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Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
TT
TT

Cityscape Global Sees Major Participation of Leaders from Real Estate Sector

The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)
The second day of the Cityscape Global Exhibition, currently being held in Riyadh (Asharq Al-Awsat)

The world’s largest real estate event, Cityscape Global, continued for the second consecutive day in Riyadh, with the participation of more than 350 exhibitors, 300 local and international speakers and 2,000 investors from around the world.

Monday’s agenda included a series of dialogue sessions that focused on the relationship between real estate and financial technology, the future of housing, the power and impact of design, bioeconomy, and financial stability.

The exhibition features five main platforms that host a number of sessions, including: NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

For its part, the Saudi National Housing Company showcased its luxury real estate project in the Khuzam suburb located north of the capital. The project extends over a total area exceeding 77,000 square meters, and provides 220 luxurious residential units, ranging between 350 and 471 square meters.

In addition, the Tourism Development Fund and the Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a cooperation agreement aimed at developing several tourism projects in industrial cities.

Under the agreement, the two bodies will assess various land properties and propose viable tourism projects for each.

Umm Al-Qura for Development and Construction Company, owner and developer of "Masar" Destination, concluded a partnership agreement to develop and operate a 4-star hotel, with investments amounting to SAR 450 million ($120 million).

Umm Al-Qura also announced the signing of an acquisition agreement with Scope International Real Estate Development Company, to construct residential towers in cooperation with international operators, with investments amounting to SAR 900 million ($240 million).

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Riyadh to Host Second Round of GCC-Türkiye Free Trade Negotiations

The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
TT
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Riyadh to Host Second Round of GCC-Türkiye Free Trade Negotiations

The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)

The second round of negotiations for a free trade agreement between the Gulf Cooperation Council (GCC) and Türkiye is scheduled to be held in Riyadh before the end of this year.
According to a statement issued by the Turkish Ministry of Commerce on Wednesday, the first round of free trade agreement negotiations, which Ankara hosted on Tuesday, witnessed detailed discussions on facilitating trade in services and investments, including trade in goods, rules of origin, contracting, tourism and health.
The statement added that the negotiations are taking place within the framework of the joint declaration signed by the Turkish Minister of Trade, Omer Bolat, and the GCC Secretary-General, Jassim Mohammad Albudaiwi, on March 21.
The two sides will maintain talks through online meetings during the coming period, and will meet in Riyadh, in the last quarter of 2024, to conduct the second round of negotiations, according to the Turkish ministry.
According to official statistics, the volume of trade between Türkiye and the six GCC countries reached $31.5 billion in 2023. The GCC had placed negotiations on a free trade agreement with Ankara among its priorities after Turkish President Recep Tayyip Erdogan participated in the 44th summit of the GCC Council, which was held in Doha on Dec. 5, 2023.
Saudi Arabia participated in the first round of talks through a government delegation headed by the General Authority for Foreign Trade and with the participation of the Ministries of Energy, Investment, Environment, Water and Agriculture, Industry and Mineral Resources, the Ministry of Economy and Planning, the Food and Drug General Authority, the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Authority, and the Export Development Authority.
The agreement, when implemented, will give a preferential advantage for the entry of national goods and services into the markets of all concerned parties, in addition to facilitating, encouraging and protecting investments, raising the volume of trade exchange and promoting economic growth and development in the member countries.
Albudaiwi and Bolat had signed a joint statement to launch the negotiations for a free trade agreement in Ankara on March 21, highlighting the two sides’ endeavor to develop their strategic partnership.
In a speech during the signing ceremony, Bolat said he was confident of the success of the talks, adding that Türkiye attached great importance to the completion of a comprehensive agreement that regulates important areas such as trade in goods and services, intellectual property rights and customs procedures, as well as facilitating trade and developing cooperation between small and medium-sized companies.