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Media reports broadcast on Al-Ekhbariya channel highlighted the reasons for the closure of many shops and cafes in the city Riyadh.
Omar Al-Olayan, owner of a shuttered cafe in Riyadh, said high rent was the main reason for closing his shop.
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“Real estate agents are very focused on profits, which leads to increased rental costs, which is the item that has the greatest impact on cafes.”
He added that when rents rise, shop owners are forced to raise product prices to cover costs, and if prices are not raised enough, they cannot make enough profit, which eventually leads to the closure of many coffee projects.
Fahad Namath, who is interested in real estate matters, offered a different view, stressing that increasing rents were not the main reason for closing shops and cafes.
He believes that talking about rent as the main reason is just an excuse some people use to justify their failure in managing projects.
The Ministry of Transport announced that it would cancel Sahel’s fines and return the amount to those who paid the fines under only one condition.
The traffic department urgently announced a new date regarding the deadline for paying a 50% discount on Saher fines.
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He added: “Most brands and large stores have long contract terms, ranging from half a year to five or even 15 years. If there is only a one-year contract, this will be seen by the project owner as a mistake not to protect themselves and sign a long-term contract.”
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