LONDON: London luxury property brokers expect Arab investors to return to London this summer as political uncertainty accelerates a slide in prices.
The Royal Institution of Chartered Surveyors said the average number of homes on the books of estate agents fell to its lowest number since 1978 when it started its monthly survey.
Some 44 percent of contributors blamed political uncertainty for the subdued market while 27 percent highlighted Brexit as the most important factor.
But that has also created a buying opportunity for overseas investors, especially those from countries with dollar pegs, whose money now goes further because of continued sterling weakness.
The Knightsbridge office of Savills which handles some of London’s most expensive property transactions, reports a rise in activity from Arab investors this summer despite the wider market malaise.
“We are seeing more Middle East buyers take advantage of the current decline in prices and sterling weakness,” said Noel de Keyzer, a director in the Knightsbridge office of Savills.
He said that transactions had increased by a third since last summer when the property market was reeling from the surprise outcome of the referendum when Britain voted to leave the European Union.
Despite the rise in transactions, Savills reports that the overall stock of properties available for sale in prime locations such as Knightsbridge has fallen by as much as 40 percent since 2014.
Agents blame higher rates of stamp duty introduced by former Chancellor George Osborne which has deterred owners from moving home.
A 15 percent decline in prices since the market peak for prime central London property 2014 has also prompted some owners to withdraw their homes for sale in the hope of a recovery in prices.
The summer months are traditionally a busy time for property brokers in the prime central London locations such as Knightsbridge and Belgravia as wealthy Gulf nationals descend on the capital — some seeking to buy apartments for children studying in the UK capital.
The RICS Residential Market Survey for June said that the pace of decline in house price inflation in central London continued, with 45 percent more respondents seeing a decline in prices over the month.
Respondents also once again saw a decline in newly agreed sales in June, with 5 percent more respondents seeing a fall in sales over the month.
It represents the fourth consecutive negative reading and reflects both the lack of stock coming on to the market and a more cautious stance from buyers over recent months., the RICS said.
New instructions also fell again and for the sixteenth month in a row, with 19 percent more respondents seeing a fall rather than rise in property coming on to the market.
Arab property buyers target London as political uncertainty hits market
Arab property buyers target London as political uncertainty hits market
Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes
RIYADH: Saudi Arabia aims to secure concrete outcomes from COP16 by establishing a “Friends of the Chair” group tasked with drafting the Riyadh Policy Declaration, a key outcome document of the conference.
Osama Faqeeha, Saudi deputy minister of environment and adviser to the COP16 presidency, announced the formation of the group, emphasizing its role in shaping the conference’s ministerial declaration.
“The Friends of the Chair group will be facilitated by a group representing the COP presidency, and a report on the outcomes of its work will be submitted directly to me in my capacity as president,” Faqeeha said.
This initiative underscores Saudi Arabia’s commitment to ensuring collaborative and actionable results from the conference.
A Friends of the Chair group is an informal working body established during international conferences to assist in drafting key outcome documents or resolving complex issues. It is composed of representatives selected to support the conference presidency’s objectives.
Gender equality and sustainable land management were among the major themes discussed at COP16.
Hungary’s representative highlighted the critical importance of women in addressing challenges like desertification, land degradation, and drought, commending COP16 for its gender-focused initiatives.
“We particularly welcome the efforts made by the UNCCD secretariat and the global mechanism to promote gender equality and empowerment of all women in the implementation of the convention, considering the crucial role of women in reaching these objectives,” the Hungarian representative said.
Hungary’s remarks were part of broader discussions on pressing global issues, including drought resilience, sand and dust storms, and sustainable land use.
These conversations reflected a growing international consensus on the need for gender-inclusive approaches to climate resilience and sustainability.
Azerbaijan also contributed to the dialogue, emphasizing the importance of sustainable land management in achieving global climate and biodiversity targets, particularly those under the UN Sustainable Development Goal 15.
“SDG 15, target three, which aims to strive toward land degradation neutrality by 2030, is a driving force for many countries to strengthen policies for sustainable land management,” the representative said.
Azerbaijan further called for expanding the scope of the UNCCD to include all terrestrial ecosystems beyond the current focus on arid and semi-arid regions.
“We encourage UNCCD to take further actions to consider the full range of terrestrial ecosystems for the UNCCD to be fully recognized as a global document,” the representative added.
They also highlighted priorities like drought preparedness, wildfire management, and public-private partnerships to advance regional cooperation and sustainability.
Running from Dec. 2 to 13, the first few days of COP16 are set to see a number of high-profile summits, ministerial dialogues, and announcements to address the pressing challenges associated with land degradation, degradation and drought.
French President Emmanuel Macron is expected to be among the attendees, as is the President of the World Bank Ajay Banga.
EU to advocate for integrated solutions to land, water challenges at COP16
RIYADH: The EU is set to intensify global cooperation at COP16 in Riyadh, working with international partners to combat desertification, land degradation, and drought while also addressing critical issues such as food security, biodiversity loss, and water scarcity.
The 16th Conference of the Parties to the UN Convention to Combat Desertification, which runs from Dec. 2 to 13, will provide a platform for the EU to advocate for stronger action on these interconnected global challenges. These issues, compounded by climate change, threaten economic, social, and environmental stability, as noted in a recent press release.
The EU emphasizes that addressing these challenges is crucial for securing its strategic autonomy, enhancing competitiveness, and ensuring long-term security.
Jessika Roswall, the EU Commissioner for Environment, Water Resilience, and a Circular Competitive Economy, will lead the EU delegation at COP16.
“The world loses 100 million hectares of healthy and productive land every year — around twice the size of France. Without rich and fertile soils, we have no food. Without healthy land, people lose their livelihoods,” Roswall said.
She added: “The EU is committed to working with international partners and will play a crucial, leading role in the negotiations in Riyadh.”
At COP16, the EU will advocate for stronger connections between the three Rio Conventions — climate change, biodiversity, and desertification — and will focus on integrated solutions to the complex challenges of land degradation, biodiversity loss, and climate change. The EU will also push for a shift from reactive, crisis-driven drought management to more proactive, long-term strategies.
Another key focus for the EU will be increasing the involvement of civil society organizations and the private sector in the UNCCD processes. The EU will also push for gender-balanced and gender-responsive approaches to policy implementation. Additionally, securing a robust budget for the UNCCD’s secretariat to support the implementation of agreements beyond 2030 will be a priority.
On Dec. 3, the EU will host the high-level One Water Summit, aimed at advancing global water governance and accelerating progress toward Sustainable Development Goal 6, which focuses on water and sanitation, in preparation for the 2026 UN Water Conference.
During the conference, the European Commission’s Joint Research Centre, in collaboration with the UNCCD, will unveil the World Drought Atlas, providing a comprehensive global assessment of drought risks and offering actionable strategies for building resilience. The UNCCD will also release the Economics of Drought Report, which outlines the economic benefits of preventing droughts and the costs of inaction.
The EU is prioritizing the acceleration of global efforts to address the water crisis, driven by overuse, mismanagement, and the impacts of climate change. With global freshwater demand expected to exceed supply by 40 percent by 2030, the EU has positioned water resilience as a key strategy to tackle future crises in health, food, and energy.
COP16: Saudi Arabia launches $150m Riyadh Global Drought Resilience Partnership
RIYADH: Saudi Arabia has announced the launch of the Riyadh Global Drought Resilience Partnership, supported by a $150 million investment, according to a top official.
Speaking during the first plenary meeting on the opening day of the UN Convention to Combat Desertification, the COP16 president and the Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen Al-Fadley explained that the initiative aims to promote multilateral efforts in the countries most impacted by drought.
This falls in line with the goal of the G20 Global Land Initiative, which was launched by the Kingdom and the UN in 2020, to reduce degraded land by 50 percent by 2040.
It also aligns with the country’s progressive stance on combating land degradation, as demonstrated by the Saudi Green Initiative. The nation has committed to rehabilitating over 74 million hectares of land, with 94,000 hectares already restored and 49 million plants and shrubs planted since 2021.
“The launching of the Riyadh Global Drought Resilience Partnership aims at promoting multilateral efforts to promote resilience, namely in the countries most impacted by drought. It includes proactive partnerships to support the UNCCD,” Al-Fadley said.
“It is my pleasure to announce that the government of the Kingdom of Saudi Arabia will support this initiative with the amount of $150 million in the coming 10 years,” he added.
After the COP16 president underlined how drought is increasingly challenging our lives, Al-Fadley said: “The global partnership aims at promoting partnership between countries, organizations, and relevant stakeholders for the sake of a preventive approach, proactive approach by implementing strategies.”
It also addresses drought comprehensively by assessing risks, implementing early warning systems, transferring knowledge, and increasing capacity through innovative agricultural solutions, such as drought-resistant crops. Additionally, it will provide financing for infrastructure development, he added.
President and Group Chairman of Islamic Development Bank Muhammad Al-Jasser also spoke during the meeting on behalf of the Arab Coordination Group.
“I would like to emphasize that the magnitude and urgency of these challenges demand collective action. We must unite as a global community, forging partnerships that mobilize resources and deliver meaningful impact where it is most needed,” Al-Jasser said.
“Together, we can drive a just, fair and inclusive transition toward a sustainable future for both people and planet earth,” he added.
During the meeting, the Director of the Potsdam Institute for Climate Impact Research Professor Johan Rockstrom also shed light on how the world is currently halfway through a decisive decade that will likely determine the future of humanity for generations to come.
“Unless we bend the curves and start truly transforming back within a safe operating space of a resilient and healthy planet. We are today finding overwhelming scientific evidence. We are at risk of destabilizing, of losing resilience and undermining life support at the planetary scale,” Rockstrom said.
“The latest finding shows we’re following a pathway that will take us to over 3 degrees Celsius of global mean surface temperature rise already by the end of this century,” he added.
The professor emphasized that the primary focus is gradually eliminating fossil fuels to ensure a smooth transition to a decarbonized global economy.
“But we today know scientifically that that will not be enough,” Rockstrom said.
“Investing in sustainable land use is critical not only to combat land degradation but it’s also fundamental for economics, it’s also fundamental for economic stability, it’s fundamental to avoid displacement, migration, and potentially also conflicts. It is fundamental for stability of societal development, it’s fundamental for climate stability and food security,” he said.
Saudi Aramco acquires 10% stake in HORSE Powertrain
RIYADH: Energy giant Saudi Aramco has finalized its acquisition of a 10 percent stake in HORSE Powertrain Ltd., advancing hybrid combustion technologies to drive down transport emissions.
According to a joint statement, the deal valued at €7.4 billion ($7.7 billion), followed the signing of definitive agreements on June 28, and subsequent regulatory approvals.
Renault Group and Geely, through Geely Holding and Geely Auto, retain 45 percent stakes each in HORSE Powertrain. This collaboration is set to leverage Aramco’s expertise in synthetic fuels and lower-carbon mobility solutions, aligning with HORSE Powertrain’s vision to become a premier Tier 1 powertrain supplier.
Strategic goals
Aramco’s investment supports ongoing research and development in lower-emission technologies.
Ahmad Al-Khowaiter, Aramco’s executive vice president of technology and innovation, said: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries.”
He added: “At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference.”
Al-Khowaiter highlighted that Aramco’s investment in HORSE Powertrain builds on its extensive research and development efforts, aiming to collaborate with two leading carmakers to advance lower-emission mobility solutions.
Matias Giannini, CEO of HORSE Powertrain, highlighted the partnership’s strategic value. “Aramco’s expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions,” he said.
Giannini added: “By strengthening our technology leadership with this partnership, HORSE Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”
Operational synergies
According to the statement, HORSE Powertrain will collaborate with Aramco and Valvoline Global Operations, focusing on innovations in internal combustion engine technology, alternative fuels, and lubricants.
Jamal Muashsher, CEO of Valvoline Global Operations, said: “As a technical partner and supplier to HORSE Powertrain, we look forward to applying Valvoline Global’s 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants.”
He added: “Our newest joint effort with HORSE Powertrain and Aramco builds on Valvoline Global’s strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility.”
The partnership aims to accelerate the development of next-generation ICE and hybrid powertrains, enhancing HORSE Powertrain’s global production footprint.
This strategic alliance underscores Aramco’s commitment to sustainable energy transitions and reinforces HORSE Powertrain’s role as a key player in next-generation powertrain solutions.
Aramco has been actively expanding its global partnerships in recent months.
On Nov. 19, the company signed a framework agreement with China’s Rongsheng Petrochemical Co. to boost the expansion of SASREF, enhancing its refining and petrochemical capabilities.
Earlier, on Oct. 30, Aramco agreed to collaborate with Vietnam Oil and Gas Group, or Petrovietnam, on energy storage, supply, and trading. This agreement, formalized during the Vietnamese Prime Minister’s visit to Saudi Arabia, aims to optimize operations and drive value across both companies’ energy and petrochemical sectors.
Saudi Arabia boosts health infrastructure with 5 new hospitals, increased budget
RIYADH: Saudi Arabia is set to open five new hospitals by 2025, adding 963 beds across key provinces as part of a broader SR260 billion ($69.3 billion) budget allocation to the health and social development sector.
This allocation represents the second-highest share of government expenditure, with the aim of increasing the national bed capacity to 23 beds per 10,000 residents, according to the Ministry of Finance’s budget report.
The new facilities, located in Rijal Almaa, Dhahran Al-Janoub, Hail, Makkah, and Riyadh, include a dedicated mental health hospital in the capital. These projects aim to enhance access to care and improve healthcare infrastructure across the Kingdom.
Other initiatives for 2025 include emergency services, early detection programs, cancer care, and expanded dialysis services, highlighting a comprehensive approach to healthcare that emphasizes prevention, early intervention, and state-of-the-art infrastructure.
In addition to healthcare, these funds will also support the management of human resources and social services, including social security and welfare.
They will also extend to the cultural, media, sports, and entertainment sectors, as well as the implementation of the Quality of Life Program. This underscores Saudi Arabia’s holistic approach, recognizing the interconnectedness of health and social development.
Healthcare advancements
Saudi Arabia has made significant strides in advancing its healthcare sector as part of its broader vision to improve the well-being of its citizens and residents.
Over the past decade, the Kingdom has invested heavily in modernizing healthcare infrastructure, expanding medical services, and improving access to quality care nationwide.
With initiatives like Vision 2030, which outline ambitious goals to diversify the economy and enhance public services, the health sector has become a key area of focus.
The government has prioritized expanding health coverage, upgrading hospitals and clinics, and implementing advanced technologies such as electronic health records and telemedicine services.
Additionally, Saudi Arabia places strong emphasis on preventive healthcare, early diagnosis, and specialized treatment programs, all aimed at reducing the disease burden and improving the quality of life.
Key investments
The ministry’s report indicated that the new hospitals will be outfitted with state-of-the-art medical equipment, and skilled healthcare professionals will be employed to address the health needs of the population and enhance the quality of care.
To bolster emergency medical services, Saudi Arabia plans to deploy 568 vehicles, including ambulances, electric vehicles, and amphibious units.
These vehicles will play a crucial role in transporting the injured and medical supplies, enhancing the overall responsiveness of healthcare services, especially in remote areas and during emergencies. This extensive fleet will ensure timely medical attention and improve access to healthcare across all regions, regardless of geographic challenges.
Health innovations
The health sector will also prioritize early screening for newborns and young children in 2025, aiming to reduce disability and enhance overall quality of life.
This includes the implementation of newborn screening programs to detect hearing impairments and genetic disorders.
A comprehensive database will be created, linking both public and private sectors to ensure early diagnosis and intervention.
Additionally, preschool hearing screenings will be integrated with the Noor system to improve educational outcomes for children, further supporting the early identification of health issues that could impact development.
In an effort to reduce the incidence of cervical cancer, the Kingdom will increase HPV vaccination coverage for girls, targeting a 90 percent vaccination rate.
The program will provide vaccines for girls in their first year of intermediate school and offer early detection services for women aged 30 and older. Positive cases will be referred to early screening programs for cervical cancer, aiming to prevent the spread of HPV and improve overall public health by detecting and addressing the virus early.
The Kingdom is also expanding its cancer care services by implementing a modern care model across three new oncology centers.
This includes expanding early cancer detection capabilities and providing state-of-the-art diagnostic equipment to improve the accuracy and speed of diagnoses.
Similarly, dialysis services at Huraymila and Jazan General Hospitals will undergo significant expansion, with a 200 percent increase in capacity at each facility. These centers will receive substantial funding — SR10 million for Huraymila and SR30 million for Jazan — to ensure advanced care and accommodate more patients in need of dialysis.
In parallel with these service expansions, the Kingdom is enhancing its medical evacuation capabilities by developing and activating medical evacuation centers, command and control hubs, and advanced ambulance services across the country.
Notably, the National Health Emergency Operations Center has earned recognition from the World Health Organization for its efficiency and preparedness, positioning Saudi Arabia as a leader in healthcare crisis management and emergency response.
Healthcare achievements
The Ministry of Finance budget report highlighted the issuance of 113 million electronic prescriptions through the Wasfaty service, resulting in SR1.3 billion in savings and reducing costs by SR2.4 billion.
The Wasfaty service is an electronic prescription platform introduced by the Saudi Ministry of Health. It allows doctors to prescribe medications electronically, replacing traditional paper prescriptions.
This service is part of Saudi Arabia’s broader efforts to digitize healthcare services and improve efficiency. Through this platform, prescriptions can be directly sent to pharmacies, streamlining the process for both patients and healthcare providers. It also enhances medication tracking, reduces prescription errors, and helps manage healthcare costs more effectively.
Emergency services have seen a 20 percent improvement in response time, enhancing life-saving efforts with more efficient ambulance and air transport services.
Health coverage has expanded, with 12.5 million beneficiaries and a reduction in patient transfers outside local areas.
Operational efficiency has been boosted, leading to a 27 percent increase in scheduled surgeries and a 91 percent improvement in emergency service access within four hours.
The localization of specialized tests has grown by 13.1 percent, reducing reliance on external laboratories and cutting long-term costs.
Dental services have also flourished, with a 137 percent increase in clinic capacity, a 200 percent rise in appointments, and a 250 percent growth in primary healthcare services.
Additionally, the provision of advanced ambulances has improved services for challenging terrains and mass casualty incidents. The sector has also achieved 17 international accreditations, raising the health compliance rate to 84 percent across 252 facilities, solidifying its commitment to global standards.
Digital advancements
Investment in digital healthcare systems is proving beneficial in improving performance and health outcomes, as highlighted by the Organization for Economic Cooperation and Development.
According to the World Economic Forum, Saudi Arabia allocated over $50 billion in 2023 to initiatives, including digital health services aimed at improving efficiency and accessibility.
McKinsey predicts that the widespread adoption of digital solutions could bring an additional $15 billion to $27 billion in economic benefits by 2030.
Saudi Arabia’s partnership with Orion Health to create the world’s largest health information exchange, connecting 5,000 institutions and 32 million people, is one example of such efforts.
Artificial Intelligence, especially generative AI, is expected to play a significant role in improving patient care and healthcare efficiency, with the potential to contribute $320 billion to the Middle East’s economy by 2030, according to the WEF.
Robots are also being explored for improving precision, workplace safety, and elderly care. Saudi Arabia, for instance, saw a 52 percent increase in robotics company registrations between 2022 and 2023.
As Saudi Arabia continues to focus on digital health, AI advancements, and comprehensive care models, its efforts are poised to transform the sector, improve health outcomes, and support the well-being of its growing population.
