-Osaimi, Vice President, Elastomers, PVC, PS, PET, PMMA and POM, explained that SABIC’s participation in this exhibition aims to present innovative and economic solutions that can be developed locally to promote sustainable development. He then confirmed that SABIC is committed through its participation in the exhibition to raise awareness about sustainability as a crucial industrial concept to preserves the future of our generations and natural resources, pointing out the importance of spreading the innovation culture among their visitors during the show. He

added that the specialized chemicals sector focuses its efforts to provide specialized products that offer solutions, and new modern applications for customers and end-users.

Mr. Ayoub Al Ghamdi, vice president, commercial & logistics, Saudi polymers CO, said “The exhibition is an excellent opportunity to exhibit the needs of a growing market in packaging, printing, and plastics industries, and sheds light on the latest technical development and techniques for current and future demands.”

Mr. Ahmed Bu-Hazza, supply Chain General Manager, Advanced Petrochemical Company, said, “The Saudi Print & Pack, Plastics & Petrochemicals exhibition is the largest industrial event in the middle east, the polymers field in particular , and provides unique opportunities to communicate at all levels which will support the growth and development of polymers products, and the industrial manufacturing especially in the Kingdom thus accommodate the localization of this Industry and of its technical support and development of the Saudi workforce and to sustain the growth of this promising market, which is compatible with the goals of our government.”

“With 27 exhibiting companies at the show this year, Italy once again positions itself as a crucial industry player with high quality services and products to offer the region’s markets, and to share its knowhow and expertise with its privileged potential Saudi partners.” Said Dr. Giuseppe Lamacchia, Trade Commissioner, Italian Trade Agency (ICE).

Mr. Pramod Kumar Agarwal, Second Secretary (Economic & Commercial), Embassy of India thanked the Riyadh Exhibitions company for organizing this significant event and said “The Kingdom of Saudi Arabia is the 4th largest trade partner with an annual bilateral trade of around $40 billion”

Mr. Faisal AN, Economic Counselor, Taipei Economic & Cultural Rep. Office, Taiwan, said “the Taiwan pavilion will host 24 suppliers who are ready to show their cutting –edge products and technologies, and prove their expertise in making plastic and rubber machinery.”

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Engineer Hafed Al-Tuwaijry, Chief Executive Officer of the Saudi Hospitality Heritage Company “Nuzul”

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The Board of the Saudi Hospitality Heritage Company “Nuzul” assigned Eng. Hafed Al-Tuwaijry as Chief Executive Officer of the company.

Holder of a civil engineering degree from King Saud University, Eng. Hafed Al-Tuwaijry held several leading positions in a number of renowned real estate development companies, including Executive Vice President for investment & development in Al Aqeeq Real Estate Company, CEO of Nama Al-Ardh Development and Investment, in addition to his position as CEO at Tawd for the Management and Marketing of Real Estate.

On this occasion, Eng. Hafed Al-Tuwaijry said: “I am pleased to join NUZUL’s team, and I am honored by this trust put in me by the board who are keen on employing all their efforts to highlight the value of our authentic heritage through creating and managing hospitality heritage facilities that play a key role in the tourism sector in the Kingdom”

He added: “At the Saudi Hospitality Heritage Company “Nuzul”, we look forward to providing an integrated experience of luxury hospitality mixed with the features of our authentic national heritage.”

It is worth mentioning that the Saudi Hospitality Heritage Company is a closed joint stock company that was founded as an initiative from the Saudi commission for tourism and national heritage represented by the public investments fund and a number of joint stock companies for the purpose of developing a network of high quality hospitality heritage amenities in all regions of the Kingdom, to maintain the cultural and architectural heritage and to strengthen the roots of authenticity and Arabian tradition.

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520 exhibitors Participate in the 2016 Saudi Plastics and Petrochem Show

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The increasing petrochemical and plastics projects has positioned this sector as the largest non-oil sector in the Kingdom, with a recorded growth of 5.3% for the current year. Saudi Arabia alone produces nearly 7 per cent of the global petrochemical output, on the List the largest exporter in the Middle East and North Africa area.

Given the significance and importance of this sector, the Saudi plastics and petrochemical exhibition is one of the strongest and most prominent industrial and investment exhibitions in the region, which brings together decision-makers from this vital sector.

The exhibition plays an important role in serving different sectors and a variety of categories, by being the ideal platform to launch new products and services in the promising Saudi market and communicate with individual investors, businessmen and traders.

The local recognition and government’s support represented by the patronage of the Ministry of commerce and Industry, along with the global recognition earned with the participation of more than 24 countries has contributed to the success of the 13th edition which attracted more than 520 companies this year.

This industrial gathering aims at developing the plastics industry and supporting the petrochemical sector in order to make the Kingdom the Centre of the consumer goods packaging industry and increasing industrial and petrochemical exports to the world. It also encourages and supports foreign investment that will eventually help diversify sources of income with access to more than 400 million consumers in the Middle East, and providing the necessary environment for large scale production, and the establishment of academic relations between industries through the seminars held during the exhibition.

Mr. Nidal Al-Ghamdi, Director of Public Relations, Saudi plastics and petrochemical Exhibition: « The exhibition is an excellent chance for competitors in the market to showcase their services and products, they will also be able to come up with the best innovative solutions in the sector. This exhibition positively contributes to the promotion of business tourism.”

Mr. Al-Ghamdi also confirmed “We are finalizing the preparations for the show to kick off on the 18th till the 21st of January 2016 at the Riyadh International Convention and Exhibition Center. And we expect the 13th edition to witness a large turnout, as it is held during a significant time, in addition to the efforts exerted by the diamond Sponsors, the Saudi Arabia Basic Industries Corporation (SABIC), and the National Industrialization Company (Tasnee), and the platinum sponsors, Saudi Polymers Company LLC (SPCo) and the Advanced Petrochemical Company.”

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A new agreement between Dur Hospitality Company and the General Authority of Civil Aviation 120 Million Saudi Riyals to develop Makarem Arriyadh Hotel at King Khaled International Airport

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Dur Hospitality Company signed an agreement with the General Authority of Civil Aviation (GACA) to develop Makarem Arriyadh Hotel located at King Khaled International Airport (KKIA), including an extension of the current agreement for a period of 20 years starting from the next year 2016.

The development is expected to cost an amount of 120 Million Saudi Riyals, resulting in increasing the hotel’s capacity from 248 to 348 rooms. In addition to the development of the supporting facilities including an integrated spa, and the development of the Corporate Business Identity. After its completion, the hotel will be operated through an international hotel brand.

The agreement was signed by Dr. Badr bin Homoud Al-Badr, CEO of Dur Hospitality Company and Mr. Yousef Bin Ibrahim Al-Abdan, Director of KKIA on behalf of both parties, in the presence of a large audience of employees from both companies

On the sidelines of the ceremony, Mr. Yousef Al-Abdan, Director of KKIA said: “We are delighted to extend our relationship with Dur Hospitality Company and we look forward to offering more support and encouragement towards the continuity of this fruitful partnership that witnessed a remarkable success over the past few years, and we are expecting even more prosperity, thanks to the huge efforts exerted and to the high expertise and enlightened vision.”

Dr. Badr AL-Badr, CEO of Dur Hospitality Company said: “We are proud to announce the renewal of our agreement with the General Authority of Civil Aviation and we look forward to the continuance of this successful relationship based on mutual trust, through upgrading our experience together and providing a new concept through an international hotel brand.

He added, “The signing of the agreement represents an important step towards our ambitious Development plans of the Hospitality Industry in Saudi Arabia, and we are committed to providing upscale hotel services that suits our customers’ requirements.”

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Dur announced the results of its General Assembly meeting.

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Dur Hospitality announced the results of its General assembly meeting held in the company’s headquarters in Riyadh After satisfying the legal quorum for the assembly, the new agenda was voted and new board members were elected for the next 3 years starting 1/1/2016 ending on 31/12/2018. Accordingly, the new non-executives board members are Eng. Abdullah bin Mohammad Al Issa. And Mr. Abdullah bin Mohammad Al Abduljabbar representative of General organization for Social insurance, Eng. Fahd bin Abdullah Al Sherif, representative of the public investment fund and Mr. Badr bin Abdullah Al Issa, whereas the independent board members are Dr. Saleh bin Ali Al Hathloul, Mr. Nasser bin Mohammad Al Sebaiei, and Mr. Talal bin Abdulmohsen Al Malafekh, representative of the public pension agency and Mr. Fahad bin Abdullah Al Qassem ,and Mr. Musaab Suleiman Al-Muhaidib

The board also appointed Eng. Abdullah bin Mohammad Al Issa chairman of the board for its next session starting 1/1/2016 for the next 3 years, in addition to forming the sub committees in accordance with the approved duties and responsibilities.

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RAFAL Residence the modern vertical residential destination in the Kingdom

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RAFAL real estate development company, the premier residential community innovator, has announced the initiation of the selling process of its new community “RAFAL Residence”, after concluding construction works and finalizing 80% of the finishing works.

This announcement came after the approval granted by the Ministry of Commerce and Industry to initiate the map selling of RAFAL Residence.

 RAFAL Residence the second vertical residential community developed by RAFAL offers the “RAFAL” lifestyle, which is embodied in the gated community concept that provide luxury, privacy and security in an integrated modern fully serviced environment.

 RAFAL Residence enriches the social environment, which is aspired by many Saudi, and non-Saudi families, who are looking for sophisticated residential solutions in a modern environment while preserving the local traditions and customs.

As Mr. Essam Al-Ghamdi, Marketing and Strategy Manager, RAFAL Real Estate Development Company, said: “RAFAL has been the leader in introducing the vertical residential communities concept in Saudi Arabia, after the focus in the Saudi real estate market was limited to office and commercial vertical projects.”

RAFAL Residence community is developed over 27 floors, consisting of 234 fully serviced hotel apartments by Ascott; and 172 apartments developed in a unique design, some of which include a terrace, a balcony and adjustable windows; in addition to 4 penthouses and a private club exclusive for residents located at the top floor of the residential community. RAFAL Residence is supported by an integrated facility that includes retail stores, hospitality and entertainment facilities. 

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