Over 40 real estate, housing developers expected at Restatex Jeddah Expo

The expo aims to highlight and convey the developments and latest happenings in the Saudi real estate sector in residential, commercial, and multi-use projects. (File/Supplied)
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Updated 09 October 2022
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Over 40 real estate, housing developers expected at Restatex Jeddah Expo

RIYADH: More than 40 real estate developers and housing companies will exhibit at the Restatex Jeddah Real Estate Expo which will be held on Oct. 10-13 at Jeddah Center for Forums and Events.

Led by ROSHN, one of the Public Investment Fund companies, the event will also see participation from Saudi financing agencies, banks and relevant government agencies.

The expo will be organized under the patronage of Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail.

The expo aims to highlight and convey the developments and latest happenings in the Saudi real estate sector in residential, commercial, and multi-use projects. 

It will also showcase emerging solutions, advancements, investments, and new companies in the sector, whether in real estate development or housing projects, along with the market’s innovations in designs, spaces, features, and housing financing programs.

Meanwhile, a number of partnerships and deals are expected to take place, including exclusive offers throughout the event from the exhibitors.

 


Saudi Arabia to host Global Logistics Forum in October 

Updated 10 sec ago
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Saudi Arabia to host Global Logistics Forum in October 

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.


New customs agreement to boost UAE, US economic ties

Updated 50 min 45 sec ago
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New customs agreement to boost UAE, US economic ties

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.


KAUST, Abdul Latif Jameel Motors strike deal with Toyota to advance hydrogen fuel research  

Updated 25 September 2024
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KAUST, Abdul Latif Jameel Motors strike deal with Toyota to advance hydrogen fuel research  

JEDDAH: Saudi Arabia will accelerate hydrogen fuel cell research after two local entities joined with Toyota Motor Corp. to increase decarbonization efforts in the transportation sector and beyond.

King Abdullah University of Science and Technology and Abdul Latif Jameel Motors have embarked on a strategic partnership with the Japanese firm to implement cleaner energy solutions.

At the heart of this initiative, KAUST has acquired proton electrolyte membrane fuel cell modules from Toyota, establishing a cutting-edge laboratory within its Clean Energy and Research Platform.

This facility is poised to play a crucial role in the Kingdom’s hydrogen innovation efforts, particularly in adapting fuel cells to the region’s specific environmental conditions, KAUST said in a statement.

Saudi Arabia aims to deliver around 2.9 million tons of hydrogen by 2030, offering competitive domestic and export costs, and this collaboration aligns with the Kingdom’s commitment to reducing greenhouse gasses and achieving net zero emissions by 2060.  

Mani Sarathy, professor of chemical engineering at KAUST, said they are excited to collaborate with TMC and Abdul Latif Jameel Motors to drive the adoption of hydrogen fuel cell technology in Saudi Arabia.

“Through our Clean Energy Research Platform, we are focused on advancing research that will optimize hydrogen fuel cells for the region’s specific conditions, ensuring their efficiency and reliability,” Sarathy said.

He emphasized that this partnership demonstrates their commitment to pioneering innovations that support sustainable solutions and contribute to a greener future for the Kingdom and beyond.

Sarathy and his CERP team are currently leading research efforts to explore the performance, durability, and environmental integration of PEM fuel cells, supported technically and financially by TMC and Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabia since 1955.

The team is undertaking a series of modeling and experimental studies to evaluate factors such as temperature sensitivity, humidity effects, and overall efficiency, aiming to optimize the environmental advantages of these fuel cells within the Kingdom’s infrastructure, KAUST said in its release.

Mazin Ghazi Jameel, managing director of Toyota marketing operations at ALJ Motors, commented that his company is dedicated to facilitating the development and adoption of solutions that benefit both local and global communities.

“A key focus is promoting fuel cell technology to establish Saudi Arabia as a key contributor to sustainable mobility. This strategic partnership reaffirms our commitment to enabling a future of cleaner, efficient and smarter mobility accessible to all, supporting the transformational needs of businesses and individuals in the Kingdom of Saudi Arabia,” Ghazi said.

Nobuyuki Takemura, chief representative of the Toyota liaison office for mobility and energy in the Kingdom, remarked that for more than two decades, TMC has been a leader in environmentally friendly mobility solutions, showcasing a steadfast commitment to a zero-carbon future through ongoing innovation and significant global investment.

“In partnership with the KAUST research team within CERP and Abdul Latif Jameel Motors, we are bringing this technology to Saudi Arabia, supporting its decarbonization goals. Toyota is dedicated to contributing to the research at KAUST and to advancing the Kingdom’s economic diversification and circular carbon economy, in alignment with Vision 2030,” he said.


Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Updated 25 September 2024
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Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

RIYADH: Saudi Arabia’s top 10 startups are showing rapid growth and strong innovation across key sectors, including digital security, convenience apps, and business solutions, according to a new report. 

LinkedIn’s annual Top Startups list, which ranks the most influential emerging companies, showcases those making a significant impact while attracting top talent. 

Cybersecurity startup Cipher topped the list, reflecting the growing demand for digital security services in Saudi Arabia. 

As the leader in venture capital funding in the Middle East and North Africa, with $412 million invested in the first half of 2024, Saudi startups are gaining traction thanks to the continuing evolution of the Kingdom’s entrepreneurial ecosystem. 

Nabila Rahal, MENA news editor at LinkedIn, said: “This year’s list demonstrates that startups in the Kingdom are continuing to make their presence felt as they break into new industries and contribute to the country’s economic diversification. There is a clear focus on technological and innovative solutions within emerging companies in the country.” 

She added: “Saudi Arabia’s Top Startups List 2024 is a snapshot of the startups and VC landscape in the Kingdom that also offers insights into the latest economic trends. The startups featured on this list have excelled in meeting their clients’ needs and are attracting the top talent in the Kingdom.” 

Convenience-focused companies like MR MANDOOB, a delivery services app, and Mawidy, an appointment-booking platform, secured third and fourth places, respectively. 

Car rental app SHIFT inc. rounded out the top five, reflecting the growing demand for practical, service-oriented apps in the Kingdom. 

The e-commerce sector continues to expand, as evidenced by Rewaa, a retail solutions platform debuting in sixth place. 

Soum, an AI-powered retail marketplace, climbed two spots to seventh, signaling steady growth in the sector. 

Business solutions are also on the rise. LAWAZEM, a procurement platform, and Squadio, a talent solutions provider, ranked eighth and tenth, highlighting the increasing need for operational support as more international companies establish a presence in Saudi Arabia. 

Buy now, pay later fintech Tamara ranked second, maintaining its spot in the top five. AI-solutions company Mozn also made the list. 

LinkedIn’s Top Startups list is developed by analyzing interactions among its more than 1 billion global members. 

Startups are ranked based on four pillars: employment growth, engagement with the company and its employees, job interest, and attraction of top talent. Companies must be privately held, independent, and headquartered in the country where they are ranked. 


Consumers in Saudi Arabia dial up electronics spending, latest POS data reveals

Updated 22 min 54 sec ago
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Consumers in Saudi Arabia dial up electronics spending, latest POS data reveals

RIYADH: Consumers in Saudi Arabia spent SR247.2 million ($65.8 million) on electronics from Sept. 15 to 21, reflecting an 18.3 percent rise compared to the previous week, according to central bank data.

The weekly point-of-sale bulletin released by SAMA revealed that spending in the hotels sector also rose, reaching SR292.4 million, marking an 18.2 percent weekly increase.

These two sectors experienced the highest and second-highest growth, respectively.

Restaurants and cafe sector accounted for the largest share of the POS at SR1.77 billion, followed by food and beverages at SR1.67 billion and miscellaneous goods and services at 1.45 billion.

Spending in the top three categories accounted for SR4.9 billion of this week’s total value.

The overall value of POS transactions dipped for the third week in a row, dropping by 1.9 percent compared to the previous seven days to reach SR11.9 billion.

The latest figures showed that spending in the education sector continued to lead the decline, recording the highest decrease at 23 percent, with total transactions reaching SR127.1 million.

This sector has been experiencing falls for over a month after surging for four consecutive weeks, coinciding with the start of the academic year on Aug. 18.

During the first week of September, spending on public utilities saw the second-largest drop at 10.2 percent to SR49.1 million.

Spending on food and beverages recorded the third most significant dip, with a 9.5 percent negative change.

Expenditure on jewelry recorded the smallest decline at 0.2 percent, reaching SR237.5 million.

Geographically, Riyadh dominated POS transactions, representing 34.6 percent of the total, with spending in the capital reaching SR4.1 billion — a 2.3 percent decrease from the previous week. 

Jeddah followed with a 0.6 percent rise to SR1.71 billion, accounting for 14.3 percent of the total, and Dammam came in third at SR614.8 million, down 0.9 percent.

Tabouk saw the largest decrease in spending, down 6.5 percent to SR215.5 million. Hail and Abha also experienced downticks, with expenditure dipping 4.7 percent and 1.4 percent to SR180.2 million and SR151.2 million, respectively.

In terms of the number of transactions, Tabouk recorded the highest drop at 8.6 percent, reaching 4,270. Abha recorded the smallest decrease at 4.7 percent, reaching 3,044 transactions.