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Saudi Arabia’s National Housing Co. launches 11 residential projects in Riyadh’s Khuzam area

The projects range from luxurious villas to contemporary apartments, according to a press release. Shutterstock
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Updated 19 November 2024
Mohammed Al-Kinani 
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Saudi Arabia’s National Housing Co. launches 11 residential projects in Riyadh’s Khuzam area

Updated 19 November 2024
Mohammed Al-Kinani 

JEDDAH: Saudi Arabia’s National Housing Co. has launched 11 projects in Riyadh’s Khuzam area, offering over 10,000 units to meet growing demand for quality housing in the Kingdom. 

These developments, including modern designs, are part of NHC’s strategic push to diversify housing supply and address the varied needs of Saudi families. 

The projects range from luxurious villas to contemporary apartments, catering to different client needs, according to a press release. 

These include Khuzam Park Residence, with units up to 379 sq. meters, and Tala Khuzam, offering units as large as 430 sq. meters. Additionally, the Tala Khuzam project features units as small as 219 sq. meters. 

NHC, one of the leading developers of suburban and residential areas in Saudi Arabia, plays an important role in the real estate sector, focusing on improving quality of life and expanding housing supply across the Kingdom. 

These efforts are aligned with Vision 2030, which aims to raise homeownership among Saudi families to 70 percent. 

The company also announced the Eyal Khuzam project which offers luxury units up to 796 sq. meters, while Jawharat Khuzam 1 boasts units up to 929 sq. meters. The Nafah project offers units up to 600 sq. meters. 

Within the Regan compound, which was unveiled at the Cityscape exhibition earlier this month, NHC introduced Rasin Rejan Hills and Ewan Rejan projects, with residential units up to 435 sq. meters. The company said both developments feature high privacy, 24/7 security, and are positioned as ideal living spaces in Khuzam. 

Additionally, NHC launched the Azyan Khuzam project, offering units from 200 to 471 sq. meters, and the Jadaya project, with units up to 538 sq. meters. The Ewan Khuzam project includes villas of up to 594 sq. meters. 

NHC emphasizes its commitment to maintaining quality standards with thoughtful designs and well-integrated infrastructure, including educational, health care, sports, cultural, and commercial amenities, as well as green spaces. 

Over the course of the four-day Cityscape exhibition, NHC signed more than 38 agreements worth over SR5 billion ($1.33 billion) in the supply chain sector. 

These agreements, which involve both local and international companies, cover various areas including logistics services, securing essential materials, and localizing industries within the sector.

Topics: Saudi National Housing Co. (NHC) Housing saudi housing

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World leaders to attend Saudi Real Estate Future Forum 2025 for industry-shaping discussions

Updated 11 sec ago
MIGUEL HADCHITY 
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World leaders to attend Saudi Real Estate Future Forum 2025 for industry-shaping discussions

  • Event will gather over 300 speakers from 85 countries to lead discussions on the direction of real estate
  • Key themes and sessions at RFF 2025 will encompass various topics, with over 30 high-level dialogue events and 25 in-depth workshops
Updated 11 sec ago
MIGUEL HADCHITY 

RIYADH: The Real Estate Future Forum is set to serve as a global hub for industry leaders, policymakers, and investors as Saudi Arabia transitions toward a diversified and innovation-driven economy.

The event will be held from Jan. 27— 29 at the Four Seasons Hotel in Riyadh and will unite over 300 speakers from 85 countries to lead discussions on the direction of real estate.

Under the theme “Future for Humanity: Shaping Dreams into Reality,” RFF 2025 will focus on innovations, sustainability efforts, and investment strategies reshaping the global property market.

This year’s edition will also spotlight the Middle East’s $1 trillion real estate pipeline, which is driving changes in urban development and creating new regional economic opportunities.

Saudi Arabia at the forefront of real estate evolution

The Kingdom’s Vision 2030 reforms have positioned it as a leader in real estate development, combining innovation, sustainability, and economic growth. 

Forum participants will get an in-depth look at major projects, including NEOM, The Red Sea Project, and Diriyah Gate, with a focus on their economic impact and long-term sustainability.

The discussions will provide insights into how these initiatives are influencing the broader real estate landscape.
A $1 trillion opportunity for global transformation

With the Middle East witnessing an unprecedented wave of urban expansion, the real estate sector is presented with both immense opportunities and critical responsibilities.

This year’s forum will highlight how key stakeholders can leverage digital transformation, sustainable construction, and strategic investments to build cities that are economically viable, environmentally responsible, and socially inclusive.

Managing Director and Partner at Boston Consulting Group, underscored the urgency of sustainability in real estate development.

“The Middle East’s $1 trillion real estate pipeline offers a once-in-a-generation opportunity to rethink how we design and build our communities,” Benjamin Deschietere told Arab News.

He added: “With buildings accounting for more than one third of global greenhouse gas emissions, decisions made today in the region’s transformative mega-projects will impact generations and have the potential to influence global standards for decades.”

Deschietere emphasized that sustainability in design, the use of greener materials, and advancements in construction and procurement practices are essential rather than optional. 

He suggested that cities built with these principles would be more resource-efficient, livable, and valuable in the long term. He also noted that developers who adopt these approaches would gain a significant competitive edge in the coming decades.

A holistic approach to sustainability and innovation

RFF 2025 will not only focus on environmental sustainability but also on social and economic resilience. With the Kingdom’s target of developing 1 million new housing units, the forum will emphasize how sustainable urbanization can drive affordability, job creation, and social equity.

Edoardo Geraci, managing director and partner at BCG, highlighted to Arab News the need for a paradigm shift: “Traditional real estate has often prioritized growth over sustainability, but the future demands a more holistic approach.”

He added that beyond reducing carbon emissions, sustainable development must also consider social outcomes, such as inclusivity, affordability, and job creation. 

“Passive design principles and smart building technologies already enable a reduction of lifecycle carbon emissions by up to almost 40 percent, offering significant cost savings over time,” the expert said.

Geraci noted that the Middle East has a distinct chance to demonstrate how well-planned urban development can improve quality of life, restore natural resources, and establish new standards for sustainable and resilient cities on a global scale.
Key themes and sessions at RFF 2025

Key themes and sessions at RFF 2025 will encompass various topics, with over 30 high-level dialogue events and 25 in-depth workshops. 

Discussions on smart cities and digital transformation will explore the role of artificial intelligence and blockchain in real estate transactions and homeownership, innovations in smart buildings and urban infrastructure, and the impact of big data on market forecasting and investment strategies. 

Sustainable real estate and green building innovations will be another focal point, addressing the shift toward net-zero developments and green architecture, sustainable financing models for eco-friendly projects, and case studies from leading sustainable cities and giga-projects. 

Real estate investment and financing trends will be examined, with insights into alternative financing models for large-scale undertakings, the impact of global economic shifts on Middle Eastern real estate markets, and future trends in institutional investment and private sector involvement. 

The forum will also highlight the role of giga-projects in economic growth, offering perspectives from key players behind NEOM, The Red Sea Project, and Diriyah Gate while discussing how these developments are shaping tourism, hospitality, and urban living, as well as the intersection of real estate, entertainment, and sports infrastructure.

RFF 2025 will provide a forward-looking perspective on integrating advanced technologies into the real estate sector. Panels will dive into emerging trends like virtual reality for property marketing, the role of the metaverse in digital real estate, and the use of robotics and 3D printing in construction. The implications of these technologies for efficiency, cost savings, and consumer experiences will be examined.

Another focus will be community-centered urban planning. Sessions will address the importance of inclusivity and accessibility in development projects, exploring how innovative housing models and mixed-use initiatives can enhance quality of life and foster social and economic prosperity. 

Additionally, the forum will discuss sustainable procurement practices and supply chain transformation, offering insights into minimizing waste and achieving carbon neutrality in mega-projects. 

The three-day event is set to feature a distinguished lineup of speakers, including government officials, global investors, and media personalities who will provide valuable insights into industry-shaping trends. 

Notable speakers include Majid Al-Hogail, minister of municipalities and housing; Turki Bin Talal, governor of Asir Region and Saud Bin Talal, governor of Al-Ahsa as well as former US President Bill Clinton; international media influencer Piers Morgan; and global media commentator Tucker Carlson. 

With Saudi Arabia’s Vision 2030 strongly emphasizing tourism and lifestyle projects, discussions will explore how cultural preservation and modern innovation coexist in urban developments. 

Key sessions will delve into the design of projects such as New Murabba and Trojena in NEOM, examining how these ventures are redefining the Kingdom’s global image while fostering sustainable growth. 

Additionally, insights into the transformative impact of major sporting and entertainment events on real estate demand and city planning will highlight the sector’s potential to drive broader socio-economic change.

A platform for transformative deals and partnerships

The 2024 edition of RFF saw over 50 agreements worth SR100 billion ($26.6 billion) signed, driving investment in key real estate projects. The 2025 forum is expected to eclipse those numbers, offering an even greater platform for deal-making, policy announcements, and strategic partnerships.

A Glimpse into the Future

The Kingdom’s real estate sector is on the cusp of a technological and financial revolution driven by digital transformation, sustainable design, and forward-thinking policies. 

As Vision 2030 continues to guide the nation toward an economically diversified and innovation-driven future, RFF 2025 will serve as a platform for international investors, developers, and policymakers looking to tap into the region’s potential.

RFF 2025 will offer various opportunities for networking, collaboration, and sharing insights, making it a key event in the ongoing development of the global real estate industry.

Topics: RFF2025 Real Estate Future Forum Saudi Arabia real estate SAUDI REAL ESTATE

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Oman’s inflation rate edges up 0.7% in December

Updated 21 min 28 sec ago
Reem Walid
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Oman’s inflation rate edges up 0.7% in December

Updated 21 min 28 sec ago
Reem Walid

RIYADH: A rise in the prices of several categories led Oman’s inflation rate to increase by 0.7 percent in December year on year for the base year 2018, according to new data.

Released by the National Center for Statistics and Information, the data shows a rise in prices across various personal goods and services groups, including a 4.5 percent increase in personal goods and services, a 3.2 percent rise in health, and a 1.7 percent increase in food and non-alcoholic beverages.

The restaurants and hotels group also saw a surge of 0.8 percent, the culture and entertainment group rose by 0.6 percent, and the clothing and footwear group grew by 0.5 percent.

Additionally, the furniture, household equipment, and maintenance group increased by 0.4 percent, while the education group saw a slight rise of 0.1 percent.

This data aligns with broader resilience observed across the Gulf Cooperation Council region. An International Monetary Fund report released in December highlighted how GCC economies have successfully weathered recent shocks, supported by strong non-hydrocarbon growth and ongoing reforms.

Oman’s economic resilience has been recognized internationally, with its sovereign credit rating recently upgraded to investment grade.

This economic strength is further reflected in Oman’s 6.2 percent budget surplus and 2.4 percent current account gain in 2024, driven by prudent fiscal policies, high oil prices, and growing non-hydrocarbon exports.

The consumer price index data also revealed specific increases in food prices. For example, the vegetable group rose by 7.6 percent, the milk, cheese, and eggs group increased by 3.8 percent, and other food products not classified under another category saw a 3.7 percent rise.

Other food categories such as sugar, jam, honey, and sweets rose by 2.8 percent, the meat group increased by 2.6 percent, the fruits group rose by 2.2 percent, and oils and fats saw a 1.6 percent increase.

In contrast, the prices of the transportation group decreased by 0.8 percent, the non-alcoholic beverages group dropped by 0.5 percent, and the fish and seafood group saw a significant decrease of 6.3 percent.

Meanwhile, the prices of the housing, water, electricity, gas, and other fuels, communications, and tobacco groups remained stable. The data also revealed that the prices of the bread and grains group stayed unchanged.

Looking ahead, the nation predicts a modest 2.7 percent growth in gross domestic product (GDP) this year, while IMF projections released earlier this month forecast a slightly higher expansion of 3.1 percent.

Inflation has continued to ease in Oman, declining to 0.6 percent during the first 10 months of 2024, compared to 1.0 percent in 2023.

Topics: Oman Inflation

GCC records $1.5tn in trade volume, ranking sixth globally

Updated 53 min 11 sec ago
MOHAMMED AL-KINANI
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GCC records $1.5tn in trade volume, ranking sixth globally

Updated 53 min 11 sec ago
MOHAMMED AL-KINANI

JEDDAH: The Gulf Cooperation Council achieved a trade volume of $1.5 trillion in 2023, securing its position as the sixth-largest global trader, according to the latest data.

This figure represents 3.4 percent of global trade, highlighting the region’s growing economic importance. However, the GCC saw a 4 percent decline in trade volume compared to 2022, as reported in the 2023 GCC Foreign Trade Report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf.

The report also revealed that the GCC ranked third globally in the merchandise trade balance, with a surplus of $163.7 billion in 2023. This marks a sharp drop of 57.1 percent from the previous year’s surplus of $381.3 billion.

Despite these challenges, the region’s non-oil sectors have continued to grow, reflecting the GCC’s commitment to economic diversification. Additionally, the International Monetary Fund highlighted that foreign reserves held by GCC central banks are equivalent to approximately 10 months of the region’s import needs.

The IMF further noted that the GCC has established itself as a crucial hub for regional economic growth, aided by its open trade policies, liberal capital flows, and a welcoming approach to foreign labor.

The GCC’s position in global trade was also reinforced by its ranking as the fifth-largest exporter of commodities, contributing 3.1 percent of the world’s total. In 2023, the region’s commodity exports were valued at $0.8 trillion, though this marked a 14.5 percent decline compared to 2022.

On the flip side, merchandise imports into the GCC increased by 13.4 percent to reach $0.7 trillion, accounting for 2.7 percent of global imports.

When excluding intra-GCC trade, total goods trade fell by 4 percent, reaching $1.48 trillion in 2023. The decline was primarily driven by a 14.5 percent drop in commodity exports, which decreased from $962.6 billion in 2022 to $823.1 billion in 2023. Conversely, commodity imports rose by $78 billion, reaching $659.3 billion in 2023.

A significant decline in oil exports was also recorded. The GCC saw a 20.5 percent drop in oil exports, which totaled $525.5 billion in 2023, compared to $661.1 billion the previous year.

China was the GCC’s largest trading partner in 2023, with total commodity trade valued at $297.9 billion, far outpacing India, which ranked second at $150.4 billion.

The Asian country also remained the GCC’s top destination for commodity exports, accounting for 19.2 percent of the total at $158.3 billion, although this represented a 16.8 percent drop from 2022.

Moreover, China topped the list of countries supplying merchandise imports to the GCC, contributing 21.2 percent of the total imports, valued at $139.6 billion, up 10.8 percent from $126.0 billion in 2022.

Topics: GCC trade import export China

Saudi Arabia raises local workforce quotas across key sectors

Updated 26 January 2025
Nour El-Shaeri
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Saudi Arabia raises local workforce quotas across key sectors

Updated 26 January 2025
Nour El-Shaeri

RIYADH: Saudi professionals in dentistry, pharmacy, accounting, and technical engineering will soon see expanded job opportunities as the Kingdom rolls out new Saudization targets under its Vision 2030 plan.

The HRSD, in collaboration with health, commerce, and housing authorities, is now focused on localizing 269 professions.

The initiative builds on earlier measures, such as increasing Saudization rates in radiology to 65 percent, medical laboratories to 70 percent, and physiotherapy and therapeutic nutrition to 80 percent last October.

Effective July 27, community pharmacies and medical complexes will be required to achieve a 35 percent Saudization rate, hospitals 65 percent, and other pharmacy-related businesses 55 percent, according to a Ministry of Human Resources and Social Development announcement. These rules will apply to companies employing five or more pharmacy professionals.

Saudization, launched in 2011, aims to increase Saudi employment in the private sector by setting industry-specific quotas for Saudi workers. This initiative has contributed to a significant drop in Saudi unemployment, which fell from 12.8 percent in 2018 to 7.1 percent by mid-2024, surpassing the original Vision 2030 goal of 8 percent. As a result, the Kingdom has updated its national target to a 5 percent unemployment rate by 2030.

In dentistry, the phased Saudization plan aims for a 45 percent rate by mid-2025, increasing to 55 percent in 2026. This will apply to dental practices with three or more professionals, with a minimum salary of SR9,000 ($2,399) to qualify.

For accounting, the HRSD, in partnership with the Ministry of Commerce, will gradually raise Saudization rates over the next five years, beginning on Oct. 27.

Initially, businesses with five or more accountants will need to meet a 40 percent localization target, with the goal of reaching 70 percent by the final phase.

Technical engineering will see a 30 percent Saudization requirement starting July 27, affecting companies with five or more technical engineers.

The ministry has provided detailed guidelines on its website to assist businesses in understanding the new rules, including implementation procedures and penalties for non-compliance.

Topics: SaudiVision2030

UAE, India, and China among top destinations for KSA’s non-oil goods

Updated 25 January 2025
Nirmal Narayanan
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UAE, India, and China among top destinations for KSA’s non-oil goods

  • Strengthening the sector is one of the crucial goals outlined in Vision 2030 initiative
Updated 25 January 2025
Nirmal Narayanan

RIYADH: The UAE was the leading destination for Saudi Arabia’s non-oil exports in November, with outbound shipments to the Emirates reaching SR7.17 billion ($1.87 billion) in what was a 22.35 percent month-on-month rise.

According to the General Authority for Statistics, the Kingdom exported machinery and mechanical appliances valued at SR3.15 billion to the UAE in November, followed by transport parts and precious metals at SR2.03 billion and SR404.7 million, respectively. 

In October, Saudi Arabia’s non-oil shipments to the UAE amounted to SR5.86 billion, while it was SR6.54 billion and SR6.78 billion in September and August, respectively. 

Saudi Arabia also exported plastic and rubber products worth SR330 million in November, while outbound shipments of chemical products totaled SR319 million. 

Strengthening the non-oil sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom is steadily diversifying its economy by reducing its dependence on crude revenues. 

Affirming the growth of Saudi Arabia’s non-oil private sector, the Kingdom’s Purchasing Managers’ Index reached 58.4 in December, marking a slight decline from a 17-month high of 59 in the previous month, according to the Riyad Bank Saudi Arabia PMI survey compiled by S&P Global. 

Any PMI readings above 50 indicate growth of the non-oil private sector, while readings below the number signal contraction. 

Underscoring the progress of Saudi Arabia’s non-energy sector, the Kingdom’s PMI has remained above the 50 growth mark continuously since September 2020. 

China held the third spot for Saudi Arabia’s non-oil exports. (SPA)

Saudi Arabia’s PMI in December is also the highest among its Middle East neighbors. 

The Kingdom’s Arab neighbors UAE posted a PMI of 55.4 in December, with Kuwait registering 54.1, and Qatar on 52.9. 

Speaking at the World Economic Forum in Davos earlier this month, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said that the Kingdom’s commitment to economic diversification under Vision 2030 was driving steady growth, with the growth of non-oil gross domestic product being prioritized over traditional oil revenues. India was another major destination for Saudi Arabia’s non-energy goods in November, with exports amounting to SR2.52 billion, representing a 19.43 percent increase compared to the previous month. GASTAT revealed that Saudi Arabia exported chemical products worth SR1.34 billion, while outbound shipments of plastic and rubber products were valued at SR449.6 million, and base metals amounted to SR324.5 million.

The Kingdom also exported precious stones and metals amounting to SR324.5 million in November to India. 

China held the third spot for Saudi Arabia’s non-oil exports, with the Asian giant receiving inbound shipments from the Kingdom valued at SR2.17 billion in November, marking a month-on-month decline of 7.65 percent.  Other top destinations for Saudi Arabia’s non-hydrocarbon goods were Singapore, with a value of SR1.23 billion; Turkiye at SR960.4 million, and Bahrain at SR929.7 million.

Egypt received non-energy products amounting to SR868.4 million in November, while exports to the US and Jordan totaled SR772.8 million and SR642.6 million, respectively. 

Overall, Saudi Arabia’s non-oil exports witnessed an annual rise of 19.7 percent in November, reaching SR26.92 billion. 

Speaking at the World Investment Conference in November, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim said that non-oil activities account for 52 percent of the Kingdom’s gross domestic product. 

Saudi Minister of Economy and Planning Faisal Al-Ibrahim said non-oil activities account for 52% of KSA’s GDP. (AFP)

The minister added that the Kingdom’s non-oil economy has been growing at 20 percent since the launch of the Vision 2030. In November, Saudi Arabia exported non-energy goods worth SR16.76 billion via sea, while outbound shipments via land and air totaled SR4.99 billion and SR5.17 billion, respectively.

King Fahad Industrial Sea Port in Jubail was the main exit point for Saudi Arabia’s non-hydrocarbon products with goods valued at SR3.39 billion.

Jeddah Islamic Sea Port and Jubail Sea Port also handled outbound shipments worth SR3.35 billion and SR1.91 billion, respectively. 

In terms of exit points via land, Al Bat’ha Port handled goods valued at SR1.85 billion, while products worth SR696.4 million passed through Al Hadithah Port.

Among airports, King Khalid International Airport in Riyadh handled outbound shipments worth SR2.79 billion, while King Abdulaziz International airport processed non-energy goods amounting to SR1.99 billion. 

In December, a report released by Mastercard Economics also underscored the robust expansion of Saudi Arabia’s non-oil activities.

The analysis said that the Kingdom’s GDP is expected to witness an expansion of 3.7 percent year on year in 2025, driven by a rise in the Kingdom’s non-oil activities.

The Mastercard report added that economic diversification efforts in the Kingdom will continue in 2025 as the government leverages strong balance sheets to finance investment in infrastructure.

Overall merchandise exports

GASTAT revealed that Saudi Arabia’s overall merchandise exports witnessed a decline of 4.69 percent in November 2024 compared to the same month in 2023, reaching SR90.54 billion. 

The authority said this fall in overall exports was due to a 12.3 percent decrease in oil exports. 

“Consequently, the percentage of oil exports out of total exports decreased from 76.3 percent in November 2023 to 70.3 percent in November 2024,” said GASTAT. 

In November, Saudi Arabia’s overall merchandise exports to China stood at SR13.53 billion, followed by Japan at SR8.93 billion, the UAE at 8.75 billion and India at SR8.74 billion. 

The flow of Saudi exports to China signifies strong bilateral relations between both nations, with the Kingdom being the largest trading partner of China in the Middle East since 2001. 

The Kingdom and Saudi Arabia are also strategic partners in various other sectors like energy and finance, as well as the Belt and Road Initiative. 

South Korea received goods worth SR8.34 billion in November, while the Kingdom’s exports to the US stood at SR3.72 billion, to Singapore at SR3.34 billion, and SR2.85 billion going to Malaysia.

Imports in November

According to GASTAT, Saudi Arabia’s overall imports in November were valued at SR73.65 billion, marking a rise of 13.9 percent compared to the same month in the previous year. 

Saudi Arabia imported goods worth SR20.11 billion from China, led by mechanical appliances and electrical equipment valued at SR9.99 billion.

The Kingdom also imported transport equipment and base metal products amounted to SR2.56 billion and SR1.89 billion, respectively.

China was closely followed by the US and UAE with the Kingdom welcoming goods from these nations valued at SR7.52 billion and SR3.90 billion, respectively in November. 

The Kingdom also imported goods worth SR3.22 billion from Germany and SR3.14 billion from India. 

Japanese imports to Saudi Arabia amounted to SR2.83 billion, while inbound shipments from Italy and Switzerland stood at SR2.58 billion and SR2.40 billion, respectively.

According to GASTAT, imports worth SR44.25 billion entered Saudi Arabia via sea, while inbound shipments valued at SR20.47 billion and SR8.65 billion came via air and land, respectively. 

King Abdulaziz Sea Port in Dammam was the primary entry point for goods in September through sea in November, with imports valued at SR18.19 billion, representing 24.7 percent of the total inbound shipments. 

The authority added that Jeddah Islamic Sea Port handled incoming shipments valued at SR17.58 billion, followed by Ras Tanura Sea Port at SR3.24 billion. 

Through land, Al Bat’ha Port and Riyadh Dry Port processed incoming goods valued at SR3.89 billion and SR2.66 billion, respectively.

Through air, King Khalid International Airport in Riyadh welcomed inbound shipments worth SR10.94 billion in November. 

King Abdulaziz International Airport and King Fahad International Airport also handled imports valued at SR5.11 billion and SR4.27 billion, respectively.

Topics: Saudi Arabia non-oil exports

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