More than 89k families benefit from Sakani program

More than 89k families benefit from Sakani program
A view shows newly constructed residential buildings in Riyadh. (Reuters/File)
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Updated 15 May 2021

More than 89k families benefit from Sakani program

More than 89k families benefit from Sakani program
  • Various projects are underway in parts of the Kingdom in partnership with real estate developers

RIYADH: A total of 89,493 families benefited from the various housing solutions offered by the Saudi Housing Ministry’s Sakani program since the beginning of 2021 until April 30, the Saudi Press Agency reported.

A total of 66,651 families have already moved into their new homes, according to official data.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 with the aim of facilitating home ownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals and financing their purchase. It has a goal of reaching 70 percent home ownership by 2030.

In April alone, 19,373 families benefited from the different housing options offered by Sakani.

The program recently launched new e-services to serve people effectively.

The app, which allows users to access four new services, can be downloaded at: qrco.de/bc5N3L.

HIGHLIGHTS

● A total of 89,493 families benefited from the various housing solutions.

● In April alone, 19,373 families benefited from the Sakani program.

● The program recently launched new e-services to serve people.

The services include electronic financing, ready-made units, approved contractor, and interactive maps.

The services had been added to ensure Sakani becomes “the go-to destination for housing services and solutions, in order to make it easier for Saudi families to own their first home.”

Various projects are underway in parts of the Kingdom in partnership with real estate developers.

About 178 infrastructure projects covering 244 million square meters have been developed at a cost of more than SR8 billion ($2.13 billion), said National Housing Company CEO Mohammed bin Saleh Al-Bati.

“In 2017, housing options under construction were limited, but now developers are racing to obtain licenses,” said General Supervisor of Real Estate Development Deputyship at the Ministry of Housing, Sultan Al-Sheikh. 

“Reservation of residential units on new developments is often complete within a few days and in some cases hours.”


Dur Hospitality and Taiba Investments mull merger

Dur Hospitality and Taiba Investments mull merger
Updated 5 min 19 sec ago

Dur Hospitality and Taiba Investments mull merger

Dur Hospitality and Taiba Investments mull merger
  • It comes amid a wave of merger and acquisition activity in the Kingdom and wider Gulf region as corporations reposition themselves in the post-pandemic world

RIYADH: Dur Hospitality and Taiba Investments said they would start preliminary discussions about a possible merger.

The pair made the disclosure in separate statements to the Saudi stock exchange on Sunday.
It comes amid a wave of merger and acquisition activity in the Kingdom and wider Gulf region as corporations reposition themselves in the post-pandemic world.
Dur develops, owns and manages hotels, restaurants, recreational centers and travel agencies. It also provides services to Umrah pilgrims, in addition to developing residential, hotel and commercial buildings, Argaam reported.
Its major shareholders include Assila Investments Co. with 27.14 percent, the Public Investment Fund (PIF) with 16.62 percent, and Mohamed Ibrahim Mohamed Al Issa with 12 percent, the financial website said.
Meanwhile Taiba is active in real estate, architectural and electrical contracting, maintenance and operation, agricultural, industrial and mining activities.
Its major shareholders include Asilah Investment Co. with 16.73 percent, Mohamed Saleh Hamza Serafy (15.55 percent), and Mohamed Ibrahim Mohamed Al Issa (7.41 percent), Argaam said.


SRMG unit inks 3-year media services contract worth $53.3m

SRMG unit inks 3-year media services contract worth $53.3m
Updated 9 min 39 sec ago

SRMG unit inks 3-year media services contract worth $53.3m

SRMG unit inks 3-year media services contract worth $53.3m
  • Under the contract, Taoq will provide media services, produce multilingual content, and provide consulting services

DUBAI: Taoq International Public Relations, a unit of the Saudi Research and Marketing Group (SRMG), has signed a three-year contract with an annual value of SR200 million ($53.3 million).
Under the contract, Taoq will provide media services, produce multilingual content, and provide consulting services, SRMG announced in a bourse filing.
The financial impact of the deal, signed with an unnamed commercial company in the media industry, is expected to appear in Q2 statements this year.

 


Tabuk Pharma clinches deal to sell Moderna vaccine in Kingdom

Tabuk Pharma clinches deal to sell Moderna vaccine in Kingdom
Updated 15 min 2 sec ago

Tabuk Pharma clinches deal to sell Moderna vaccine in Kingdom

Tabuk Pharma clinches deal to sell Moderna vaccine in Kingdom
  • The Riyadh-based company has signed an exclusive service agreement with Moderna Switzerland

RIYADH: Saudi Arabia's Tabuk Pharmaceutical has signed a contract with Moderna to sell and distribute its COVID-19 vaccine in the Kingdom.
The Riyadh-based company, a unit of Tadawul-listed Astra Industrial Group (AIG), has signed an exclusive service agreement with Moderna Switzerland, it said in a stock exchange filing on Sunday.
Tabuk said the value of the deal was difficult to determine "since it is dependent on the level of supply and sales to the market."
Tabuk will hold the marketing authorization for the product during the term of the agreement, it said.
The scope of the deal includes providing suitable handling of the products for the distribution to wholesalers, hospitals, clinics and others.
It also opens up the possibility of Tabuk working with Moderna on other products or new variant vaccines if authorized in the future.
Tabuk Pharmaceuticals has a presence in 20 markets and employs over 1,500 employees.


Iraqi oil minister expects oil prices at $68 to $75 in H2

Iraqi oil minister expects oil prices at $68 to $75 in H2
Updated 13 June 2021

Iraqi oil minister expects oil prices at $68 to $75 in H2

Iraqi oil minister expects oil prices at $68 to $75 in H2
  • “We expect that Exxon Mobil will remain in a certain part of Iraq in some investments, it came out only from West Qurna 1,” he said

CAIRO: Iraq’s oil minister said on Saturday that he expects oil prices to range between $68 and $75 per barrel during the second half of this year if OPEC abides by set production output to protect markets.
Ihsan Abdul Jabbar also told journalists “there are new projects in which there is a common interest” between Exxon Mobil and Iraq. “We expect that Exxon Mobil will remain in a certain part of Iraq in some investments, it came out only from West Qurna 1,” he added.


Dubai’s non-oil external trade grows 10 percent in Q1

Dubai’s non-oil external trade grows 10 percent in Q1
Updated 13 June 2021

Dubai’s non-oil external trade grows 10 percent in Q1

Dubai’s non-oil external trade grows 10 percent in Q1
  • Exports grew 25 percent to 50.5 billion dirhams while imports rose by 9 percent to 204.8 billion dirhams
  • Gold topped the list of commodities in the emirate’s external trade at 63 billion dirhams

DUBAI: Dubai’s non-oil foreign trade reached 354.4 billion dirhams ($96.5 billion) in the first three months of 2021 – indicating a 10 percent increase from the same period last year.
Exports grew 25 percent to 50.5 billion dirhams while imports rose by 9 percent to 204.8 billion dirhams, state news agency WAM reported.
Re-exports reached 99 billion dirhams in the same period, growing 5.5 percent.
“This remarkable performance reflects our external trade sector’s impressive resilience and its ability to rebound and grow in the face of major international crises,” the emirate’s ruler, Sheikh Mohammed bin Rashid Al-Maktoum, said.
He attributed the growth to the emirate’s advanced infrastructure, good governance, as well as the “generous stimulus packages” launched to support businesses during the pandemic.
Dubai earlier launched a five-year economic strategy to raise external trade to 2 trillion dirhams, and leverage its potential as a global trade hub given its location.
“Furthermore, by hosting Expo 2020, ‘the world’s greatest show’, Dubai will make a significant contribution to the recovery of the global economy and help it move toward prosperity again,” Sheikh Mohammed added.
It helped that global trading activities in Dubai were not heavily affected by the health crisis, Sultan bin Sulayem, group chairman of port operator DP World, said.
“The impressive success of the vaccination campaign in the UAE has created high levels of global confidence in the country and helped Dubai add to its profile as the city with the world’s most favorable business environment,” he said.
Sulayem highlighted Dubai’s ongoing campaign to create a global logistics network through a passport system that eases international trade.
Countries such as Indonesia, Thailand, South Africa, and Brazil have joined the network, and several international shipping giants have signed up to benefit from it.
Airborne trade grew 15 percent to 179 billion dirhams, while sea trade accounted for 120 billion dirhams, recording a 3 percent increase. Land trade rose by 7 percent to 55.3 billion dirhams.
China is still Dubai’s biggest trading partner in the first three months of the year, with 44 billion dirhams worth of trade, representing a 30 percent increase.
It is followed by India at 35 billion dirhams, the US at 15.4 billion dirhams, and Saudi Arabia at 14.7 billion dirhams.
Gold topped the list of commodities in the emirate’s external trade at 63 billion dirhams, followed by telecoms, diamonds, jewelry, and vehicle trading.