Saudi housing sector secures key US deals to boost real estate development
Saudi Arabia’s housing sector has strengthened its international partnerships by signing five key agreements on real estate development and financing with major US companies. The deals aim to enhance the Kingdom’s mortgage refinancing market, expand property funding, and attract foreign investments. The country’s housing program has transformed the sector by expanding financial access, streamlining regulations, […]
Saudi Arabia to achieve FDI target of $24bn in 2024: Standard Chartered
Saudi Arabia’s updated investment law and a slew of recent reforms could help the country achieve its goal of attracting foreign direct investments worth $24 billion this year, according to an analysis. In its latest report, Standard Chartered said that the Kingdom’s future economic growth will be driven by rising FDI inflow, as well as […]
Saudi Arabia’s petchem sector boosted by new digital platform
Saudi Arabia’s petrochemical sector has received a boost with the Ministry of Industry and Mineral Resources’ digital platform delivering over 100,000 tonnes of raw materials to local factories. Launched in mid-2023, the platform, named “Availability and Competitiveness of Petrochemical Raw Materials,” is designed to tackle challenges related to the surplus of locally available raw materials […]
Saudi Arabia’s residential landscape changing as smart cities rise
The evolution of smart cities in Saudi Arabia could change the residential landscape of the Kingdom, as high-net-worth individuals discover these communities are perfect destinations for setting up homes, according to experts. Smart cities integrate artificial intelligence alongside information and communications technology to derive actionable insight from infrastructure, systems and processes to enhance the quality […]
Riyadh’s Cloud Computing Economic Zone a ‘game-changer for all sectors’
A special economic zone being rolled out in Riyadh is turning Saudi Arabia into a cloud computing hub that will boost jobs and attract foreign investment, experts have told Arab News. The Cloud Computing Special Economic Zone was launched in April 2023, and is located in the Innovation Tower at King Abdulaziz City for Science […]
Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market
The Saudi real estate finance market will be supported by a deal between a Public Investment Fund subsidiary and US investment giant BlackRock. The Saudi Real Estate Refinance Co. signed the memorandum of understanding with BlackRock in New York City on Saturday, the Saudi Press Agency reported. It came during a visit by Saudi Minister […]
UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT
Saudi Arabia’s non-oil exports surged by 10.5 percent year-on-year in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed. According to the General Authority for Statistics, of the SR51.16 billion ($13.63 billion) registered by the sector in the three months to the end of June, non-oil goods […]
Saudi Cultural Fund to launch on Thursday new initiative to finance cultural projects
The Saudi Cultural Fund announced on Tuesday the signing of five cooperation agreements with the Saudi local banks as part of the Fund’s efforts as a major financial supporter of cultural projects and enabler of the cultural sector in Saudi Arabia. The Fund will launch on Thursday a financing program, the first of its kind, […]
Saudi POS hits $3.6bn as education spending surges with academic year start
Saudi Arabia’s point-of-sale transactions climbed to SR13.5 billion ($3.61 billion) between Aug. 11 and 17, reflecting a 3.6 percent increase from the previous week, official data showed. According to the latest figures from the Saudi Central Bank, also known as SAMA, the education sector led the charge, recording a 127.5 percent surge in spending, with total […]
KSrelief dispatches 21 relief trucks meant for flood victims of Sudan
King Salman Humanitarian Aid and Relief Center (KSrelief) launched on Tuesday the departure of 21 relief trucks carrying 23,000 food baskets and 3,464 shelter bags to meet the urgent humanitarian needs of flood victims. The trucks left the Sawakin Port in the Red Sea State of Sudan for the River Nile and Northern States of […]