Saudi real estate price index up 0.7% in Q3: GASTAT report 

Saudi real estate price index up 0.7% in Q3: GASTAT report 
According to the General Authority for Statistics, residential building prices recorded a 1.1 percent annual increase in the third quarter, driven by a rise in the cost of land plots by 1.2 percent. Shutterstock
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Updated 19 October 2023
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Saudi real estate price index up 0.7% in Q3: GASTAT report 

Saudi real estate price index up 0.7% in Q3: GASTAT report 

RIYADH: Saudi Arabia’s real estate price index rose by 0.7 percent in the third quarter compared to the year-ago period, fueled by an increase in residential property values, as shown by official data. 

According to the General Authority for Statistics, real estate prices in the residential sector recorded a 1.1 percent annual increase, driven by a rise in the cost of land plots by 1.2 percent. 

“Given the heavy weight of the residential sector, it had a significant impact on the general index,” said GASTAT in the report.   

However, prices of buildings and villas declined annually by 0.9 percent and 3.8 percent respectively in the third quarter, while prices of houses fell by 0.1 percent. 

The prices for apartments over the period did not witness any significant change.

Meanwhile, commercial and agricultural property rates declined by 0.1 percent and 0.3 percent respectively, constraining the rise of the index – a statistical tool for measuring the relative change in real estate prices in Saudi Arabia. 

It grew by 0.2 percent in the third quarter compared to the three months ending in June because of a 0.4 hike in residential sector prices. 

The prices of villas decreased by 0.3 percent quarter-on-quarter, while apartments fell by 0.1 percent. 

“The prices of residential buildings stabilized and did not record any significant relative change,” said GASTAT. 

Agricultural property prices remained unchanged during this period, the report added. 

The commercial sector also echoed a similar sentiment as prices slipped by 0.1 percent, driven by a proportionate fall in commercial land rates. 

In August, Saudi Arabia unveiled a real estate market initiative to improve property transactions, spanning ownership transfers, purchases, sales and mortgages. 

As part of the initiative, the government is also launch a real estate stock exchange that will provide services for sorting and merging real estate deeds in cooperation with the Ministry of Municipal, Rural Affairs and Housing and the Saudi Central Bank. 


Riyadh forum to elevate Saudi, Turkish economic partnerships

Riyadh forum to elevate Saudi, Turkish economic partnerships
Updated 12 sec ago
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Riyadh forum to elevate Saudi, Turkish economic partnerships

Riyadh forum to elevate Saudi, Turkish economic partnerships

RIYADH: The Saudi-Turkish Business Forum, expected to take place on March 4, represents the significant advancements boosting economic cooperation between the two nations. 

The conference, which will be held at Riyadh International Convention and Exhibition Center, will continue to strengthen commercial and economic ties between the business sectors of both countries, following the successful edition of the forum held in Istanbul in October 2023, which attracted over 700 companies.

According to the Saudi Press Agency, the program will include a parallel exhibition displaying Turkish products, in addition to bilateral meetings between Turkish companies and businesspeople from the Kingdom.

SPA added that the forum seeks to enhance commercial ties and initiate several joint investment ventures, capitalizing on the promising economic prospects of both nations and the keen interest demonstrated by their leadership.


Qatar to invest $10.85bn in key sectors of French economy: Elysee 

Qatar to invest $10.85bn in key sectors of French economy: Elysee 
Updated 28 February 2024
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Qatar to invest $10.85bn in key sectors of French economy: Elysee 

Qatar to invest $10.85bn in key sectors of French economy: Elysee 

PARIS: France and Qatar have sealed a strategic partnership under which Qatar has agreed to channel €10 billion ($10.85 billion) into start-ups and investment funds in France between 2024 and 2030, the French presidency said in a statement. 

The investments “to the mutual benefit of both countries” will target key sectors ranging from energy transition, semiconductor, aerospace, artificial intelligence, digital, health, hospitality and culture, it added. 

The investment was announced as Sheikh Tamim bin Hamad Al-Thani, Qatar’s ruling emir, started a two-day visit to France on Tuesday, his first state visit to the country since his accession to the throne in 2013. 


Saudi Arabia aims for 150k new jobs in chemical plants and renewable energy, says minister

Saudi Arabia aims for 150k new jobs in chemical plants and renewable energy, says minister
Updated 28 February 2024
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Saudi Arabia aims for 150k new jobs in chemical plants and renewable energy, says minister

Saudi Arabia aims for 150k new jobs in chemical plants and renewable energy, says minister

RIYADH: Saudi Arabia is poised to create 150,000 new jobs in chemical plants and renewable energy facilities, with a commitment to achieving 75 percent localization, said a top official. 

During the Human Capability Initiative in Riyadh, Saudi Minister of Energy Prince Abdulaziz bin Salman emphasized that the energy sector has the biggest chance to achieve that localization target compared to any other sector.    

The minister said: “We see somewhere around 150,000 jobs being created, including not only working in chemical plants and with heavy wind or renewable facilities but also we see a lot of jobs are coming through the localization programs. We also are committed to a localization program which is 75 percent.” 

He added: “This is what we are going try to achieve with using this approach just to give you an idea of how we are thinking and how much it is being elaborated.” 


Technology revolution to transform 70% of global business practices, minister says

Technology revolution to transform 70% of global business practices, minister says
Updated 28 February 2024
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Technology revolution to transform 70% of global business practices, minister says

Technology revolution to transform 70% of global business practices, minister says

RIYADH: Global estimates suggest that technology adoptions and expansion are set to transform 70 percent of business practices globally, according to a top official.

Speaking during the opening of the Human Capability Initiative held in Riyadh, Saudi Minister of Education Yousef bin Abdullah Al-Benyan highlighted that global estimates indicate a potential disruption of 40 percent of workers’ skills within the next four to five years thanks to these changes.

“During the next two days, over 250 global leaders and experts will join us to share their knowledge and insight on how to unleash potential for humankind capability and catalyzing international corporations to maximize resilience in times of uncertainty,” Al-Benyan said.

He added: “Technology adoptions and expansion are set to transform 70 percent of business practices globally. As economists continue to navigate these dynamic labor market landscape, it is more critical than ever to work inclusively to promote positive human capability outcomes.”


UAE economy to grow by 5% in 2024, minister reiterates 

UAE economy to grow by 5% in 2024, minister reiterates 
Updated 3 min 19 sec ago
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UAE economy to grow by 5% in 2024, minister reiterates 

UAE economy to grow by 5% in 2024, minister reiterates 

RIYADH: The UAE’s economy is projected to grow by 5 percent in 2024, a leading member of the government has reiterated.  

In an interview with Emirates News Agency, also known as WAM, Minister of the Economy Abdulla bin Touq Al-Marri said that more than 73 percent of the national economy is now non-oil, a historic first for the country.  

His projection is in line with recent assessments by the Ministry of Finance and S&P Global, which forecast growth of 5.7 percent and 5 percent, respectively.  

“This achievement reflects the confidence of the private sector and investors around the world in the UAE’s investment environment,” Al-Marri said.   

The minister added that the private sector is a key pillar in the new economic and investment landscape and is at the heart of global changes and challenges.   

“In implementation of the directives of the wise leadership, the UAE has identified the most sustainable and flexible economic sectors, which have reached more than 16 sectors, including health technology, agriculture, education, financial services, artificial intelligence, and other sectors that contribute to the sustainability of economic sectors and enhance the strength of the national economy,” Al-Marri highlighted.

Earlier this month, the Undersecretary of the Ministry of Finance Younis Haji Al Khoori said that the entity’s expectations come despite prevailing global economic challenges, including international financial slowdown and difficult monetary conditions.  

In statements to WAM at the time, he explained: “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and to grow by 4.7 percent growth in 2024.”

In January, Tatiana Leskova, associate director of corporate ratings at S&P Global, also said to WAM that the growth in the UAE’s gross domestic product, particularly in Dubai, will be driven by strong momentum in the hospitality, wholesale, retail, and financial services sectors.    

S&P Global had previously forecasted that the global GDP is projected to expand by 2.8 percent in 2024.  

Leskova further noted at the time that UAE’s output expanded by over 3 percent in 2023, at a moment when the global economy showed minimal growth.    

Meanwhile, the International Monetary Fund has also previously conjectured a 4 percent growth in the UAE’s GDP.