Knight Dragon Vice-President: Saudi Real Estate Market to Become Fastest Growing in the World

Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
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Knight Dragon Vice-President: Saudi Real Estate Market to Become Fastest Growing in the World

Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)

Knight Dragon Real Estate Development Company has revealed plans to launch its business in Saudi Arabia by opening an office in Riyadh, during the last quarter of 2023.

Sammy Lee, founder and vice chairman of Knight Dragon, said that Saudi Arabia was a fast-growing country with ambitious plans to develop its infrastructure and real estate sector, which will create a huge demand for housing.

In an interview with Asharq Al-Awsat, he stressed that his company’s expertise could help meet this demand, given its proven record of developing successful real estate projects in other countries.

Asked about the added value that Knight Dragon will provide to the Saudi market and the region, he said that large-scale real estate development was complex and involved important factors that should be taken into consideration, such as the country’s young population and the government’s ambitious plans to develop its infrastructure based on the latest technological innovations.

Sammy Lee noted that the company used Blockchain technology to tokenize real estate assets, allowing small investors to participate in the real estate market. He explained that real estate tokenization involved converting the value of real estate into a token, based on Blockchain technology, allowing for digital ownership and transfer.

Moreover, Knight Dragon uses the technology of integrated modular construction, which saves time and money in construction.

The company’s vice-president noted that this technology allows projects to be completed in half the time or less, compared to traditional construction methods.

“Modular prefabricated building units... are shipped to the construction site for assembly. This process eliminates the need for on-site construction, which can save a significant amount of time,” he told Asharq Al-Awsat.

He continued: “In addition to saving time, the integrated modular building technology can also save money. This is because prefabricated units are often less expensive than materials that are purchased and transported to a construction site. In addition, the units can be built to exact specifications, which can reduce waste and improve efficiency.”

Sammy Lee stressed that the Middle East, especially Saudi Arabia, was the right place to expand the company’s business.

He pointed to the Kingdom’s rich potential, ambitious vision and major investments in infrastructure and development.

“Real estate constitutes a very important part of the Saudi economy, and reports indicate that the goal is to increase the sector’s contribution to the gross domestic product to 10 percent by 2030, as the Kingdom’s economy continues to diversify,” he remarked.

The vice-president of Knight Dragon said that youth in Saudi Arabia was a major driver of growth. With more than 30 million people under the age of 25, there is a huge demand for housing and other real estate, he emphasized.

He also noted that the Kingdom was the right place for real estate developers, thanks to the rapid growth of the real estate market, in addition to the availability of many investment opportunities.

Sammy Lee said that he was excited about the potential of new technologies, such as Blockchain and integrated modular construction, to revolutionize the real estate industry.

“I believe that these technologies can make the development and management of real estate assets easier and more efficient,” he underlined.

He added that estimates indicate that the population of Saudi Arabia was expected to grow from 6.8 million to 15-20 million by 2030, which would lead to an increase in demand for workplaces and housing units.

Thus, Sammy Lee expected the Saudi real estate market to be the fastest growing in the world in the next five to ten years, and said: “This is a wonderful opportunity for investors and developers, and I am excited to be a part of it.”



Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
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Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo

Oil prices rose on Tuesday, nearing seven-month highs, with traders assessing risks to supply from any military escalation as another round of US-Iran nuclear talks loomed.

Brent crude futures rose 48 cents, or 0.7%, to $71.97 a barrel by 0658 GMT, while US crude futures climbed 45 cents, or 0.7%, to $66.76 a barrel.

Brent is trading at its highest since July 31, while WTI is at its firmest since August 1.

"At this stage, geopolitics is clearly doing most of ‌the heavy lifting for ‌oil prices, with the current firmness largely driven by ‌anticipation ⁠rather than actual ⁠supply loss," said Phillip Nova senior market analyst Priyanka Sachdeva.

"The risk of possible military escalation in the Middle East is gaining traction, and thus, traders appear to hedge against worst-case scenarios."

Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday.

The United States wants Iran to give up its nuclear program, but ⁠Iran has adamantly refused, and denied it is trying to ‌develop an atomic weapon.

The State Department is ‌pulling out non-essential government personnel and their families from the US embassy in ‌Beirut, a senior State Department official said on Monday, amid growing concerns about ‌the risk of a military conflict with Iran.

US President Donald Trump said in a social media post on Monday that it will be a "very bad day" for Iran if it does not make a deal.

"In the near-term, geopolitical factors related to ‌the US-Iran conflict are likely to be the primary driver for oil prices," said OANDA senior market analyst Kelvin ⁠Wong.

"For now, WTI ⁠crude oil is evolving in a short-term bullish dynamic, holding above its 20-day moving average, acting as a key short-term support at $63.90/barrel."

On the trade policy front, Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that he would hit them with much higher duties under different trade laws.

"US President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes," UOB Bank analysts said in a client note.

Trump said on Saturday he would raise a temporary tariff to 15% from 10% on US imports from all countries, the maximum level allowed under the law.


FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
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FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 

Global transportation company FedEx on Monday filed a lawsuit in the US Court of International Trade seeking a refund for President Donald Trump's emergency tariffs, one of the highest profile moves to recover funds since the US Supreme Court last week deemed the tariffs illegal.

A flood of lawsuits to recover billions of dollars is expected by trade attorneys after the blockbuster ruling. The recovery process still has to be worked out by a lower court, though, complicating the matter, according to Reuters.

More than $175 billion in US tariff collections are subject to potential refunds after the US Supreme Court on Friday ruled 6-3 that Trump overstepped his authority by using the International Emergency Economic Powers Act, a sanctions law, to impose tariffs on imported goods, Penn-Wharton Budget Model economists said.

“Plaintiffs seek for themselves a full refund from Defendants of all IEEPA duties Plaintiffs have paid to the United States,” FedEx said in the lawsuit, referring to tariffs Trump imposed.

FedEx and its logistics arm served as importer of record on goods subject to IEEPA tariffs. The Memphis-based company did not provide the dollar value of the refund it is seeking.

FedEx in its lawsuit named US Customs and Border Protection, the agency's commissioner Rodney Scott and the United States of America as defendants. CBP and the White House did not immediately respond to requests for comment.

Washington, DC-based Crowell & Moring is representing FedEx in the lawsuit and referred Reuters to the company, which did not immediately comment.

 

 


Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
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Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)

The Turkish Central Bank's total reserves are expected to have decreased by around $5.8 billion last week to $206 billion, due to a eurobond redemption, bankers ‌said.

Three bankers ‌consulted by ‌Reuters ⁠calculated that net reserves ⁠decreased by $7 billion to $89 billion in the week ending February 20.

Bankers estimated that ⁠an increase in ‌gold ‌prices in the week ‌to February 20 ‌had an upward impact of around $1 billion on reserves. According to ‌the calculations, the central bank sold $3 ⁠billion ⁠in the market last week.

The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.