According to Al-Sharq Al-Awsat newspaper (June 12, 2005), the Riyadh Chamber of Commerce and Industry is organizing a special forum on June 19th to discuss the problems and challenges facing the local joint stock real estate enterprises. The Saudi authorities, particularly the Ministry of Commerce and Industry, have recently refrained from issuing new permits for joint stock real estate enterprises.
The major problems encountering this kind of business are the lack of control over the enterprises' funds, the excessive spending on advertising by these enterprises and the lack of administrative, technical and financial skills as far as these enterprises presidents are involved.
