Latest news with #SR30
Arab News
21-04-2025
- Business
- Arab News
PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center
RIYADH: Global beverage giant PepsiCo has opened its new Middle East regional headquarters in Riyadh's King Abdullah Financial District, reinforcing the company's long-term commitment to the region. Spanning 2,800 sq. m, the state-of-the-art facility will accommodate more than 150 employees and serve as a central hub for PepsiCo's operations across the Middle East. 'Our new RHQ in Riyadh signals our firm and long-term commitment to this region's future and its people – through job creation, agricultural partnerships, social impact and environmental stewardship,' said Ahmed El-Sheikh, president and general manager for Middle East, North Africa, and Pakistan Foods. The inauguration ceremony drew attendance from top PepsiCo executives, including Chairman and CEO Ramon Laguarta, alongside senior Saudi officials and business leaders. As part of its regional growth strategy, PepsiCo also announced plans to launch a new research and development center in the Kingdom, with an investment of SR30 million ($7.99 million). The R&D hub will focus on innovation in product development and packaging tailored to regional preferences. The facility will feature a culinary lab and an immersive sensory studio designed to refine products in alignment with local consumer tastes. In addition to serving as a business and innovation center, the Riyadh headquarters will also house PepsiCo's flagship social impact programs, including Tamakani and MENA Innovates, both aimed at empowering youth and fostering sustainable innovation. PepsiCo has invested over SR9 billion in Saudi Arabia over the past eight years. In 2023 alone, the company allocated SR199 million to expand its Dammam manufacturing facility. Today, PepsiCo operates across 86 locations in the Kingdom and employs nearly 9,000 people through direct operations and its franchise network.
Zawya
07-04-2025
- Business
- Zawya
Foreign investors free to own real estate outside Makkah, Madinah
Saudi Arabia's Ministry of Investment has announced that foreign investors will be permitted to own and sell real estate outside Makkah and Madinah for the purpose of carrying out their investment activities, reported the Saudi Gazette. For this, the ministry has cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions is that the property is located outside the boundaries of these holy cities and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations, stated the report citing the ministry. As per a recent report, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry pointed out that there will be no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days. The only documents required will be the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired. Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold, said the Saudi Gazette report. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah stated the report. The establishment must also commit to utilise the land to be acquired within five years, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Foreign investors free to own real estate outside Makkah, Madinah
Saudi Arabia's Ministry of Investment has announced that foreign investors will be permitted to own and sell real estate outside Makkah and Madinah for the purpose of carrying out their investment activities, reported the Saudi Gazette. For this, the ministry has cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions is that the property is located outside the boundaries of these holy cities and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations, stated the report citing the ministry. As per a recent report, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry pointed out that there will be no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days. The only documents required will be the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired. Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold, said the Saudi Gazette report. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah stated the report. The establishment must also commit to utilise the land to be acquired within five years, it added.
Gulf Business
04-04-2025
- Business
- Gulf Business
Saudi Arabia opens doors to foreign investors in real estate
Image credit: Getty Images The Read- However, the ministry has outlined certain conditions for foreign investors to participate in these activities. The most notable conditions include: The property must be located outside the boundaries of the holy cities of Makkah and Madinah. The purpose of buying and selling real estate should not be for commercial speculation, which refers to the practice of purchasing assets (such as stocks, commodities, or real estate) with the expectation of profiting from price fluctuations. Speculators typically take on high-risk, high-reward investments to make quick gains. The ministry also clarified that foreign investor firms must obtain approval to own real estate for personal residences, industrial facilities, company headquarters, employee residential facilities, and warehouses. Additionally, there is no financial fee for this service. It is provided through the ministry's e-services portal, and approval is granted within five business days. Document submission requirements Interested entities are required to submit: A copy of the municipality's building permit, a letter of approval from the municipality, or a statement indicating the intended use of the land, issued by an official authority. A copy of the deed for the property to be acquired. Real estate development companies wishing to implement or sell a real estate project must submit a report from an engineering office accredited by the Saudi Council of Engineers, detailing the total project cost. The cost should be no less than SR30 million for both land and construction, and the project must be located outside Makkah and Madinah. The development must be utilized within five years.
Gulf Insider
03-04-2025
- Business
- Gulf Insider
Foreign Investors Are Allowed To Engage In Real Estate Business Outside Makkah And Madinah
The Ministry of Investment revealed that foreign investors are allowed to own and sell real estate for the purpose of carrying out their investment activities. The ministry cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions are that the property is located outside the boundaries of the holy cities of Makkah and Madinah, and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations. Speculators take on high-risk, high-reward investments in hopes of making quick gains. According to a recent report from the ministry, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry indicated that there is no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days. Regarding the documents required to submit for the provision of the service, the ministry indicated the necessity of submitting a copy of the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired. Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah. The establishment must also commit to utilize the land to be acquired within five years.
