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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)
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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.”

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Business

SAMI CEO to Asharq Al-Awsat: Advancing Toward Integrated, Sovereign Saudi Defense Industry

SAMI took part in the World Defense Show, which recently concluded in the capital Riyadh. (Asharq Al-Awsat)
SAMI took part in the World Defense Show, which recently concluded in the capital Riyadh. (Asharq Al-Awsat)
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SAMI CEO to Asharq Al-Awsat: Advancing Toward Integrated, Sovereign Saudi Defense Industry

SAMI took part in the World Defense Show, which recently concluded in the capital Riyadh. (Asharq Al-Awsat)
SAMI took part in the World Defense Show, which recently concluded in the capital Riyadh. (Asharq Al-Awsat)

The Saudi Arabian Military Industries (SAMI) is accelerating its push to deliver its 2030 strategy, aiming to anchor a sustainable national defense base built on deeper localization, advanced technology transfer and development, and an integrated industrial ecosystem spanning Saudi Arabia’s defense and security sectors.

SAMI Chief Executive Officer Eng. Thamer AlMuhid said the next phase marks a decisive shift in SAMI’s trajectory, from building capabilities to full industrial enablement, to strengthen self-sufficiency, readiness, and defense sovereignty in line with Saudi Vision 2030.

Speaking to Asharq Al-Awsat, AlMuhid said the strategy translates into developing and supporting defense industries inside the Kingdom, boosting self-reliance and playing a central role in meeting the Vision 2030 goal of localizing 50% of defense spending. That target, he said, will directly boost the armed forces’ readiness and operational capacity.

On the sidelines of the recently concluded World Defense Show in Riyadh, he described the coming stage as a qualitative leap from foundation-building to broad-based defense industrial expansion, reinforcing the Kingdom’s long-term defense readiness and sovereignty.

Sources of strength

AlMuhid said SAMI’s strength lies in its structure as an integrated national entity operating under a distinct business model that brings together specialized Saudi companies, qualified national talent, flexible domestic supply chains and strategic partnerships with major global firms.

That integration enables the group to convert national objectives into tangible industrial output and defense products manufactured in the Kingdom, supporting national security and the long-term sustainability of the military industries sector.

World Defense Show participation

AlMuhid said SAMI’s presence at the World Defense Show underscores the maturity of its defense ecosystem, operating across specialized and complementary sectors including aerospace, land and naval systems, unmanned systems, advanced electronics, munitions and professional services.

The ecosystem covers the full value chain, from design and development to manufacturing, integration, support and sustainment.

The message from Riyadh to partners and international markets is clear, he said, adding that Saudi Arabia now has a sovereign industrial base, trusted national capabilities and expanding supply chains operating to global standards.

SAMI has become a strategic partner capable of delivering sustainable defense solutions that enhance national security and open new avenues for industrial cooperation with leading global defense companies, he stressed.

Local content

SAMI’s Local Content Program (Rukn) is designed to organize and expand the role of national suppliers within the defense industries ecosystem, he went on to say.

The program goes beyond raising localization ratios, focusing on building sustainable domestic supply chains that meet defense industry standards for quality, reliability and continuity, AlMuhid explained.

It seeks to empower local suppliers, particularly small and medium-sized enterprises, through qualification, knowledge transfer and direct integration into SAMI projects and subsidiaries, he added.

The initiative also deepens domestic supply chains by localizing components, services and industrial processes inside the Kingdom and integrating suppliers across the full value cycle, raising local content and improving sector efficiency, he continued.

AlMuhid said SAMI acts as a key enabler and driver of local content, expanding its base through projects and partnerships within an integrated national framework to lift localization rates across the sector, not just within the company.

Industrial enablement

AlMuhid said SAMI has moved beyond technology transfer to full industrial enablement by building an integrated defense ecosystem led by specialized national companies, each with a defined sectoral role under a model that combines operational independence with group-wide integration.

Each subsidiary operates with flexibility and autonomy within a centralized governance framework and overarching strategy set by SAMI, ensuring alignment across the group.

He said SAMI Land Systems serves as a national arm in the design and manufacture of combat vehicles, artillery systems and armored platforms, as well as advanced protection solutions and integrated maintenance and logistics services.

SAMI Aerospace provides maintenance, repair and overhaul services for aerospace systems, focusing on support for the Royal Saudi Air Force, and has achieved 75% local content, revealed AlMuhid. It also signed an agreement with SKYFive Arabia to install air-to-ground (A2G) connectivity systems on flynas aircraft, becoming the exclusive regional partner in this field.

SAMI Advanced Electronics designs and develops command and control systems, cybersecurity, electronic warfare and sensor technologies within an integrated framework to protect digital infrastructure.

SAMI Autonomous Systems specializes in autonomous systems and unmanned aerial, naval and land platforms.

In munitions, SAMI Munitions leads an industrial complex project that has surpassed 60% localization and created more than 1,200 jobs. It has also signed a contract with the Ministry of National Guard to sustain systems and weapons in support of higher local content.

AlMuhid said SAMI’s international partnerships are structured to ensure technology transfer, localization of operations and national capacity building, backed by clear governance and performance indicators to secure a shift from assembly to full manufacturing.

Largest integrated facility

AlMuhid said the SAMI Industrial Complex for Land Systems, operated in line with Fourth Industrial Revolution requirements, is the largest integrated facility of its kind in the Middle East and North Africa.

The 82,000-square-meter plant sits within a one million-square-meter industrial zone and relies on automation, artificial intelligence, the Internet of Things and industrial robotics to raise production efficiency and enhance product quality to global standards.

The complex provides more than 1,000 specialized jobs for Saudis. Among its flagship outputs is the HEET project, which fully designs and manufactures armored vehicles inside the Kingdom, reflecting local control of the industrial value chain.

Challenges

AlMuhid said complex defense technologies, tightly linked global supply chains and the need to accelerate the development of specialized talent remain key challenges.

SAMI has approached them as opportunities to reshape the defense industrial model by localizing integration and operations, developing local suppliers as qualified industrial partners and building national talent within projects to ensure sustained expertise.

Human capital is central to that effort, he said. By the end of 2025, SAMI employed more than 7,000 people, 73% of them Saudi nationals, with women accounting for 12%.

The group delivered more than 400,000 training hours to over 3,000 employees and hired more than 2,200 new staff under a structured pathway spanning early recruitment, specialized qualification, hands-on factory training and enabling Saudis to work in advanced industrial environments and transfer knowledge.

Industrial enablement at SAMI is no longer a future ambition but an operational reality, AlMuhid said, strengthening the Kingdom’s defense sovereignty and boosting the competitiveness of its products regionally and internationally in line with Saudi Vision 2030.

Business

From Two Hours to 30 Minutes: Qiddiya Bullet Train to Cut Riyadh Travel Time by 75%

A Riyadh Metro train carriage in the Saudi capital (SPA). 
A Riyadh Metro train carriage in the Saudi capital (SPA). 
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From Two Hours to 30 Minutes: Qiddiya Bullet Train to Cut Riyadh Travel Time by 75%

A Riyadh Metro train carriage in the Saudi capital (SPA). 
A Riyadh Metro train carriage in the Saudi capital (SPA). 

Qiddiya is set to become significantly more accessible under plans to link the entertainment and tourism hub to King Salman International Airport and the King Abdullah Financial District (KAFD) through the new Qiddiya Bullet Train.

The project will reduce travel time to around 30 minutes, down from nearly two hours using other transport options, a 75% cut in commuting time. Operational speeds are expected to reach 250 kilometers per hour, according to the Royal Commission for Riyadh City.

The railway forms part of a broader transport strategy aimed at improving connectivity across the capital and enhancing mobility between key destinations, in line with population growth and urban expansion in western and southwestern Riyadh.

In a related development, the commission announced the awarding of the Red Line extension of the Riyadh Metro to Diriyah. The expansion includes 7.1 kilometers of tunnels and 1.3 kilometers of elevated track, with stations at King Saud University and Diriyah. The latter is expected to serve as a future interchange with the planned Line 7.

Officials estimate the project could remove around 150,000 cars from daily traffic, improving access to tourist destinations such as Bujairi Terrace and Wadi Safar, while supporting more sustainable mobility patterns.

Bandar Al-Saadoun, Vice Chairman of Khaleejiah Holding, told Asharq Al-Awsat that the Diriyah development ranks among the largest projects under Vision 2030. He pointed to additional landmark initiatives in Wadi Safar, alongside the Opera House project and King Salman Grand Mosque.

He said extending the Red Line along King Abdullah Road to Diriyah would generate strong real estate demand, particularly as the rail network integrates routes from King Salman International Airport through KAFD, Diriyah and the New Murabba development.

Al-Saadoun added that roughly 30 projects have been announced in Qiddiya, raising the prospect of gradual real estate growth along corridors connected to the rail line. The project’s links to major developments — including Expo 2030 Riyadh, New Murabba and The Avenues — as well as the airport, expected to become one of the world’s largest by 2030, are likely to reinforce demand.

Real estate analyst Khaled Almobid said large-scale transport projects such as the Qiddiya Bullet Train do more than lift prices; they reshape market structure and asset values over the medium and long term.

Historically, properties within one to three kilometers of transport stations see capital appreciation and rising investment demand, particularly for undeveloped “white land,” which often transitions into higher-density projects, he remarked.

Almobid expects a dual impact: both redistribution of demand within Riyadh and genuine market expansion driven by what he called “manufactured demand” from Qiddiya, which is projected to attract 17 million visitors and generate 325,000 jobs. He also anticipates a population shift toward western Riyadh and areas surrounding the new stations.

Land prices near Qiddiya have already risen between 30% and 40% since 2023, reflecting early market anticipation, he said, predicting more sustainable growth once operations begin and prices align with the tangible value of cutting travel time to 30 minutes between the airport, KAFD and Qiddiya.

Residential and tourism-related real estate are likely to lead the next phase, supported by Saudi Arabia’s goal of raising homeownership to 70% and attracting 150 million annual visitors by 2030, with mixed-use locations along the rail corridor expected to draw the strongest investment interest.

Business

New US Tariffs Come in at Lower 10% Rate 

Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
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New US Tariffs Come in at Lower 10% Rate 

Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)

The ‌United States imposed an additional tariff from Tuesday of 10% on all goods not covered by exemptions, a notice issued by US Customs and Border Protection said, the rate initially announced by President Donald Trump on Friday rather than the 15% he promised a day later.

Reacting to the Supreme Court ruling that threw out his tariffs that had been justified on grounds of an emergency, Trump initially announced a new temporary global tariff of 10%. He said on Saturday he would increase it to ‌15%.

In a ‌notice described as intended to "provide guidance regarding the ‌February ⁠20, 2026 Presidential ⁠Proclamation," CBP said that, aside from products specified as subject to exemptions, imports would "be subject to an additional ad valorem rate of 10%".

The move added to confusion surrounding US trade policy, with no explanation offered for why the lower rate had been used. The Financial Times quoted a White House official saying the ⁠increase up to 15% would come later. ‌Reuters could not immediately confirm this.

Collection ‌of the new tariffs began at midnight, while the collection of ‌the tariffs annulled by the Supreme Court was halted. They ‌had ranged from 10% to as much as 50%.

The Section 122 law allows the president to impose the new duties for up to 150 days on any and all countries to address "large and ‌serious" balance-of-payments deficits and "fundamental international payments problems."

Trump's tariff order argued that a serious balance ⁠of payments deficit ⁠existed in the form of a $1.2 trillion annual US goods trade deficit and a current account deficit of 4% of GDP and a reversal of the US primary income surplus.

On Monday Trump Warned countries against backing away from recently negotiated trade deals with the US, saying that if they did, he would hit them with much higher duties under different trade laws.

Japan said on Tuesday it had Asked the United States to ensure its treatment under a new tariff regime would be as favorable as in an existing agreement. Both the European Union and Britain have indicated they want to stick to deals already agreed.