Construction of Premium Diriyah Square Office Space Starts

Diriyah, The Diriyah Company said in a press release issued today that it has started the construction of a premium office development on Diriyah Square, further enhancing its diverse infrastructure offerings to the business community.

The five low-rise office buildings, designed with sustainability in mind, will offer nearly 39,000 square meters of gross leasable area (GLA), and a total gross floor area (GFA) of almost 47,000 square meters, as well as approximately 1,000 parking spaces and a kindergarten.

Reflecting the timeless principles of Najdi architecture, the facade of the buildings will embody Diriyah’s 300-year heritage.

The construction will accommodate around 4,000 individuals, offering plenty of natural light, outdoor areas, and flexible workspaces.

Tenants will also benefit from the proximity to the many amenities on Diriyah Square, the newly announced precinct with 400 retail outlets, diverse dining options, recreational facilities, and entertainment venues. Nearby luxury hotels like Baccar
at, Corinthia, Armani, and Orient Express will offer premium hospitality services, ideal for corporate functions.

Diriyah Company Group CEO Jerry Inzerillo said: “Our commitment lies in building a thriving new city in Diriyah, one that honors its rich history and fosters a vibrant community. Central to this vision is the creation of top-notch commercial spaces, essential for cultivating Diriyah into a dynamic business hub poised for growth.’

Source: Saudi Press Agency

CBB Treasury Bills oversubscribed by 143%

Manama, This week’s BD 70 million issue of Government Treasury Bills has been oversubscribed by 143%.

The bills, carrying maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.

The issue date of the bills is May 29 and the maturity date is August 28.

The weighted average rate of interest is 5.90% compared to 5.91% in the previous issue on May 22.

The approximate average price for the issue was 98.530% with the lowest accepted price being 98.529%.

This is issue No. 2019 (ISIN BH000356L888) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion.

Source: Bahrain News Agency

Kurdistan Region: We deposited more than 85 billion dinars in the federal government’s account

Baghdad, The Ministry of Finance and Economy of the Kurdistan Regional Government announced today, Monday, the deposit of a portion of the region’s internal revenues for the month of February in the bank account of the Ministry of Finance.

The Kurdistan Finance Ministry explained in a statement that it had deposited an amount of (85,199,634,000) dinars of internal revenues for the month of February 2024, in cash, in the bank account of the federal government in the Erbil branch of the Central Bank of Iraq, amounting to 50 % of tax and customs revenues in the Kurdistan region for the month of February.

It added, “This came according to the monthly amended balance sheet reports.”

Source: National Iraqi News Agency

More than USD 4m raised by promising entrepreneurs through Beban

Manama, Hope Ventures, the investment arm of Hope Fund and producers of the entrepreneurial investment show and the region’s 1st private-public investment platform ‘Beban’, announces the successful conclusion of its third season which aired on Bahrain TV, AlRai TV, Abu Dhabi TV, Saudi Broadcasting Authority Channel (SBC), Oman Cultural TV, and the region’s leading video-on-demand platform, Shahid.

The season was filmed in the Middle East’s newest exhibition and convention centre, Exhibition World Bahrain (EWB). It showcased 41 businesses comprising of over 100 entrepreneurs from across the MENA region as they pitched in front of a panel of regional, reputable investors for equity investment and strategic business development opportunities that can accelerate their growth into new markets.

Prior to pitching on the show, the entrepreneurs had undergone over 200 hours of extensive training by industry experts to develop and grow their businesses and ensure their readiness to participate in Beban.

Out of the 4
1 businesses that pitched on Beban Season 3, 20 had successfully fundraised, making the season’s total investments USD 4,180,000 co-invested by the private and public sectors alongside one another. The businesses who secured investment comprised of 4 key sectors: technology, manufacturing, food and beverages, and retail.

Through Beban Season 3, the show became the region’s 1st private-public investment platform through its formed partnerships with Khalifa Fund for Enterprise Development (United Arab Emirates) the SME Development Authority (the Sultanate of Oman), GFH Capital (Kingdom of Saudi Arabia), Zain Kuwait and Sabah Al Ahmad Center for Giftedness and Creativity (Kuwait), and the Labour Fund Tamkeen (Kingdom of Bahrain).

Another milestone Beban has achieved throughout its 3rd season was winning the Kuwait Creativity Award under the Television Programmes category at the 11th Arab Media Forum, further reinforcing the show’s stance as the region’s 1st private-public investment platform.

Commenting on th
e occasion, Fajer Saleh Al Pachachi, the General Manager of Hope Ventures, said: “We proudly conclude season 3 of Beban, having successfully facilitated strategic investment opportunities for high-potential, scalable businesses as the MENA region’s first private-public investment platform. Through Beban’s comprehensive range of offerings, including fundraising, regional exposure, and business perks, this season’s entrepreneurs have reaped many rewards based on merit. We commend the participating entrepreneurs and welcome a new batch of visionaries in the upcoming season, as we continue to foster success stories throughout the MENA region.”

Following Beban Season 3’s success, Beban invites all MENA-based entrepreneurs looking for investment and strategic opportunities to apply to its Beban Season 4 through its website before June 6th, 2024.

Source: Bahrain News Agency

Roads General Authority’s Road Code to Serve as Reference for Sector Entities in the Kingdom

Riyadh: Under the patronage of the Minister of Transport and Logistics Services and Chairman of the Board of Directors of the Roads General Authority, Eng. Saleh Al-Jasser, the authority has launched the Saudi Road Code, which is a technical reference targeting all entities responsible for roads in the Kingdom.

The code is designed to provide entities such as ministries, regional development and city development authorities, and regional, city and governorate municipalities with the information needed to plan, design, build, operate, and maintain all types of roads in the Kingdom.

The code sets specific levels of safety, security, economic efficiency, environment protection, and sustainability.

The launch of this national code underscores the role of the authority as a government body overseeing and regulating the entire road network in Saudi Arabia.

Its role entails developing policies, regulations and systems regulating road construction and maintenance.

The authority, in partnership with all relevant
entities, prepared the Saudi Road Code according to the best global practices, ensuring that it contributes to achieving the objectives of the road sector strategy, which focuses on safety, quality, and traffic density, with the aim of increasing the safety and sustainability of roads led by national expertise, improving the quality of the road network and the user experience, and encouraging innovation.

The need for the code arose from the multiplicity of entities implementing the road network in the Kingdom and the multiple specifications and policies each entity follows. A specific road code takes into consideration the terrain in different regions, and sets specific standards of safety, security, quality, environment, and sustainability.

It took specialized national personnel and numerous global road sector experts 18 months to prepare the Saudi Road Code. A steering committee including many stakeholders was also formed to prepare this code, to ensure that it serves the development and strategic plans o
f these entities.

The Saudi Road Code comprises 25 protocols to be observed in road planning and preliminary studies; they concern road, bridge, and tunnel design and construction; traffic engineering and road safety; environmental aspects, and requirements for autonomous vehicles.

The authority seeks to organize and supervise the road sector in the Kingdom by setting the necessary policies and standards for road design, construction, and maintenance. The authority aims to achieve the road sector strategy targets, focusing on safety, quality, and traffic density in order to rise to the sixth global rank in road quality and reduce fatalities to less than five cases per 100,000 by 2030.

Source: Saudi Press Agency

Al-Sudani directs to expedite the completion of the registration of Kurdistan Region employees’ data and avoid delaying their salaries

Baghdad, Prime Minister Muhammad Shiaa Al-Sudani directed, today, Monday, to expedite the completion of the registration of Kurdistan Region employees’ data and avoid delaying their salaries.

During his chairmanship of a meeting devoted to following up on the measures taken to localize the salaries of Kurdistan Region employees, Al-Sudani confirmed, according to a statement by his office, that: proceeding with the implementation of the Federal Court’s decision issued on February 21, 2024, which stipulated obligating the federal government and the regional government to localize the salaries of public sector employees working within the Kurdistan Region.

The statement indicated that Al-Sudani followed up on implementing procedures with the Central Bank of Iraq and government banks in this regard.

Al-Sudani stressed that the federal government is concerned with caring for employees of the Iraqi people wherever they are, and ensuring their rights, in accordance with what is approved by the law and the constit

Source: National Iraqi News Agency

The Minister of Oil and the President of the Basra Council discuss the file of social benefits and the employment of the people of the province in oil companies

Basra, Chairman of the Basra Governorate Council, Khalaf Al-Badran, discussed with the Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul-Ghani, several files, including the file of social benefits and employment for the people of the governorate, and how to refer and complete projects, especially in areas close to oil fields.

Al-Badran said in a statement, ‘The Minister of Oil expressed great cooperation with the Basra Provincial Council on the importance of providing greater service to the people of the province,’ noting: ‘The Minister directed oil companies to cooperate with the Council and attend the meetings scheduled to be held in the coming days with the Basra Oil Company and its bodies to discuss the files of benefits and employment.’

The Minister of Oil had previously announced that the percentage of Iraqi labor in the oil fields exceeds eighty percent, in addition to that social benefit projects are being followed up to complete the best projects, the most recent of which was t
he opening of Zubair Bridge in Basra and the establishment of a number of schools and medical halls in a number of hospitals, especially the Children’s Hospital For cancerous diseases.

Source: National Iraqi News Agency

ROSHN Partners with SIMAH to Boost Transparency and Enable More Home Ownership Across the Kingdom

Riyadh: ROSHN Group, a national real estate developer and PIF-owned giga-project, said in a press release issued today that it had signed an agreement with the Saudi Credit Bureau (SIMAH) to access credit rating services, boost transparency, and improve its customers’ house purchasing experience.

As per the agreement, SIMAH, through its subsidiary company and consultancy arm Qarar, will provide ROSHN with essential services, including credit rating products drawn from over 400 key data providers.

ROSHN’s partnership with SIMAH reflects its commitment to transparency and due diligence, in-line with its core corporate values: trust, integrity, and responsibility. The agreement will enable the next generation of Saudi homeowners to make informed financial decisions based on their credit history and scoring.

The partnership will further accelerate ROSHN’s progress toward its goals to empower Saudis looking to buy a house, increase home ownership, and transform urban living, in line with the goals of Saudi Visi
on 2030.

Source: Saudi Press Agency