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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)

Saudi Arabia unveiled investment projects worth more than SAR 68.7 billion ($18.3 billion) during the Cityscape Global exhibition, the largest real estate platform, which brought together more than 350 companies from 21 countries around the world to conclude major investment deals.

Speaking during the exhibition’s launch on Sunday, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail, said that the Kingdom has witnessed rapid urban growth that has surpassed the whole world.

He added that the coming years will see an expansion in the construction of residential suburbs throughout the Kingdom, with the participation of international real estate developers, amid an encouraging legislative environment that stimulates investments.

“We will together work on developing the housing sector in light of a legislative environment that stimulates investment and various financing options that have contributed to the highest ever percentage of real estate loans in the non-oil gross domestic product,” he stated.

The minister added that Cityscape Global will witness the launch of quality projects and the signing of many agreements to activate promising partnerships. He also noted that in light of the current and future project volumes, the focus will be on quality, shortening the time required to deliver units, and relying on modern construction methods.

For his part, Executive Vice President of Cityscape Global, Chris Speller, said that the current edition hosted by Riyadh was the largest in the history of the exhibition.

In turn, the CEO of Saudi NEOM, Nadhmi Al-Nasr, confirmed that the giant development embodied the vision of the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, for the new future of man and humanity.

Cityscape Global, held under the theme “The Future of Living,” will feature free seminars at the NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

The event will review real estate ideas and experiences in the fields of architecture, designs, and city planning. Participants will also discuss the best international practices in future development and construction techniques, in addition to shedding light on the real estate legislation system.

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Lagarde: ECB's October Decision Will Reflect Greater Confidence on Inflation

ECB President Christine Lagarde. (EPA)
ECB President Christine Lagarde. (EPA)
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Lagarde: ECB's October Decision Will Reflect Greater Confidence on Inflation

ECB President Christine Lagarde. (EPA)
ECB President Christine Lagarde. (EPA)

The European Central Bank (ECB) is increasingly confident that inflation will fall back to its 2% target and this should be reflected in its October policy decision, ECB President Christine Lagarde said on Monday.

She said cross-border banking mergers in Europe were "desirable" to boost their competitiveness, just as Italy's UniCredit was looking to increase its stake and possibly take over Germany's Commerzbank.

The ECB cut interest rates from record highs in June, and cut again earlier this month, but Lagarde gave few hints at the time about the bank's next move, leaving markets guessing.

Lagarde's comments on Monday will bolster already abundant bets on a further cut in October given a rapid deterioration of the growth outlook and falling energy costs.

Inflation in the 20-nation currency bloc likely fell below the ECB's 2% target for the first time since mid-2021 this month, a raft of national data suggests.

This, along with poor growth indicators, has raised bets on a 25 basis point rate cut in October and markets now see a 75% chance of a move, up from 25% seen early last week.

Lagarde also acknowledged the recent run of poor growth readings.

“Looking ahead, the suppressed level of some survey indicators suggests that the recovery is facing headwinds,” she told a regular hearing of the Committee on Economic and Monetary Affairs.

Still, she repeated the bank's usual line that the recovery is expected to strengthen and rising real incomes should allow households to consume more.

She added that the labor market, the source of some price pressures via rapid wage growth, remains resilient, even if wage growth is moderating and corporate profits are absorbing some pay increases.

Meanwhile, Lagarde said cross border mergers among Europe's biggest banks are needed, just as Italy's UniCredit was looking to increase its stake and possibly take over Germany's Commerzbank.

“Cross borders mergers -- banks that can actually compete at a scale, at a depth and at range with other institutions around the world, including the American banks and the Chinese banks -- are in my opinion desirable,” she told a parliamentary hearing.

She added that her comments should not be taken as a direct intervention in any particular deal.