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Saudi Real Estate Market platform average visits per day double since February

Saudi Real Estate Market platform average visits per day double since February
Saudi Justice Minister Walid Al-Samaani launched the platform in August 2023. File/SPA
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Updated 29 July 2024
Arab News
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Saudi Real Estate Market platform average visits per day double since February

Saudi Real Estate Market platform average visits per day double since February
  • Platform aims to facilitate real estate transactions and provide various e-service
  • Kingdom’s real estate sector is poised for substantial growth
Updated 29 July 2024
Arab News
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RIYADH: Saudi Arabia’s Real Estate Market online platform has seen daily visits doubled to 60,000 in July since February, driven by government efforts to enhance transparency and streamline property procedures.
In a statement, the Kingdom’s Ministry of Justice said that the portal provides multiple services, including real estate trading, mortgage, and financing services, as well as issuing title deeds for requests to subdivide and consolidate properties using real estate identification. 
This falls in line with Saudi Arabia’s aim to facilitate the digitization of title deeds and provide multiple options for real estate indicators and inquiries, ensuring ease of access and reliability. It also aligns with Saudi Arabia’s Vision 2030, focusing prominently on housing, tourism, and commercial development.
The move comes as the country’s real estate sector is poised for substantial growth, with projections reaching $69.51 billion in 2024 and anticipated to surge to $101.62 billion by 2029. 
“The Real Estate Market platform plays a significant role in improving the investment environment by enhancing transparency in bidding processes and governing real estate notarization procedures,” the ministry said.
“It serves as an integrated platform for managing real estate wealth,” the entity added.
In February, the ministry revealed that the service recorded over 1 million registered users, with the average daily user count surpassing 30,000. 
The average number of daily transactions processed through the platform at the time stood at 2,000, while the total value of these transactions exceeded SR1 billion ($266 million) per day.
Launched in August 2023 by the Kingdom’s Justice Minister Walid Al-Samaani, the platform aims to facilitate real estate transactions and provide various e-services for property owners and buyers. 
“It is part of the Real Estate Wealth Digitization initiative, which is one of the ministry’s projects under the national transformation program,” a ministry statement said.
The platform, launched in cooperation with the Ministry of Municipal and Rural Affairs and the Saudi Central Bank, serves as a reliable source of data for investors, offering real-time real estate information and direct and periodic reports. 
This accessibility aids in developing the real estate notarization system and fosters transparency in property transactions.

Topics: Saudi Arabia SAUDI REAL ESTATE Saudi Ministry of Justice Digitization Saudi Real Estate Market main

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New Zealand, UAE reach trade pact 

New Zealand, UAE reach trade pact 
Updated 50 sec ago
REUTERS 
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New Zealand, UAE reach trade pact 

New Zealand, UAE reach trade pact 
Updated 50 sec ago
REUTERS 

SYDNEY: New Zealand on Thursday reached a trade deal with the UAE, which it said would unlock economic opportunities for exporters and boost supply chains with one of its most important trading partners in the Middle East. 

The trade deal will remove duties on 98.5 percent of New Zealand’s exports with that proportion expected to rise to 99 percent within three years, Trade Minister Todd McClay said in a statement. 

“This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in 10 years,” McClay said. 

Two-way trade between the countries was valued at 1.3 billion New Zealand dollars ($813.5 million) in the year to June 2024. 

The agreement was concluded in over four months following the beginning of talks in May, making this New Zealand’s fastest-ever trade agreement negotiation, McClay said. 

Australia and the UAE concluded a similar trade deal earlier this month. 

Topics: Finance New Zealand UAE trade

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Bailout: Pakistan thanks Saudi Arabia, UAE, China for support ahead of IMF meeting

Bailout: Pakistan thanks Saudi Arabia, UAE, China for support ahead of IMF meeting
Updated 25 September 2024
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Bailout: Pakistan thanks Saudi Arabia, UAE, China for support ahead of IMF meeting

Bailout: Pakistan thanks Saudi Arabia, UAE, China for support ahead of IMF meeting
  • IMF executive board scheduled to meet today to discuss approval of $7 billion loan for Pakistan
Updated 25 September 2024
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday Pakistan had met the “tough conditions” set by the International Monetary Fund with the help of Saudi Arabia, the UAE and China, as the global lending agency’s board meets today to discuss the $7 billion loan program for the country.

Pakistan reached a staff-level agreement with the IMF in July for a fresh loan to keep its fragile economy afloat. Finance Minister Muhammad Aurangzeb had earlier expressed hope of sealing the deal by the end of August. However, delays were caused by an external financing gap, which prompted Pakistan to seek commitments from key allies and request debt reprofiling.

Just a day earlier, the finance minister again expressed optimism about securing the loan program after the IMF board meeting, while emphasizing the government’s commitment to structural reforms.

“[Today] is the IMF board meeting, and we have fulfilled all of their conditions, very tough conditions, but praise be to God, we have completed them,” he told the media in New York on the sidelines of the 79th United Nations General Assembly Session. “I want to express my heartfelt gratitude once again, to our trusted brother nations, Saudi Arabia, China and the UAE. Without their immense support, this would not have been possible.”

“At the final stage, the conditions were related to China, and just like in the past, the Chinese government once again held Pakistan’s hand and offered immense support,” he added. “I am deeply grateful to the Chinese leadership.”

Pakistan’s last $3 billion IMF program helped avert a sovereign default in 2023 amid a sharp decline in foreign exchange reserves, currency depreciation and record inflation.

The government has already maintained that the country’s macroeconomic indicators have improved, though it needs the 37-month-long IMF program to solidify those gains.

“You have to grow and build from a stable base,” Pakistan’s finance minister said on Tuesday while addressing a high-level private sector dialogue, ‘CPEC-II and the Region.’ “We have reached that level now. Now, we can say that we have a good foundation on which we can build from here.”

“Now we need to move forward and stay with the reform agenda whether it’s on the taxation or energy side [or] on the state-owned enterprises or privatization side,” he added.

Topics: main

Closing Bell: Saudi main index gains 75 points to end at 12,343

Closing Bell: Saudi main index gains 75 points to end at 12,343
Updated 25 September 2024
MANAL AL-BARAKATI
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Closing Bell: Saudi main index gains 75 points to end at 12,343

Closing Bell: Saudi main index gains 75 points to end at 12,343
Updated 25 September 2024
MANAL AL-BARAKATI

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 75.3 points, or 0.61 percent, to close at 12,343.72. 

The total trading turnover of the benchmark index stood at SR7.09 billion ($1.89 billion), with 136 stocks advancing and 83 declining. 

The Kingdom’s parallel market, Nomu, dropped 30.99 points, or 0.12 percent, to close at 25,653.38, as 26 stocks advanced and 33 retreated. 

The MSCI Tadawul Index added 9.85 points, or 0.64 percent, to close at 1,545.63. 

The best-performing stock of the day was Saudi Printing and Packaging Co., which surged 10 percent to close at SR14.52.  

Other top performers included Saudi Industrial Development Co. and Saudi Fisheries Co., whose share prices rose 9.93 percent and 9.9 percent, respectively. 

National Medical Care Co. was the worst performer, with its share price falling 2.47 percent to SR213.60.  

Other underperformers were Gulf Union Alahlia Cooperative Insurance Co. and Saudi Reinsurance Co., which saw their share prices decline by 2.28 percent and 2.17 percent to SR16.26 and SR36, respectively. 

On the parallel market, Al Mohafaza Co. for Education was the top performer, with its share price rising 9.21 percent to SR23. 

Other top performers on Nomu were Armah Sports Co. and Balady Poultry Co., with their share prices increasing 5.33 percent and 4.49 percent, respectively. 

Banan Real Estate Co. was the worst performer on Nomu, dropping 7.8 percent to SR5.44. 

Other notable decliners included Academy of Learning Co. and Leen Alkhair Trading Co., with their shares down 6.73 percent and 4.55 percent, respectively.  

On the announcements front, Saudi AZM for Communication and Information Technology Co. confirmed the award of a new project from the General Entertainment Authority.  

The project aims to provide guidance and support to entrepreneurs and businesses in the entertainment sector, reflecting a strategic push to foster industry growth aligned with Saudi Arabia’s Vision 2030. 

The project’s value exceeds 5 percent of AZM’s total revenues for the 2024 financial year. Its scope includes advisory services to strengthen the capabilities of entertainment sector stakeholders. 

This initiative builds on the existing partnership between AZM and GEA. Previously, AZM collaborated with GEA on a major digital transformation project that modernized the authority’s operational framework. 

Through that collaboration, AZM implemented IT solutions that enhanced GEA’s digital infrastructure, improving efficiency and service delivery. The project involved upgrading critical systems, automating processes, and integrating advanced technologies.

Topics: Finance

Saudi Arabia to host Global Logistics Forum in October 

Saudi Arabia to host Global Logistics Forum in October 
Updated 25 September 2024
REEM WALID 
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Saudi Arabia to host Global Logistics Forum in October 

Saudi Arabia to host Global Logistics Forum in October 
Updated 25 September 2024
REEM WALID 

RIYADH: Saudi Arabia's transportation and supply chain sector evolution will be a central topic as top leaders discuss innovative strategies and advancements at the Global Logistics Forum in Riyadh. 

The event, set to take place from Oct. 12-14, comes as investment in the sector is surging, with a 76 percent increase in new businesses registered in the second quarter of 2024, making logistics the fastest-growing sphere in the Kingdom. 

Spearheaded by the Ministry of Transport and Logistic Services, the sector is undergoing significant changes to solidify the Kingdom's pivotal role in global trade. This transformation focuses on using advanced technologies to promote sustainability and improve infrastructure and transportation solutions, the Saudi Press Agency reported. 

The forum highlights the Kingdom's initiatives to develop and strengthen logistics centers, improving domestic and international connectivity. 

The three-day event is expected to gather over 100 speakers and participants, including industry leaders and government representatives.

This year's forum will also attract over 10,000 participants from leading global organizations who will address pressing logistics challenges with discussions on sustainability, supply chain resilience, workforce advancement, and technology adoption. 

The agenda includes keynote speeches, dialogue sessions, and bilateral meetings, fostering innovative, sustainable visions for the industry's future.

The event falls in line with Saudi Arabia's strategic location as a trade corridor between Asia, Africa, and Europe and aligns well with the nation's goal to consolidate its position as a global logistics hub under Vision 2030 and the National Transport and Logistics Strategy. 

These initiatives and efforts have propelled Saudi Arabia up 17 positions in the World Bank's Logistics Performance Index.

The Kingdom's port standings have also advanced, with the country climbing to 15th place globally in annual container handling. 

Three Saudi hubs were mentioned in Lloyd's List One Hundred Ports 2024, a testament to the country's growing influence in logistics and support for economic growth.  

The civil aviation sector is equally dynamic, highlighted by the Saudia Group's record-setting purchase of 105 Airbus planes and growing investment opportunities at airports. 

These developments are establishing new standards for global connectivity and infrastructure.  

This momentum marks a new era of leadership and innovation, aligned with national ambitions to redefine global trade and logistics under the ministry's sustainable and technologically progressive leadership.

The Kingdom presents substantial opportunities for global logistics players. With a population of approximately 36 million and a gross domestic product of $1.81 trillion in purchasing power parity as of the end of 2023, Saudi Arabia is a central hub for expansive trade routes supported by world-class infrastructure.  

Another major catalyst for growth is the Kingdom securing the bids for Expo 2030 and the 2034 FIFA World Cup — both of which will attract substantial global business opportunities, opening new channels for trade and commerce.

Topics: Tourism & Transport logistics ports Saudi ports

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New customs agreement to boost UAE, US economic ties

New customs agreement to boost UAE, US economic ties
Updated 25 September 2024
MANAL AL-BARAKATI
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New customs agreement to boost UAE, US economic ties

New customs agreement to boost UAE, US economic ties
Updated 25 September 2024
MANAL AL-BARAKATI

RIYADH: The economic partnership between the UAE and the US is poised for significant expansion with the introduction of a new customs cooperation agreement. This initiative aims to reduce customs violations, combat illicit trade, and enhance technical collaboration between the two nations.

The agreement was formalized during UAE President Sheikh Mohamed bin Zayed’s visit to the US, marking a crucial step in streamlining customs operations and strengthening trade relations. Ali Al-Shamsi, chairman of the UAE Federal Authority for Identity, Citizenship, Customs, and Port Security, and Troy Miller, acting commissioner of US Customs and Border Protection, signed the accord.

Al-Shamsi underscored the agreement’s importance, stating it would broaden trade opportunities and facilitate the exchange of customs expertise, alongside enhancing national capabilities through targeted training programs.

He told the Emirates News Agency, WAM: “Bilateral trade between the two nations continues to grow steadily, driven by our deep political and economic ties. This growth brings numerous advantages, particularly in fortifying customs relations and expanding trade scope to navigate challenges that may impede the seamless flow of goods.”

The UAE and the US enjoy a robust economic relationship, with bilateral non-oil trade skyrocketing to $31.4 billion in 2023, up from $23.8 billion the previous year. Notably, US exports to the UAE surged by 19 percent, totaling $24.8 billion. The UAE remains the largest market for US goods in the Middle East, highlighting its vital role as a trade hub.

This burgeoning trade dynamic yields substantial benefits for both economies. US exports to the UAE supported approximately 125,000 jobs across the US in 2023. Meanwhile, the UAE’s exports to the US reached around $6.6 billion, featuring a diverse array of products including aluminum and precious metals, reflecting the complementary nature of their trade.

Al-Shamsi further emphasized that the customs cooperation and mutual assistance agreement underscores the UAE’s pivotal role as a regional gateway for global trade. Its strategic location connects Asia, Europe, and Africa, making it an essential transit hub.

With the US, the world’s largest economy, as a historical partner, the UAE's non-oil trade strategy and investments in sectors like real estate, technology, and manufacturing highlight the mutual interest in nurturing a vibrant trade and investment relationship.

Topics: main

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