Video length: 06:30 VIDEO Real Estate Minister trumpets Saudi Arabia’s $168bn housing push Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […] November 13, 2024
Video length: 06:30 VIDEO Giga-projects Neom replaces CEO in bid to move past negative headlines Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays. Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.” […] November 12, 2024
EXCLUSIVE Business of Sport Roshn seeks contractors for Riyadh World Cup stadium Saudi real estate developer Roshn is inviting expressions of interest from international and local contractors for its 45,000-seat football stadium in Riyadh. Iain McBride, Roshn’s head of commercial, said the Public Investment Fund subsidiary was actively seeking partners “very early in the process” to help “de-risk” the project. “What we don’t want is to design, […] November 6, 2024
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Analysis Giga-projects The remaking of Riyadh ahead of World Expo 2030 Expo 2030 is already propelling real estate development in Riyadh six years before the international fair is scheduled to take place – and, along with other giga-projects, is helping to shift the city’s core to the north. The World Expo, which typically takes place in a different city every five years, is expected to occupy […] October 31, 2024
Giga-projects Neom raises $24 billion from the private sector The Saudi giga-project Neom has secured SAR60 billion ($16 billion) in private sector funding and SAR30 billion ($8 billion) in loans as it tries to move away from reliance on government cash. The revelation was made by deputy CEO Rayan Fayez to the Future Investment Initiative forum in Riyadh on Wednesday. Fayez said: “What we’ve […] October 30, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Opinion Banking & Finance IMF proves Saudi banks have reasons for optimism Over the long term the kingdom’s banks will benefit from the scale of spending on Vision 2030 projects October 23, 2024
Giga-projects PIF launches company to build worker accommodation Saudi Arabia’s Public Investment Fund (PIF) has established a company to develop and operate accommodation for workers employed on major projects in the kingdom. Smart Accommodation for Residential Complexes Company (Sarcc) will build workers’ accommodation for both public and private sector developers who are working on projects across the country. Sarcc will also seek opportunities […] October 21, 2024
Giga-projects Neom ‘uses one fifth of world’s steel’ The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. She told the Global Logistics Forum in the […] October 15, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Analysis Giga-projects World Cup and Expo wins divert funding to Riyadh Saudi Arabia’s giga-projects have slowed down because of financing constraints – and now the government’s unexpected success in bidding for global events is redirecting even more resources towards Riyadh. Even prestigious developments such as Neom, the $500 billion futuristic city in north-west Saudi Arabia, are taking second place. The priority is turning the capital into […] October 8, 2024
Construction ADQ unveils plans for Ras El Hekma Egyptian project Abu Dhabi sovereign wealth fund ADQ has revealed plans for the Ras El Hekma mega development, which is expected to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly. The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project. […] October 7, 2024
Giga-projects New Murabba CEO promises Riyadh district’s core by 2030 The New Murabba giga-project, which aims to create a 19-sq-km city district in Riyadh, will be up and running by December 2030, its CEO said this week. Michael Dyke told a tourism forum in Dubai: “What’s important is to say that New Murabba is real, tangible today. It’s physically there, it’s not something on a piece […] October 3, 2024
Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024
Construction Global investors seek stake in Diriyah projects says CEO The Diriyah Gate Development Authority is holding discussions with foreign investors interested in buying equity stakes in hotels and other real estate developments in the $63 billion Diriyah giga-project. The Public Investment Fund (PIF)-backed developer has secured deals worth $1 billion with an Italian developer and a French company, CEO Jerry Inzerillo told Reuters. The names and specifics of the […] September 30, 2024
Infrastructure Riyadh signs off billions to improve road safety Riyadh municipality has signed five contracts worth SAR6 billion ($1.6 billion) to improve roads in the Saudi capital, where traffic accidents are above the global average. The contracts entail rehabilitating and asphalting 83 million square metres of road network over five years, in time for Riyadh’s hosting of the 2030 World Expo, which will bring […] September 25, 2024
Analysis Tourism Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention? Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors. The […] September 23, 2024
Analysis Giga-projects The huge ambitions of PIF come at vast expense The scale of the holdings is vast and the ambition is huge. Saudi Arabia’s Public Investment Fund was the world’s highest-spending state-owned investor in the first half of 2024, according to Global SWF, a consultancy. It is due to raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according […] September 20, 2024
