JERUSALEM: Israel’s defense minister has held talks with the Palestinian president in Ramallah, the first high-level meeting between the two sides in years, officials said.
Sunday’s meeting between Benny Gantz and Mahmoud Abbas signaled a possible shift of direction after after the near-complete breakdown of communication between Abbas and Israeli leaders in recent years.
It came two days after President Joe Biden urged Israel’s new prime minister during a White House meeting to take steps toward improving the lives of Palestinians.
Gantz’s office said he told Abbas that Israel will take new measures to strengthen the Palestinian economy. It said they also discussed security issues and agreed to remain in touch. It was believed to be the highest level public meeting between the sides since 2014.
A Palestinian official said Gantz and Abbas discussed possible steps toward improving the atmosphere. He said this included Palestinian demands for a halt in Israeli military operations in Palestinian areas of the occupied West Bank, allowing unification of families with relatives inside Israel and allowing more Palestinian workers into Israel. The official spoke on condition of anonymity because he was not authorized to discuss the late-night meeting.
Israeli Prime Minister Naftali Bennett is a hard-liner who opposes Palestinian independence, as do key partners in his diverse, ruling coalition. But Bennett has said he supports building up the Palestinian economy and expanding autonomy for Palestinians. He also is interested in bolstering Abbas in his rivalry with the ruling Hamas militant group in Gaza.
While Biden supports a two-state solution between Israel and the Palestinians, his administration is focused on interim confidence-building measures. Israel’s former prime minister, Benjamin Netanyahu, pursued a hard-line policy toward the Palestinians, backed by former President Donald Trump.
The Trump administration took a number of steps, including moving the US Embassy in Israel from Tel Aviv to contested Jerusalem. Abbas halted most contacts with the US and Israel in return.
Netanyahu had repeatedly claimed Abbas was not a reliable partner for negotiating a peace deal, a portrayal dismissed by Netanyahu critics as a pretext for avoiding making concessions.
Hussein Sheikh, a top Abbas aide, confirmed the meeting in a statement on Twitter. It took place on Sunday night in Ramallah in the Israeli-occupied West Bank, where Abbas maintains his headquarters.
Abbas, Israel’s Gantz hold new high-level talks, urged by US
https://arab.news/9z9z2
Abbas, Israel’s Gantz hold new high-level talks, urged by US
- A Palestinian official said Gantz and Abbas discussed possible steps toward improving the atmosphere
Riyadh forum explores reading’s role in growth
RIYADH: The Reading Forum, organized by the Libraries Commission, recently concluded at King Abdullah Financial District in Riyadh.
The forum featured dialogue sessions and workshops attracting reading and culture enthusiasts, the Saudi Press Agency reported on Sunday.
Discussions covered novels as artistic expressions that reflect culture and history, foster critical thinking, and the role of narration in promoting cross-cultural dialogue.
Participants highlighted reading and research as tools for personal growth, lifelong learning, and effective content creation.
They emphasized the importance of translation in cultural exchange and global copyright, the SPA reported.
Sessions explored instilling a love for reading in youth through collaboration between families, schools and society, as well as leadership in literary trends and the impact of genres on critical thinking.
The event set out to position reading as a foundation of progress, celebrating Saudi, Arab and global literary talent while fostering a culture of knowledge and intellectual growth.
Riyadh festival explores role of theater in shaping intellectual, artistic futures
RIYADH: The Riyadh Theater Festival is hosting a series of cultural discussions and theatrical performances distinguished by intellectual depth and artistic excellence.
Organized by the Theater and Performing Arts Commission, the festival is being held at Princess Nourah bint Abdulrahman University until Dec. 26.
A seminar on contemporary theater in the Arab world explored the intersection of creativity and sustainability, bringing together an elite group of theater thinkers and creators.
One of the festival’s participants, Kamal Al-Alawi from Tunisia, reviewed the evolution of theater, tracing its journey from the Greek era through the Middle Ages and the Renaissance to the time of Emile Zola, which marked a qualitative shift and revolution in impressionism.
Among the intellectuals and theater experts, Lina Abiad from Lebanon discussed ways to improve theatrical production and modernize it using contemporary methodologies.
The commission’s CEO, Sultan Al-Bazie, described the festival as a cornerstone for advancing theatrical movement in the Kingdom and increasing public awareness of the performing arts.
This year’s event features 20 performances, selected by a committee of experts, reflecting the diversity of theatrical arts in the Kingdom and its intellectual and developmental programs.
The festival underscores the commission’s commitment to supporting the performing arts and Saudi talent, aiming for a strong presence on regional and international stages. It will conclude with a presentation of awards to distinguished performers.
Riyadh leads Saudi real estate surge with 20.8% rise in office rents
RIYADH: The real estate market in Riyadh is experiencing significant growth, with rents for Grade A office spaces rising 20.8 percent year on year in the third quarter of 2024, reaching SR2,131 ($567.31) per sq. meter. This increase reflects the city’s expanding economic activity, driven by both a thriving private sector and ongoing government initiatives aimed at positioning the capital as a global business and investment hub. According to JLL’s latest market analysis, this surge in demand for high-quality office spaces is contributing to a historic low in vacancy rates, which fell to just 1.6 percent in Q3 2024.
The report attributes the rise in office rents to the Kingdom’s economic diversification efforts, particularly the continued growth of the private sector in Riyadh.
The city remains an attractive destination for businesses and investors, with strong demand for Grade A office space in key districts. JLL also highlighted that Northern Riyadh, with its superior accessibility and high-quality developments, is increasingly favored by occupiers, driven by the area's efficient workspaces and ample parking, which help mitigate rising traffic congestion.
In Jeddah, Grade A office rents rose by 11.6 percent year on year, reaching SR1,338 per sq. meter, with a low vacancy rate of 3.7 percent. These trends reflect broader market strength across Saudi Arabia’s key cities.
Hospitality sector thrives
Saudi Arabia’s hospitality sector continues to see impressive growth, fueled by a combination of high-profile events and the Kingdom’s expanding tourism infrastructure. With events like Riyadh Season and AlUla Season drawing millions of visitors, coupled with the ongoing development of urban infrastructure, the Kingdom is solidifying its status as a leading global leisure and business destination.
According to the Ministry of Tourism, Saudi Arabia’s leisure tourism has skyrocketed by 656 percent since 2019, with 17.5 million international visitors arriving in the first seven months of 2024 alone.
This boom in tourism, supported by initiatives such as the streamlined tourist visa system and a growing entertainment sector, has boosted the Kingdom’s appeal as a global leisure destination. In fact, Saudi Arabia has already surpassed its original Vision 2030 target of attracting 100 million visitors and is now aiming for 150 million by 2030.
“The hospitality sector is set for continued expansion, driven by a packed events calendar and a steady influx of religious tourists,” said Saud Al-Sulaimani, country head of JLL Saudi Arabia. “These factors will fuel demand for accommodations and enhance occupancy rates in key cities.”
In Riyadh, the average daily rate for hotels increased by 19 percent year on year in Q3 2024, reaching SR736.3, while revenue per available room saw a 17.1 percent rise to SR440.3. Despite a minor dip in occupancy by 1.2 percentage points, these metrics reflect the growing strength of the hospitality sector. Jeddah, on the other hand, saw a 10.3 percent year-on-year decline in RevPAR, attributed to a 12.1 percent drop in ADR, although occupancy rates rose by 1.4 percentage points. Makkah and Madinah presented mixed trends, with RevPAR declining by 2.9 percent in Makkah, while Madinah saw a slight increase of 1.6 percent.
“Performance metrics in the hospitality sector are expected to improve as we approach the year's end, fueled by key events like the Riyadh and AlUla Seasons, as well as continued religious tourism,” JLL added.
Residential market growth
The residential markets in Riyadh and Jeddah also saw strong performance in the third quarter of 2024, driven by strong demand and shifting buyer preferences. In Riyadh, 4,000 new residential units were added in Q3, bringing the total stock to 1.46 million. Jeddah saw even greater growth, with 8,000 new units delivered, increasing its stock to 899,000 units.
Residential property prices in both cities also saw significant increases, with Riyadh experiencing a 12 percent year-on-year rise in sales prices, while Jeddah saw a 6 percent increase.
“This is an exciting time for Saudi Arabia, with unprecedented growth across multiple sectors,” said Al-Sulaimani. “The combination of soaring tourism numbers, rising hospitality revenues, and strong demand for residential properties is creating a dynamic environment that presents immense opportunities for investors and businesses alike.”
He added: “The Kingdom’s commitment to diversifying its economy is evident, and we are excited to see how these developments will shape our future.”
Jeddah Book Fair wraps up with 450,000 books sold
- The event hosted workshops, seminars, panel discussions and book signings led by experts in literature, arts and sports
Jeddah: The Jeddah Book Fair concluded on Saturday, attracting thousands of visitors with local and international booksellers.
Held from Dec. 12-21 under the slogan “Jeddah Reads,” the fair featured more than 450 pavilions and showcased works from 1,000 publishing houses across 22 countries.
Mohammed Alwan, CEO of the Literature, Publishing and Translation Commission, said that the fair displayed nearly 400,000 titles, selling more than 450,000 books in various genres.
The event hosted workshops, seminars, panel discussions and book signings led by experts in literature, arts and sports.
A dedicated children’s section featured animation, educational books and advanced learning tools.
One pavilion highlighted the cultural significance of camels, using modern technology to explore their history, types, and related poetry.
Arabic manga publications targeting youth were also a key attraction, alongside interactive displays and models of famous characters, offering a blend of entertainment and education.
Saudi Arabia seeks to establish specialized courts to resolve business disputes
RIYADH: Saudi Arabia plans to establish specialized courts to address investment disputes, enhance market confidence, and support its Vision 2030 strategy of becoming a global business hub.
The initiative, revealed through a survey conducted by the Ministry of Investment and shared with the Federation of Saudi Chambers, is aimed at evaluating the need for such judicial bodies across key sectors, Al Arabiya reported.
These courts are expected to bolster trust in the Kingdom’s legal framework, aligning with its broader legislative and judicial reforms designed to accelerate progress under Vision 2030 and the National Investment Strategy.
The specialized courts are part of the strategy’s fourth pillar, launched by Crown Prince Mohammed bin Salman in 2021, which seeks to mobilize SR12 trillion ($3.19 trillion) in economic activity through transformative projects, improved infrastructure, and job creation.
In August, Saudi Arabia announced a major overhaul of its investment laws, reaffirming its commitment to creating a business-friendly environment for global enterprises.
Revised laws integrate existing commercial rights into a unified framework, prioritizing transparency and simplifying regulatory processes. They offer enhanced protections, including property and intellectual property rights, streamlined registrations, and the establishment of dedicated service centers to expedite government interactions.
These updates build on previous measures such as the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law, and the introduction of Special Economic Zones.
At the time, Saudi Investment Minister Khalid Al-Falih stated that the law underscored Saudi Arabia’s dedication to fostering a secure and investor-friendly environment, bolstering economic growth, and solidifying the Kingdom’s status as a leading global investment hub.
He noted that Vision 2030’s policy framework offered investors the confidence and stability needed to thrive, particularly as other markets faced significant volatility.
The law also seeks to create a competitive market by encouraging fair competition and guaranteeing equal opportunities for both domestic and international investors.
Earlier this year, Saudi Arabia launched its regional headquarters program, offering businesses incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, along with access to discounts and support services.
In October, Al-Falih confirmed the success of the initiative, announcing that the Kingdom had attracted 540 international companies to establish regional headquarters in Riyadh, surpassing its 2030 target of 500.
