RIYADH: The Saudi Arabian General Investment Authority (SAGIA) will introduce many policies and procedures in the future to promote economic activities for privatization and to overcome legislative, regulatory and bureaucratic obstacles facing the private sector, said SAGIA Gov. Abdullatif Al-Othman.
The governor was speaking while inaugurating the 9th Global Competitiveness Forum (GCF) in Riyadh on Sunday. More than 2,500 local and foreign delegates from all parts of the world are attending GCF 2016.
Featuring over 80 international speakers, the forum brings together global business leaders, international political leaders, selected intellectuals and journalists to network and discuss the positive impact organizational and national competitiveness can have on local, regional, global economic and social development.
The speakers listed during the conference include Vicente Fox, former president of Mexico, Health Minister Khalid A. Al-Falih, Commerce and Industry Minister Tawfiq Al-Rabiah, Education Minister Ahmad Al-Issa and Housing Minister Majed Al-Hogail.
“It goes without saying that these steps will contribute to support the economy of Saudi Arabia, which occupies a prominent position among the Top 20 economies of the world,” he said.
“It is the largest economy in the Middle East and the fourth-fastest growing economy in the G20 after India, China and Indonesia.”
He said the investment plan for health care provides promising investment opportunities valued at SR40 million. He also pointed out that the investment in the education sector plan offers opportunities worth SR25 million.
Al-Othman said the forum will focus on “competitive sectors” as theme and will shed light on the ingredients that are essential in driving the competitiveness of sectors, the strategies that governments should follow to accelerate competitiveness and, most important, the role of competitive sectors in maintaining a sustainable economic growth.
The forum will draw focus on the priority sectors that have been identified to have a direct impact on economic and human development; sectors such as health care and life sciences, transport, education, ICT and services sector, such as tourism, financial services, real estate and professional consulting.
Al-Othman recalled that the forum is being held at a time when the Kingdom is celebrating the first anniversary of Custodian of the Two Holy Mosques King Salman’s accession the throne. “We have witnessed tremendous developments during this short period,” he said.
SAGIA to remove obstacles for private sector
SAGIA to remove obstacles for private sector
Dar Al Arkan annual profit rises 41% to $301m on stronger property sales
RIYADH: Dar Al Arkan Real Estate Development Co. posted a 40.54 percent rise in annual net profit to SR1.13 billion ($301 million) in 2025, supported by higher property sales.
According to a filing on Saudi Exchange, the company’s net profit rose from SR806.84 million a year earlier, while annual revenue increased 3.75 percent year on year to SR3.90 billion.
Operating profit climbed 18.96 percent to SR1.59 billion, while gross profit rose 15.22 percent to SR1.84 billion.
“The increase in net income is mainly due to the increase in property sales. The increase in finance costs was offset by the increase in lease revenue, decrease in operating expenses, increase in share of income from associates, and increase in non-operating income from Islamic Murabaha deposits and positively impacted the net income,” the company said in the statement.
Shareholders’ equity after minority interest stood at SR22.22 billion as of Dec. 31, compared with SR21.09 billion a year earlier.
In February, Dar Al Arkan announced the full redemption of its $400 million sukuk.
In a Tadawul statement, the company said that the sukuk were redeemed at maturity using internal resources, with the amount transferred to the designated account.
The company further said that the impact of the sukuk redemption will appear in its first-quarter financial statement.
The company also disclosed last month that it had received three white land tax-related invoices totaling about SR201.15 million for plots within the Shams Ar Riyadh development, licensed under the Wafi off-plan sales program. The invoices were valued at SR48.32 million, SR108.10 million, and SR44.73 million , respectively.
In a separate disclosure in September, Dar Al Arkan said 2.83 million sq. meters of its land portfolio falls under the Kingdom’s White Land Tax Law.
