Saudi to Identify Challenges Facing Construction Permits for Commercial Buildings

Saudi private sector moves to address challenges in obtaining commercial building permits (Asharq Al-Awsat)
Saudi private sector moves to address challenges in obtaining commercial building permits (Asharq Al-Awsat)
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Saudi to Identify Challenges Facing Construction Permits for Commercial Buildings

Saudi private sector moves to address challenges in obtaining commercial building permits (Asharq Al-Awsat)
Saudi private sector moves to address challenges in obtaining commercial building permits (Asharq Al-Awsat)

Efforts are underway to identify the challenges related to obtaining construction permits for commercial buildings in Saudi Arabia.

Proposed solutions are being developed and shared with the Ministry of Municipal, Rural Affairs, and Housing, in anticipation of presenting the final plan at the periodic meeting of the Executive Committee for Improving the Performance of Private Sector Businesses (Tayseer).

The Federation of Saudi Chambers has urged the private sector, business leaders, and engineering offices to participate in a survey designed to document all observations and opinions on the matter.

This initiative aims to address the obstacles facing the sector during the upcoming period.

In the study, which Asharq Al-Awsat reviewed a copy of, the Federation asked participants to identify challenges that business owners face when obtaining construction permits for commercial buildings.

It also inquired about the government entity responsible for the issue.

The Federation is committed to identifying the challenges that the private sector faces in relation to government procedures, regulations, and legislation on an ongoing basis. Its goal is to remove all obstacles that hinder the expansion of companies and institutions in line with the government's current aspirations.

The Federation plays a pivotal role in enhancing the business environment of Saudi Arabia and surmounting challenges confronting the Kingdom's private sector. It endeavors to invigorate and foster economic sectors through its diverse departments and administrations.

The Federation also contributes to the study of regulations, the development of support programs, and provides support to government agencies in the formulation of various related regulations and decisions.

In 2021, the Saudi government was able to address 62.5% of the challenges facing the private sector in regulations and legislation.

Looking to improve the private sector’s business environment, the Tayseer committee participated in 45 meetings and 12 workshops with the private sector during 2021.

The committee was able to identify over 1,200 challenges facing companies and institutions.

Currently, 37.5% of these challenges are still under study.



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.