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Despite budgeting N42 billion for the project over two years, the Akwa Ibom government has yet to disclose the contract sum, procurement records or bidding process for the buses, raising transparency and accountability concerns. The post Akwa Ibom’s ₦42bn CNG bus deal: Fleet arrives, procurement details hidden appeared first on Premium Times Nigeria.
En entrevista, el director financiero de Accor Américas detalla los nuevos proyectos hoteleros que se desarrollarán en cuatro ciudades del país.
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Sheikh Mohamed bin Zayed awards First Class Order of Independence to Malta's ambassador Maria Camilleri Calleja for strengthening bilateral ties.
The discussion on the "Social Mission of Business in the Era of Turbulence: Additional Burden or Profitable Investment?" will be held on July 7 as part of the People and Industry track
RIYADH — Saudi Arabia has introduced a comprehensive regulatory framework governing property ownership by non-Saudis, setting out detailed requirements for foreign individuals, companies and non-profit entities while creating a unified digital platform for all ownership transactions.The executive regulations for the Foreign Ownership of Real Estate Law establish standardized procedures for acquiring property and real estate rights in the Kingdom, strengthen disclosure requirements, introduce electronic transaction mechanisms, and set penalties of up to SR10 million for violations.The regulations complement the recently approved geographical zones where non-Saudis are permitted to own property and are aimed at enhancing transparency, improving market governance, and supporting investment.New requirements for foreign individualsBefore purchasing property or acquiring any real estate right in Saudi Arabia, non-resident foreign individuals must:Obtain a Ministry of Interior-approved digital identity.Open a Saudi bank account in their own name.Register a Saudi mobile number linked to their digital identity.The requirements are intended to verify buyers' identities and ensure that all financial and legal transactions are linked to officially authenticated records.New obligations for foreign companiesForeign companies wishing to own real estate must:Register with the Ministry of Investment.Fully disclose their direct and indirect beneficial owners.Appoint a legal representative holding an approved Saudi identity.Open a company bank account in Saudi Arabia.The Ministry of Investment will issue a registration number after the requirements are completed.Companies must also notify the ministry within 15 days if ownership of 5% or more changes, whether through a single transaction or multiple transactions, or if governance arrangements in the country of incorporation allow another party to influence company decisions or reduce its independence.Rules for foreign non-profit organizationsForeign non-profit organizations will be required to register with the National Center for Non-Profit Sector Development.They must disclose individuals exercising direct or indirect control, appoint an authorized representative with an approved Saudi identity, and maintain a Saudi bank account.They must also notify authorities within 15 days of significant structural changes or changes affecting decision-making control.Unified electronic platformOne of the most significant features of the regulations is the establishment of a unified electronic portal by the Real Estate General Authority (REGA).Linked directly to the national Real Estate Registry, the portal will serve as the exclusive platform for submitting applications to purchase property, acquire real estate rights, or complete property transactions involving:Non-Saudi individuals.Foreign companies.Saudi companies with foreign shareholders.All financial transactions related to property purchases or disposals must be completed through electronic payment systems approved under Saudi Central Bank regulations before title deeds are transferred through the Real Estate Registry.Family ownership rulesThe regulations also prevent multiple residential purchases within a single foreign family.A foreign spouse and non-Saudi children will be treated as dependents when acquiring a residential property.They cannot separately own another residence unless:The marriage ends; orThe son or daughter reaches the age of 25.Saudi companies with foreign shareholdersSaudi companies that are not listed on the stock exchange but have foreign shareholders may own property outside the designated foreign ownership zones—excluding Makkah and Madinah—after obtaining approval from the Ministry of Investment, provided the property is used for business operations or employee housing.Within the approved ownership zones, including Makkah and Madinah, these companies may acquire property without requiring ministry approval, subject to the conditions set out in the law.Transaction fees and exemptionsThe regulations introduce a 2% fee on transactions involving real estate rights acquired by non-Saudis in Riyadh, Jeddah, Makkah and Madinah.However, ten categories of transactions are exempt from the fee, including:Inheritance divisions.Final court judgments.Expropriation for public use.Donations to endowments and government entities.Returning property to its previous owner within 180 days under specified conditions.Division of jointly owned property without increasing ownership shares.Transactions involving diplomatic missions and international organizations under reciprocity arrangements.Transfers of property to wholly owned companies or investment funds.Sales of real estate units developed on foreign-owned land, subject to project completion and sale deadlines.Digital notificationsLegal notifications will be considered valid if delivered through communication channels registered on the electronic portal or via text messages sent to officially registered Saudi mobile numbers.REGA will also publish a detailed procedural guide explaining how the regulations will be implemented.Inspections and enforcementThe regulations authorize REGA-appointed inspectors to investigate and document violations.Before penalties are imposed, violators must be given between 10 and 180 days to rectify their status, depending on the nature of the violation.PenaltiesThe regulations establish a graduated penalty system.Foreign buyers who submit false or misleading information to obtain property ownership rights may be fined up to 5% of the value of the property right, with a maximum penalty of SR10 million.Other violations—including providing false information to obtain Ministry of Investment approval, obstructing inspectors, failing to rectify violations, or failing to report required ownership changes, carry fines ranging from warnings to penalties between 0.1% and 3% of the property's value, with maximum fines reaching SR4 million in some cases and up to SR2 million for repeated reporting violations.
A Maltese businessman goes on trial for allegedly masterminding the 2017 murder of journalist Daphne Caruana Galizia, seven years after his arrest.
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Mourners and leaders from around the world, including Pakistan, gathered at Tehran’s Grand Mosalla to pay tribute to Iran’s former Supreme Leader, Ali Khamenei, who was assassinated in a US-Israeli strike on Iran in February 2026. The funeral ceremonies will pass through a series of locations — from the seat of power in Tehran to the holy cities of Qom, Karbala, Najaf and finally Mashhad — reflecting the religious, political and ideological pillars of the Islamic republic. His funeral, initially delayed at the height of the Middle East war, is taking place as Iran and the US observe a fragile ceasefire following the signing of the Islamabad Memorandum of Understanding to halt the conflict. Prime Minister Shehbaz Sharif and Chief of Defence Forces Field Marshal Asim Munir offering prayers during the state funeral of Iran’s late supreme leader Ayatollah Ali Khamenei in Tehran. — AFP Prime Minister Shehbaz Sharif writing in the condolence book during the state funeral of Iran’s late supreme leader Ayatollah Ali Khamenei in Tehran. — AFP Iranians walk past a billboard bearing a picture of Iran’s assassinated supreme leader Ali Khamenei ahead of his funeral in Tehran on July 3, 2026. — AFP This photo shows a general view of a statue of Iran’s assassinated supreme leader Ali Khamenei’s hand installed at the Enghelab Square, ahead of his funeral in Tehran on July 3, 2026. — AFP Motorists drive past a billboard bearing a picture of Iran’s assassinated supreme leader Ali Khamenei, ahead of his funeral in Tehran on July 3, 2026. — AFP Mourners carry the coffin of Zahra Haddad Adel, wife of Iran’s supreme leader Mojtaba Khamenei, during her funeral in Tehran. — AFP Men ride a scooter past a billboard featuring the images of the late founder of the Islamic Revolution supreme leader Ayatollah Ruhollah Khomeini (L), Iran’s assassinated supreme leader Ali Khamenei (C) and his son, the current supreme leader Mojtaba Khamenei, along the street in Tehran on July 3, 2026. — AFP Mourners carry the coffin of Iran’s assassinated supreme leader Ali Khamenei at the Grand Mosalla in Tehran on July 3, 2026. — AFP Women take pictures in front of the Grand Mosalla in Tehran on July 3, 2026, ahead of Iran’s assassinated supreme leader Ali Khamenei’s funeral. — AFP The Grand Mosalla is pictured in Tehran on July 3, 2026, ahead of Iran’s assassinated supreme leader Ali Khamenei’s funeral. — AFP This handout photograph provided by the Iranian supreme leader office (Khamenei.IR) shows the chief of Iran’s Revolutionary Guards, Ahmad Vahidi (C) paying respect at the coffin of Iran’s slain supreme leader Ali Khamenei during a ceremony ahead of his funeral in Tehran on July 3, 2026. — AFP
A secure retirement portfolio acts like a health shield, calming market anxiety that can actually shorten life expectancy.
