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.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.