Riyadh districts lead Saudi land price rises - Real Estate Authority report

Riyadh districts lead Saudi land price rises - Real Estate Authority report
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Updated 09 September 2021

Riyadh districts lead Saudi land price rises - Real Estate Authority report

Riyadh districts lead Saudi land price rises - Real Estate Authority report

RIYADH: Riyadh districts Al Qairawan, Shubra and Al-Rabwa witnessed an increase in land prices during the second quarter of 2021, by 41 percent, 37.6 percent and 36.8 percent respectively, according to the Real Estate Authority's bulletin.

The land prices rose to SR3,930 average per meter in Al Qairawan, SR1,529 in Shubra and SR2,632 in Al-Rabwa.

In Jeddah, Alwafaa district land prices rose 39.7 percent to SR816 average per meter, followed by Al-Falah districts with 35.4 percent to SR1,424, and Alshatei district lands rose 35.2 percent to SR4.258 average per meter.

In Makkah, the new Umrah and the Crown Prince districts led the heights. They rose 38.1 percent to SR827 average price per meter, and 36.2 percent to SR827 and SR734 average per meter, respectively.

The Al-Shulah district topped the heights in Dammam with a 39.6 percent increase to SR1,999 average price per meter, and the Al-Khadra district topped the heights in Madinah with 47.1 percent increase to an average price of SR615 per meter.

"Real estate indicators recorded an increase in the volume of real estate loans allocated for the purchase of housing for the third month in a row, and this is the reason for the rise in real estate prices during the current period," Khaled Almobid, CEO of Riyadh-based Menassat Reality Co. told Arab News. 

"This makes the supply less than the demand in terms of housing units and will have a role in encouraging a larger number of real estate developers to enter into the development of housing units to cover the increasing demand," he said.


Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework
Updated 5 sec ago

Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework

DUBAI: The regulator for DIFC, Dubai’s state-owned financial free zone and the Middle East’s major finance center, has released the first part of a regulatory framework for digital tokens aimed at opening up trading of the fast-growing asset class.

The move by the Dubai Financial Services Authority comes as Gulf countries start to look at how to regulate digital assets to attract new forms of business as regional economic competition heats up.

The framework initially covers security and derivative tokens it refers to as investment tokens — digital representations of rights and obligations equivalent to those conferred by assets such as shares or futures contracts, issued, transferred and stored using distributed ledger technology such as blockchain.

It expects to issue another consultation this year for tokens not yet covered by the regulation, including exchange tokens — also known as cryptocurrencies — utility tokens and some asset-backed tokens known as stablecoins.

Last month, the UAE’s Securities and Commodities Authority and the Dubai World Trade Centre Authority agreed a framework that allows DWTCA to approve and license financial activities relating to crypto assets.

 Bahrain in 2019 released rules regulating crypto assets. 


Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for quick delivery is huge challenge for retailers, warns CEOs
Updated 24 min 32 sec ago

Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for quick delivery is huge challenge for retailers, warns CEOs

Customer demand for fast delivery of products is one of the biggest challenges facing companies today, according to retail group leaders.

Speaking at the Future Investment Initiative Forum in Riyadh, heads of major firms set out how pandemic-caused changes in shopping behavior, together with developments in technology, has shifted expectations from consumers.

Yusuf Ali, chairman of Abu Dhabi-based Lulu Group International, told delegates that e-commerce was not growing in the Gulf region before Covid-19 swept the globe, but now the picture is different and his company “will increase e-commerce platforms”. 

John Hadden, CEO of Alshaya Group, headquartered in Kuwait, highlighted food and beverage deliveries as an area changed by the pandemic.

“The new challenge is how to get the right products to the consumers as quickly as possible,” he said.

The head of online marketplace Noon.com warned that customers now expect small grocery deliveries within 20 minutes, adding: “Buyers’ desire to get orders quickly is increasing and this is the challenge for companies.”


Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia
Nuclear power plant Baden-Wuerttemberg, Germany. Getty Images
Updated 49 min 4 sec ago

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia

Winning technical advice bidder for Saudi nuclear power program to be named soon: CNBC Arabia
  • EY may be the closest to winning the deal after offering the lowest price among advanced companies

RIYADH: Saudi Arabia is about to determine the winner of the presentation of the technical advice bid for its first nuclear power program, Banking sources told CNBC Arabia.

King Abdullah City for Atomic and Renewable Energy, the government agency responsible for implementing the Saudi nuclear program, has been studying the offers from four bidders, Deloitte, EY, HSBC, and PwC.

EY may be the closest to winning the deal after offering the lowest price among advanced companies, sources added.

Saudi Arabia intends to become a leader in renewable energy by building 16 nuclear reactors by 2030, estimated to cost more than $100 billion with a combined capacity of 22GW.


FII: MISA says investment in jobs and supply chains secure pandemic growth

FII: MISA says investment in jobs and supply chains secure pandemic growth
Getty Images
Updated 26 October 2021

FII: MISA says investment in jobs and supply chains secure pandemic growth

FII: MISA says investment in jobs and supply chains secure pandemic growth
  • Last month, the Kingdom forecast economic growth of 2.6% this year and 7.5% in 2022


RIYADH: Saudi Arabia’s Minister of Investment Khalid Al-Falih said the Kingdom put maintaining jobs and securing supply chains as one of its top priorities during the height of the pandemic, reported Argaam.

Speaking at the Future Investment Initiative in Riyadh he added that the Kingdom’s economy was able to remain flexible and grow as the health crisis eased.

The Minister said: “The pandemic came as a shock to the business enterprise sector; it taught us different lessons in various fields.”

Last month, the Kingdom forecast economic growth of 2.6% this year and 7.5% in 2022, in a pre-Budget statement, after a 4.1% contraction in 2020.


UPS Q3 earnings beat estimates as revenue grows 9%

UPS Q3 earnings beat estimates as revenue grows 9%
Getty Images
Updated 26 October 2021

UPS Q3 earnings beat estimates as revenue grows 9%

UPS Q3 earnings beat estimates as revenue grows 9%
  • The results exceeded Wall Street expectations

United Parcel Service Inc. on Tuesday reported third-quarter profit of $2.33 billion.


On a per-share basis, the Atlanta-based company said it had profit of $2.65. Earnings, adjusted for non-recurring costs, were $2.71 per share.


The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.52 per share.


The package delivery service posted revenue of $23.18 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $22.61 billion.