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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)
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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)

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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Saudi Budget: Non-Oil Revenues Highest Since End of 2020

A general view of the Saudi capital, Riyadh. (Reuters)
A general view of the Saudi capital, Riyadh. (Reuters)
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Saudi Budget: Non-Oil Revenues Highest Since End of 2020

A general view of the Saudi capital, Riyadh. (Reuters)
A general view of the Saudi capital, Riyadh. (Reuters)

Non-oil revenues in Saudi Arabia grew by 4 percent year-on-year during the second quarter of 2024, to reach SAR 140.6 billion ($73.3 billion), the highest level since the end of 2020.

Capital spending maintained its growth, as it rose by 49 percent year-on-year during the same period, reaching SAR 65 billion ($17.3 billion).

According to a statement by the Ministry of Finance on the budget performance for the second quarter of 2024, the total revenues increased by 12 percent, recording SAR 353 billion, while total expenditures amounted to SAR 369 billion and the value of the deficit SAR 15.3 billion.

The deficit for the first half of 2024 stands at 35% of the projected deficit for the year. The deficit amounted to SAR 15. 3 billion in the second quarter of 2024.

The International Monetary Fund (IMF) expected the Saudi budget to achieve a surplus in 2024, supported by the continued growth of the non-oil private sector. However, the Finance Ministry statement projected an annual deficit of 1.9 percent of GDP, and that the deficit to continue in the 2025 and 2026 budgets.

The volume of capital spending highlights the momentum gained by projects in the Kingdom, as part of Vision 2030, which contributed to shaping Saudi Arabia’s economic plans. Non-oil revenues reflect the government’s success in the process of diversifying the economy.

According to Ministry of Finance, total Saudi budget revenues increased by 12 percent in the second quarter of 2024, recording SAR 353 billion.

Non-oil revenues grew by 4 percent, reaching their highest levels since 2020, while oil revenues recorded a growth of 18 percent to SAR 213 billion ($56.8 billion) during the same period.

Total expenditures in Saudi Arabia during the second quarter of this year increased by 15 percent year-on-year to SAR 368.9 billion ($98.3 billion), compared to SAR 320 billion in the same period of 2023.

Expenditures grew by 12 percent year-on-year during the first half of 2024. The municipal services sector topped the volume of spending with 116 percent.

Spending on education during the first half of this year represented 52 percent of the total approved budget, amounting to SAR 101.8 billion, a decline of 1 percent compared to the same period of 2023.

For the seventh consecutive quarter, the general budget recorded a deficit of SAR 15.34 billion ($4 billion) during the second quarter of 2024. Public debt also increased at the end of the first quarter by 9 percent since the beginning of the year, reaching SAR 1.15 trillion. The Kingdom had borrowed SAR 104 billion from internal parties during the first half of 2024, and SAR 67.8 billion from external lenders.

The data also highlighted that the Kingdom’s GDP contracted by 0.4 percent in the second quarter compared to the same period last year, attributed to an 8.5 percent decline in oil activities.

In remarks to Asharq Al-Awsat, former member of the Shura Council, Dr. Fahd bin Jomaa said the government has put a plan within Vision 2030 to boost non-oil activities and reduce reliance on oil.

He noted that achieving a 4 percent growth in the non-oil sector was an indication that the country is moving in the right direction and building a real and diversified economy.