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Saudi Housing Program Contributes $31.7 Bln to the GDP

Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
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Saudi Housing Program Contributes $31.7 Bln to the GDP

Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)

Saudi Minister of Housing Majid Al-Hogail stressed the importance of the housing sector to Saudi Arabia’s gross domestic product.

 

The Saudi housing program contributed $31.7 billion to the GDP, he said, while real estate financing exceeded $194 million in the first quarter of 2023.

 

Al-Hogail’s remarks came during his participation in the fourth edition of the Saudi Housing Finance Conference, which is hosted by Euromoney Conferences in Riyadh.

 

Held in partnership with and co-hosted by the Housing Program, Real Estate Development Fund (REDF), General Authority for Real Estate (REGA) and Saudi Real Estate Refinance Company (SRC), the theme of this year’s conference is “Meeting the challenges of scale”.

 

The minister stated that the sector contributed to providing 227,000 job opportunities in the first quarter of 2023, noting that the ministry relied in its projects on modern environmentally friendly technology, social coexistence, humanization, and designs that suit the Kingdom’s environment.

 

Al-Hogail added: “The housing market continues to play a defining role in the Kingdom’s growth and development. That we have made such significant strides as a nation over the last few years owes a great deal to the contributions of our housing sector to the national economy.”

 

Meanwhile, statistics at the conference showed that the total subsidized real estate financing contracts during the past 6 years exceeded 724,000, with a total value of 429 billion riyals ($114.4 billion).

 

Mansour bin Madi, CEO of the Real Estate Development Fund, said: “The pioneering role of the real estate fund contributed to creating a real estate financing market that enhanced the opportunities... and enabled partners and financing agencies to devise programs that support the goals of the fund.”

 

More than 500 participants discussed during the conference the latest developments in the Kingdom’s transition to an effective and innovative housing market.

 

Talks also centered on lessons learnt from international markets, the importance of financial and capital markets, the new regulatory landscape, mega projects, liquidity, higher interest rates and educating the investor base.

 

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Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
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Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo

Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust US economic data, while caution persisted as markets awaited clarity on tariff developments.

Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59.

US gold futures settled 0.4% lower at $3,345.3.

Following the latest US data, "there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures, Reuters reported.

The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders.

US jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases.

Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices.

Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest.

On the trade front, Japan's top trade negotiator held talks with the US Commerce Secretary on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline.

"If Trump follows through on his threats and trade tensions escalate, it’s not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and FOREX.com.

Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the US via Swiss refineries, Swiss customs data showed on Thursday.

Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023.

Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said.

Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13.