1 Real Talks �
Riyadh’ s tallest tower to open next June
Saudi-based Rafal Real Estate Development has announced the tallest residential tower in the kingdom is set to open in June 2013, Gulf times has reported, located at King Fahd Highway in Al-Sahafa district in the north of Riyadh, the 308-metre Burj Rafal consists of 70 floors, 440 residential apartments, constructed on a 20,000 sqm plot. " The tower will be equipped with stateof-the-art facilities, fully integrated systems, as well as 360 degrees of natural light, and the best utilization of space as well as worldclass construction standards.
http:// www. ameinfo. com / riyadhs-tallest-towerjune-319660
Egypt’ s second-biggest listed developer reports loss
aPalm Hills has reported a net loss of EGP83.3m($ 13.7m) in the first nine months of 2012, compared with a loss of EGP99.1m a year earlier, Reuters has reported.
http:// www. ameinfo. com / palm-hills-reports-lower-ninemonth-losses-319325
Saudi contractors reject planned fees over expat workers
President of the Council of Saudi Chambers, Abdullah Al-Mubti, has said businesses in the kingdom, most notably contracting firms, have expressed their reservations about the labour ministry ' s recent decision to levy a fee of SR2,400 a year on private companies for every expatriate worker if they employ more foreigners than Saudis, Arab News has reported. " The ministry ' s decision has caught us off-guard," said Al-Mubti. A number of business sectors that employ a large number of expatriates had expressed their reservations about the ministry ' s decision. " About 90 % of workers in the contracting sector are foreigners," Al-Mubti said, urging the ministry to encourage Saudis to work with contracting companies.
http:// www. ameinfo. com / saudi-contractors-rejectplanned-fees-expat-319164
Egypt’ s Mortgage Finance Authority grants $ 590m in loans
Egypt’ s Mortgage Finance Authority( MFA) has said the amount of loans granted to investors rose by 28.7 % in September 2012, reaching some EGP3.6bn($ 590m), compared with the same month of last year.
http:// www. ameinfo. com / egypts-mortgage-financeauthority-grants-590m-320577
Qatar to spend $ 140bn on infrastructure over next 5 years
Qatari finance minister Yousef Hussein Kamal has said the country is to invest around $ 140bn in infrastructure projects over the coming five years, Gulf Times has reported. The projects include the new airport project, the first phase of a railway station plan, as well as education and social development sectors ' plans, said Kamal. http:// www. ameinfo. com / qatar-spend-140bninfrastructure-five-318850
SAMA proposes new regulations to boost home mortgage
The Saudi Arabian Monetary Agency( Sama) has proposed new regulations on real estate financing, leasing and supervision of financial companies, as the kingdom prepares to open up its mortgage market, Arab News has reported. The central bank is requesting the public to review the draft regulations and submit their comments and observations using within 30 days of its publication. " Sama ' s involvement in mortgage financing reflects another heavily regulated financial service sector in the Saudi market," said Basil Al-Ghalayini, CEO of BMG Financial Group. " This, in my opinion, may prove to be healthy over the long run in order to protect all parties ' rights," he said.
http:// www. ameinfo. com / sama-proposes-regulationsboost-home-mortgage-319846
40 DORCHESTER December 2012