Eastern Province records 28,000 real estate transactions in 9 months

Developing the property sector is crucial for Saudi Arabia, as it is steadily diversifying its economy away from oil. File
Developing the property sector is crucial for Saudi Arabia, as it is steadily diversifying its economy away from oil. File
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Updated 31 October 2023
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Eastern Province records 28,000 real estate transactions in 9 months

Eastern Province records 28,000 real estate transactions in 9 months

RIYADH: The volume of real estate transactions in the Kingdom’s Eastern Province reached 28,000 worth SR36 billion ($9.6 billion) by the end of the third quarter, said a top official.

Abdullah Saud Al-Hammad, CEO of the Real Estate General Authority, noted that 45 percent of these transactions involved commercial real estate properties. In comparison, 39 percent were residential properties, the Saudi Press Agency reported.

Al-Hammad said the contribution of real estate activities to the Kingdom’s overall gross domestic product reached 6.1 percent by the end of the third quarter.

On the other hand, the contribution of the real estate sector to the non-oil GDP of the Kingdom stood at 12.7 percent during the same period.

Developing the property sector is crucial for Saudi Arabia, as it is steadily diversifying its economy away from oil.

Earlier this month, a report released by the General Authority for Statistics revealed that 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 estate values.

In August, Saudi Arabia unveiled a real estate market initiative to streamline the sector.


Saudi Arabia unveils plans for national academy to nurture human capital

Saudi Arabia unveils plans for national academy to nurture human capital
Updated 6 sec ago
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Saudi Arabia unveils plans for national academy to nurture human capital

Saudi Arabia unveils plans for national academy to nurture human capital

RIYADH: In a bid to boost its efforts industrialization efforts and develop human capital, Saudi Arabia will launch a training facility, a top government official disclosed on Wednesday.

The National Academy for Industry will help boost capabilities and become a leading hub in collaboration with various training providers, Minister of Industry and Mineral Resources Bandar Alkhorayef said at the Human Capability Initiative in Riyadh.

“In support of our sector’s goals, the academy will be a world-class leader enabling regional capabilities, becoming a regional hub. It will act as the ecosystem enabler, being an overarching ability for different capabilities, capturing value of existing players and filling the gaps in the training ecosystem,” he said.

The minister also unveiled the Human Capital Development Strategy for mining and industries with four key objectives.

“The first is to cultivate, grow, and attract the right talent, second is to empower the talent and leadership, create and complement the culture and environment for competitive human capital, third, boost innovation, productivity, and future readiness of the human capital,” Alkhorayef said.

He continued: “Finally, drive a collaborative ecosystem where the ministry will orchestrate and build the regulatory foundation and the private sector will lead.”

 

 

 


Riyadh forum to elevate Saudi, Turkish economic partnerships

Riyadh forum to elevate Saudi, Turkish economic partnerships
Updated 5 min 42 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.”