Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi: 700,000 administrative offices needed by 2019  Join our daily free Newsletter

MENAFN - Arab News - 16/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Kingdom will need an estimated 700,000 administrative offices over the next five years, 85 percent of them in major cities such as Riyadh, Jeddah, Makkah, Madinah and Dammam. The need for administrative offices is on the increase in light of plans for rapid economic growth in the coming years



According to statistics, the number of registered subscribers at the Jeddah Chamber of Commerce and Industry (JCCI) has grown from 47,000 to 75,000 over the past three years



These figures indicate that the city will need more office space for the large number of businesses and other establishments that will be launched in the city



Real estate investors are showing greater interest in office buildings, as profit margins for renting out such facilities are greater than for residential flats. Awad Al-Zahrani, deputy chairman and member of the Real Estate Appraisal Committee at the JCCI, said that demand for administrative offices in the country would grow at a rate of 15 percent to 20 percent



Factors that contribute to greater demand for administrative offices include the Kingdom's annual population growth rate, pegged at more than four percent. Around 70 percent of the Saudi population is under the age of 30, Al-Zahrani said



The Jeddah Municipality has stipulated that business activities not be practiced in residential or mixed-purpose buildings



Al-Zahrani, however, appealed to municipal authorities to relax this condition, at least for small and micro establishments, which mostly operate from buildings meant for residential use since they cannot meet the costs of operating from a commercial complex



He said that annual rents on Jeddah's major streets, including King's Road, Tahlia Street, or Madinah Road, range between SR500 to SR1,500 per square meter

 


Arab News




  MENA News Headlines
 Apr 28 2015 - Qatar- HH the Emir Congratulates Sudanese PresidentQatar News Agency
(MENAFN - Qatar News Agency) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Monday sent a cable of congratulations to President Omar al-Bashir on the occasion of his re-election as president of the ...

 Apr 28 2015 - Saud Al-Haqbani crowned with title of American International Challenge Tournament for TennisSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi team tennis captain under 14 years old player Saud Al-Haqbani was crowned with the title of The International Challenge Tournament, which concluded its ...

 Apr 28 2015 - Saudi- NAUSS Organizes 'Care and Counseling Role Facing Takfiri Thought' ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scientific Forum on 'Care and Counseling's Role in Facing Takfiri Thought' started its works, whereas it is being organized by the Faculty of Social and ...

 Apr 28 2015 - EGP 1.6tn deposits in banks: NBE chairmanDaily News Egypt
(MENAFN - Daily News Egypt) The total deposits in the banking sector amounted EGP 1.6tn, and the funding size increased to EGP 640m, Hisham Okasha, chairman of the National Bank of Egypt (NBE) ...

 Apr 28 2015 - Palestinian youth dies of injuries in JeninJordan News Agency
(MENAFN - Jordan News Agency) A young Palestinian succumbed Tuesday to wounds sustained during clashes with Israeli forces late on Monday in al-Araqa village in western Jenin.Palestinian sources said ...

 Apr 28 2015 - Capital market sheds EGP 7bnDaily News Egypt
(MENAFN - Daily News Egypt) The series of losses for the Egyptian Stock Exchange (EGC) continued for the second consecutive trading day, with the market losing some EGP 7bn. The preceding day the ...

 Apr 28 2015 - Hyundai Verna most sold car in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) The Hyundai Verna was the most sold car in Egypt in January and February after achieving sales of EGP 338m. More than 4,000 cars were sold.The Verna is considered the ...

 Apr 28 2015 - Political situation in Arab world reflects negatively on job opportunities: ministerJordan News Agency
(MENAFN - Jordan News Agency) Labor Minister Nidal Qatamin said that the political situation in Arab countries, especially those that witnessed the so-called Arab Spring and which caused the economic ...

 Apr 28 2015 - Syria Bands Rock Beirut Music SceneArab Times
(MENAFN - Arab Times) Syrian rock bands fleeing war are finding safety and new fans in neighbouring Lebanon, where they are revitalising a Westernised scene with their focus on Arabic musical ...

 Apr 28 2015 - Egypt- Qalaa Holdings hires CI Capital to exit Tanmeyah firmDaily News Egypt
(MENAFN - Daily News Egypt) EGX listed Qalaa Holding has assigned CI Capital as advisor on the possibility of fully exiting its investments in Tanmeyah Micro Enterprise Services, the company ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help