Real Estate Saudi mortgage issuance reached two-year high in November By Gavin Gibbon December 30, 2024, 6:18 PM Alamy via Reuters A street in Al Balad, Jeddah. 13,142 new residential mortgages were given by banks in Saudi Arabia in November Apartment financing tops list Value up by 51% from 2023 Number well below 2020 peak The number of residential mortgages in Saudi Arabia reached its highest level since August 2022 in November, according to the latest figures from the Saudi Arabian Monetary Agency (Sama). A total of 13,142 new residential mortgages were given by banks to individuals during the month with the value up by 51 percent year on year to SAR10.1 billion. In the year to date almost SAR80 billion has been loaned by way of mortgages, up from the SAR78 billion throughout 2023. However, it remains some way behind the high of SAR152.5 billion reported in 2021. Finance for apartments has proven the most popular in 2024, with residential mortgages around SAR24.6 billion, surpassing the SAR20.2 billion issued last year with December’s figure still to be reported by Sama. There have been 107,008 new mortgage approvals so far this year, above the 102,583 approved in 2023, as buyers battle back against rising interest rates. The number is still well below the 2020 peak of 225,073. Under Vision 2030, Saudi Arabia set a target to increase home ownership among the kingdom’s adult citizens to 60 percent by 2020 and to 70 percent by the end of the current decade – from 47 percent previously. In numbers: the Saudi Arabian economy Pricey homes and packed hotels: the year in GCC real estate Why Saudi real estate stocks are less popular than you might think The government has revamped its mortgage laws and launched various financial schemes to help Saudis climb onto the property ladder. These initiatives sent mortgage approvals soaring and boosted banks’ earnings. During the first half of the year, the total number of real estate transactions across all asset classes in Saudi Arabia was up by 38 percent to just over 106,700. The total value of all deals grew by 50 percent to SAR127.3 billion over the same period, data from the consultancy Knight Frank Middle East showed.
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […] 4 hours ago
Energy Aramco announces $9bn of localisation investment Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion. Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday. Iktva, which stands for “in-kingdom technical value add”, “is a top priority in […] 3 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 3 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 3 hours ago
