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)
TT

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.”



Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
TT

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 


Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
TT

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.


Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
TT

Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP

Asian markets made a bright start to 2026 on Friday but volumes were thin with Tokyo and Shanghai still closed as investors awaited fresh direction from Wall Street.

Stocks had a bumper 2025, with the S&P adding 16.4 percent, the tech-rich Nasdaq 20.4 percent and London's FTSE enjoying its merriest Christmas in 16 years, said AFP.

In Asia, Seoul stocks whooshed 75 percent, while Hong Kong's Hang Seng index bounced 28 percent and Tokyo's Nikkei 225 rocketed more than 26 percent.

"Naturally, the start of the new year comes with the question everyone asks moving from one year to the next: will this continue? The consensus is that, yes, it will," said Kyle Rodda at Australian brokerage Capital.com.

"When it comes to the all important US economy, Wall Street is pricing in growth will accelerate this year while inflation still moderates and interest rates get cut. Meanwhile, analysts predict that corporate fundamentals will improve," Rodda said.

Hong Kong was up 2.2 percent Friday with chip designer Biren Technologies roaring 80 percent higher after its initial public offering.

The Shanghai-based firm's listing raised more than $700 million, suggesting that investor appetite for anything related to artificial intelligence remains insatiable.

Biren "enjoys scarcity value and high market attention", said Kenny Ng, a strategist at China Everbright Securities.

"The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential," Ng said.

Search-engine giant Baidu jumped almost seven percent after saying its AI chip unit Kunlunxin had filed a listing application in Hong Kong.

Taipei, Sydney, Jakarta, Manila and Singapore also advanced while while Seoul's Kospi, which soared 76 percent in 2025 in large part due to AI boom, was up 1.7 percent.

Samsung Electronics added three percent after co-CEO Jun Young Hyun said customers had praised its high-bandwidth memory (HBM) chips, some saying that "Samsung is back", Bloomberg News reported. 

After volatile recent days, following record highs for silver, precious metals started the new year on a bright note with gold up 0.64 percent per ounce and silver 1.5 percent shinier.