DETROIT: Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers.
The recall covers the 2003 to 2005 Corolla, the 2002 to 2005 Sequoia, the 2003 to 2005 Tundra and the 2002 to 2005 Lexus SC.
Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags. But it can deteriorate and burn too fast, blowing apart a metal canister.
The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate. In the latest recall, Toyota will use inflators made by another company with a safer chemical.
Owners will be notified early next year. Toyota says it has replacement parts available.
About 65,000 of the recalled vehicles are in the US
Toyota says it’s doing the recall a year ahead of a schedule set by the US National Highway Traffic Safety Administration.
At least 23 people have died worldwide due to the problem caused by inflators made by Takata Corp., resulting in the largest series of auto recalls in US history. They cover 37 million vehicles and about 50 million inflators in the US About 100 million inflators are being recalled worldwide.
The recalls forced Takata of Japan to seek bankruptcy protection.
Toyota recalls 70,000 vehicles to replace air bag inflators
Toyota recalls 70,000 vehicles to replace air bag inflators
- Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags
- Can deteriorate and burn too fast, blowing apart a metal canister
Saudi Arabia’s National Housing Co. sees robust sales in 2025 amid lower interest rates
RIYADH: The CEO of National Housing Co. stated that lower interest rates in 2025 are expected to help the company exceed its 2024 achievements, with the reduced rates likely to boost sales.
During a session titled “Enhancing Quality of Life: The Role of Real Estate in Community Development” on the opening day of the Real Estate Future Forum in Riyadh, Mohammad Al-Buty highlighted that despite the challenges posed by higher interest rates in 2024, NHC successfully delivered high-quality products to meet market demand.
This achievement aligns with NHC’s ambition to become the leading real estate developer in the region, positioning itself at the forefront of the industry. It also supports the company’s commitment to delivering 300,000 housing units by 2025 and 600,000 by 2030, addressing the diverse needs of all societal segments.
“We’ve doubled our sales in 2024, and with the expected lower interest rates in 2025, we anticipate an even greater positive impact on the real estate market,” Al-Buty said. “Our goal now is to surpass what we achieved in 2024. We expect the reduction in interest rates to further boost sales."
“In 2023-2024, interest rates had an impact on mortgage demand for us,” he explained. “While 2024 saw the highest interest rates, it also recorded the highest sales. We were able to navigate these challenges by offering high-quality products that could effectively accommodate the higher rates.”
The CEO further emphasized that NHC does not focus on developing units for specific segments, but instead designs for entire communities, catering to all classes and segments.
“We develop based on market needs, using data to identify the desires and demands of our customers. We conduct thorough market studies,” Al-Buty explained.
He also highlighted: “Our pricing is highly competitive compared to neighboring countries for housing units.”
During a separate panel discussion titled “New Frontiers: Balance and Innovation in the Real Estate Landscape,” Qatar’s Municipality Minister Abdullah Al-Attiya highlighted that the World Cup was already integrated into the country’s Vision 2030, long before it was announced or hosted.
“The World Cup accelerated the execution of our plans, driving progress and resource allocation toward developing world-class infrastructure, ultimately positioning us as a global leader in infrastructure,” Al-Attiya explained.
Also participating in the panel, Maldives Minister of Construction, Housing, and Infrastructure Abdulla Muththalib ddressed the significant challenges his country faces, noting that tackling environmental issues and providing essential services to the population come at a considerable cost.
“We need to build safer islands to address the environmental challenges we're facing, which will involve relocating people— an expensive process for us,” Muththalib said.
“Given that our GDP is under $10 billion per year, it requires a significant investment for a country like ours to protect the islands and build homes for those who need to relocate,” he added.
The minister went on to explain that the government has launched an ambitious plan to reclaim a nearby lagoon near the capital city, covering an area of 1,100 hectares.
“We plan to build a city for over 200,000 people, focusing on relocating residents from smaller islands. We must do this because, with climate change, we know we can’t sustain all these islands in the long term,” Muththalib said.
Ahmed Dangiwa, minister for housing and urban development of Nigeria, who was also part of the panel, discussed the National Social Housing Fund currently being developed in Nigeria. The fund aims to ensure that vulnerable populations, those with no income, and the underprivileged can access affordable housing.
“When the fund is complete, Nigerians will be able to access funding for housing, with some homes priced low enough for even low-income individuals to afford,” Dangiwa explained.
He further emphasized: “Building materials will be sourced locally, reducing the need to import them, making the houses more affordable for the population.”
Saudi Arabia, Italy strengthen economic ties with 26 MoUs
- Italian defense group Leonardo signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
- Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe
JEDDAH: Saudi Arabia and Italy have signed 26 memoranda of understanding between public and private sector institutions, further enhancing their bilateral relations.
The agreements were formalized during a high-level roundtable meeting in the historicity of AlUla on Jan. 26, attended by Italy’s Prime Minister Giorgia Meloni, who began her three-day official visit to Saudi Arabia the previous day.
Earlier, Saudi Crown Prince Mohammed bin Salman welcomed Meloni in AlUla, where the two leaders discussed opportunities to deepen cooperation across various sectors.
Meloni said that Italy signed agreements worth around $10 billion with Saudi Arabia, reinforcing the strategic partnership between the two nations.
This comes as economic ties between Saudi Arabia and Italy have strengthened significantly in recent years, with Italian exports to the Kingdom rising by over 26 percent in the first 10 months of 2024 compared to the same period the previous year.
In a post on his X account, Minister of Investment, Khalid Al-Falih, said: “We held a meeting that included officials and representatives of several major companies in the Kingdom and Italy. We talked about investment opportunities in the two countries and the investment opportunities provided by Saudi Vision 2030.”
He added: “26 memoranda of understanding were signed between public and private sector institutions in the two countries.”
Among the major deals, Italy’s export credit agency SACE will provide $3 billion in loan guarantees for Saudi Arabia’s NEOM real estate project, supporting infrastructure, urban development, and transport. The deal is backed by a syndicate of international banks, including HSBC and Banco Bilbao Vizcaya Argentaria.
SACE also signed an MoU with Saudi Electricity Co. to support green projects and related engineering, procurement, and construction activities.
ACWA Power signed five MoUs with four prominent Italian organizations, including Cassa Depositi e Prestiti, Italy’s financial institution for development cooperation, and De Nora, a multinational company specializing in water treatment technologies.
The agreements also involve SACE, the Italian export credit agency, and Ansaldo Energia, a power generation equipment manufacturer, which signed with NOMAC Holding, a fully owned subsidiary of ACWA Power.
The agreements cover project financing, technology transfer, and supply chain collaboration to support development in regions such as Africa, Central Asia, and the Far East.
ACWA Power’s partnerships with Italy will strengthen EU-MENA cooperation in green energy, positioning the company as a key player in the global energy transition, the company said in a press release.
“The opportunities of cooperation between Saudi and Italian companies are immense in the sphere of supply, localization, financing and energy,” said Marco Arcelli, CEO of ACWA Power.
He added: “We believe that bringing together our competences and resources will significantly advance the energy transition and water security, promoting sustainable infrastructure developments not only in our countries but also in Africa, Central and Southeast Asia and the rest of the Middle East.”
In other agreements, Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe.
Italian defense group Leonardo also signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
The roundtable discussions focused on key challenges in global financial markets, with a particular emphasis on developing innovative solutions to strengthen economic ties.
In another deal, Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Dario Scannapieco, CEO of Italy’s National Promotional Institution, signed a development cooperation agreement to enhance social and economic development between the two countries.
The agreement will facilitate expertise exchange and promote sustainable growth in line with global development goals.
SACE also finalized deals worth $6.6 billion with major Saudi financial and business counterparts to support Italian exports and strengthen trade relations.
“We are proud and honored to stand alongside players of primary standing in Saudi Arabia to facilitate Italian exports and develop win-win trade and investment relations between our two countries,” said Alessandra Ricci, CEO of SACE.
Saudi Arabia’s real estate sector thrives with $39bn in projects, record investment growth
RIYADH: Saudi Arabia’s real estate regulatory framework spurred significant growth in 2024, with 192 project licenses issued, totaling SR147 billion ($39 billion), according to a top official.
During the opening remarks of the fourth Real Estate Future Forum held in Riyadh, Saudi Minister of Municipalities and Housing Majid Al-Hogail said that the General Authority for Real Estate initiatives aims to enhance market transparency, attract investment, and regulate off-plan developments.
“The regulatory framework has contributed to significant growth over the past year, with the issuance of 192 licenses for projects exceeding a total value of 147 billion riyals, equivalent to $39 billion,” Al-Hogail said.
He added: “With the launch of real estate legislative initiatives, we have seen growth across all relevant fields. This regulatory framework aims to facilitate and regulate off-plan real estate project development provisions, from the licensing process to project completion.”
The forum is a unique platform uniting investors, consultants, and decision-makers from 120 countries under one umbrella.
It features over 500 speakers from both the public and private sectors, aiming to not only discuss the future of real estate but also shape a clear, unified vision that reflects shared ambitions and aspirations.
“The forum creates international high-quality opportunities to explore our real estate sector and enhance the quality of life, based on sustainable cities equipped with services that meet the expectations of residents in the Kingdom,” Al-Hogail said.
He added: “We are committed to continuing our efforts to ensure the sustainability of the real estate sector, attracting more international investments while creating a highly regulated environment that turns challenges into opportunities.”
Al-Hogail said that Saudi Arabia’s real estate sector has evolved from traditional urban development to become a key driver of both economic and social progress, with a strong focus on sustainability and innovation.
“We are at a crossroads where experience, innovation, and agility converge, turning dreams into reality. Our message to investors and innovators is clear — that the Kingdom is not just a place inclusive to project,” he said.
The minister also said that over the past several years, more than 20 key real estate regulations have been introduced by the General Authority for Real Estate, enhancing market transparency, attractiveness, and authenticity.
“These regulations have positioned the Saudi real estate market as one of the fastest-growing sectors globally, as highlighted in the 2024 Global Real Estate Transparency Index report,” Al-Hogail said.
Abdullah Al-Hammad, CEO of the Real Estate General Authority, said that the real estate sector’s contribution to the gross domestic product reached 12 percent, reflecting its growing importance in the national economy.
“The real estate sector achieved the highest participation rate in the labor market, with 25 percent of the participants in the social insurance system,” Al-Hammad said, emphasizing the sector’s role in employment generation and economic diversification.
He also said that more than 1130 licenses for foreign real estate investments were issued during the third quarter of 2024, demonstrating increased international interest in the Saudi market.
The first day of the event included announcements including the National Housing Company launching its new technology-focused company, NHC Innovation, to provide innovative real estate and municipal solutions and develop new technologies that meet market aspirations.
Announced by the CEO of NHC Mohammed bin Saleh Al-Buti, the new company will serve as an innovative technological arm, utilizing the latest technologies and best practices to develop solutions that contribute to sustainable growth.
The strategic expansion represents a significant move toward delivering technological solutions that meet market ambitions and enhance excellence and competitiveness in the real estate and municipal sectors.
NHC Innovation is set to develop and operate more than 400 services across 10 digital real estate platforms, serving over 19 million users.
These platforms include Sakani, Balady, Ejar, Forsah, and others, offering smart and advanced solutions to enable digital transformation in the real estate and municipal sectors.
The company focuses on providing innovative services that cater to evolving market needs while emphasizing sustainability and technological advancement.
This aligns with the objectives of Saudi Arabia’s digital transformation strategy, positioning the Kingdom as a global hub that supports competitiveness in the technology sector.
The minister of municipalities and housing, the minister of industry and mineral resources, and the CEO of NHC participated in the signing ceremonies of agreements between the company and government entities and the private sector, with a total value of approximately SR30 billion.
One of the agreements is a memorandum of understanding signed between Asir Region Municipality and AMEK Group in tourism creation and adventures for up to SR600 million.
The Ministry of Industry and Mineral Resources also signed an MoU to collaborate on supply chains and industrial link programs to support and lead local content in the real estate development sector
King Abdulaziz City for Science and Technology also signed an MoU, in cooperation with Al Saif Company which focuses on collaboration in developing construction and building using off-site construction technologies.
The NHC signed supply chain service agreements with several real estate development companies to enhance the success of real estate development projects and ensure the sustainability of quality and efficiency.
The company also signed an open purchase agreement with Zamil Air Conditioners Factory and Alfanar Construction Systems, to secure supply chains for air conditioning works, and ensure a steady supply for construction needs.
The Kingdom’s Vision 2030 reforms have positioned the country as a leader in real estate development, combining innovation, sustainability, and economic growth.
Riyadh Air secures license for advanced flight simulator
RIYADH: Saudi Arabia’s Riyadh Air has obtained a General Authority of Civil Aviation license for its first Boeing 787-9 full-flight simulator, a key step in its preparations for a 2025 operational launch.
The device, aimed at enhancing pilot training and safety standards, is a major addition to Riyadh Air’s training infrastructure.
This comes as Saudi Arabia aims to become a regional aviation hub, aligning with Vision 2030 goals to expand annual passenger capacity to 330 million, increase air cargo volumes to 4.5 million tonnes, and connect to 250 global destinations by the end of the decade.
Peter Bellew, chief operating officer at Riyadh Air, said: “This milestone underscores our commitment to world-class pilot training and operational excellence. The advanced simulator will enhance our pilots’ capabilities, aligning with Riyadh Air’s ambition to redefine aviation standards and deliver a next-level flying experience.”
He added: “We will continue investing in cutting-edge solutions that drive efficiency, safety, and excellence across our operations.”
Captain Sulaiman Al-Muhaimedi, GACA’s executive vice president for aviation safety and environmental sustainability, presented the operational certificate to Bellew during a ceremony.
Riyadh Air, a subsidiary of the Public Investment Fund launched by Crown Prince Mohammed bin Salman in March 2023, completed its first non-commercial flight from Riyadh to Jeddah for certification on Sept. 12.
Jordan’s exports to GAFTA countries rise by 15.6%
RIYADH: Jordan’s exports to countries within the Greater Arab Free Trade Area recorded a year-on-year rise of 15.6 percent by the end of November, new figures revealed
According to official statistics compiled by the Jordan News Agency, the Middle Eastern nation’s exports to GAFTA countries reached 3.25 billion Jordanian dinars ($362 billion), up from 2.81 billion dinars in the same period of the previous year. Jordan’s exports to the 18 GAFTA countries include fertilizers, pharmaceuticals, and agricultural products.
Similarly, the data showed that Jordan’s imports from the free trade zone also grew during the same period, rising by 8.5 percent to reach 4.69 billion dinars.
Imports from GAFTA countries primarily consist of crude oil and its derivatives, jewelry, and food products, as well as plastic sheets, titanium oxide, polystyrene, iron, and steel products, among others.
The newly released data falls in line with the recent rise in exports and imports recorded between Jordan and GAFTA countries, which jumped 9.7 percent and 9.3 percent, respectively, in the first three months of 2024.
The data also showed that the increase in exports and imports helped reduce the trade deficit with GAFTA countries to 1.43 billion dinars, down from 1.50 billion dinars in the same period last year.
Meanwhile, trade volume between Jordan and GAFTA countries surged to 7.95 billion dinars by the end of November, compared to 7.14 billion dinars in the same period a year earlier.
Saudi Arabia emerged as Jordan’s top export destination within the group, with exports to the country amounting to 1.07 billion dinars, a 13.7 percent rise from the same period in 2023.
The Kingdom also ranked as Jordan’s largest import source, with exchange totaling 2.69 billion dinars, resulting in a trade deficit of 1.66 billion dinars with Saudi Arabia by the end of November.
Jordan’s exports to US surges 14.9 percent
Additional data from Jordan News Agency disclosed that the country’s exports to the US increased 14.9 percent year on year in the first 11 months of 2024 to reach 2.04 billion dinars.
The country’s primary exports to the North American country include garments, jewelry, fertilizers, and pharmaceuticals as well as IT services, food products, live animals, and engineering goods.
Similarly, the data showed that Jordan’s imports from the US hit 1.13 billion dinars during the period, reflecting 4.7 rise compared to the corresponding period in 2023.
Jordan’s imports from the US consist of mineral products, transportation equipment, machinery, electrical appliances, and grains as well as chemicals, medical devices, processed foods, and wood pulp, among others.
This is in line with the fact that the trade partnership between the two nations was strengthened by the Free Trade Agreement, which was signed in October 2000 and took full effect in January 2010. This deal has led to an eightfold surge in bilateral trade, highlighting its importance in fortifying economic connections.
As a result of the rise in exports and imports, the trade balance between Jordan and the US recorded a surplus of 910 million dinars during the period.
The total volume of trade between the two countries climbed to 3.17 billion dinars by the end of November, compared to 2.86 billion dinars in the same period of 2023.
