عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia’s Real Estate Transformation Attracts Foreign Investments

Visitors on the third day of Cityscape Global, currently held in Riyadh. (Asharq Al-Awsat)
Visitors on the third day of Cityscape Global, currently held in Riyadh. (Asharq Al-Awsat)
TT
TT

Saudi Arabia’s Real Estate Transformation Attracts Foreign Investments

Visitors on the third day of Cityscape Global, currently held in Riyadh. (Asharq Al-Awsat)
Visitors on the third day of Cityscape Global, currently held in Riyadh. (Asharq Al-Awsat)

On its third day, Cityscape Global saw the signing of a number of investment agreements and deals between local and international parties, reflecting the extent of global interest in Saudi Arabia’s real estate sector.

The Cityscape Global exhibition, which is currently being held in Riyadh, brought together more than 350 companies from 21 countries to conclude major investment deals.

CEO of Select Property Group Adam Price told Asharq Al-Awsat that the event facilitated communication opportunities with new partners and investors in the Kingdom and provided valuable insights into the local real estate market.

He stated that Saudis represented 30 percent of the total investors in One Port Street, the latest project by Select Property in the city of Manchester, United Kingdom.

He added that cooperation with Saudi real estate development companies will give his company the opportunity to benefit from their valuable expertise and to learn about emerging consumer trends and market dynamics.

He revealed the company’s ambitions to take part in Saudi projects, especially as the Kingdom has become the largest construction market in the Middle East.

Price emphasized that Riyadh was ready to transform into a global investment hub, making it one of the most prominent real estate destinations. He added that the Saudi real estate sector was about to witness a significant transformation.

CEO of Thabat Almaskan Company Yousef Al-Saleh told Asharq Al-Awsat that the real estate sector constituted a large part of the Vision 2030 programs and initiatives, pointing out the importance of the exhibition in building partnerships and alliances with foreign establishments.

Meanwhile, the Royal Commission for the Holy City of Makkah and the Holy Sites signed an agreement to launch a real estate fund worth SAR 11 billion ($2.93 billion) to develop Al-Kidwa area, located south of the Grand Mosque in Makkah.

According to a press statement, the fund has been launched in partnership with Thakher Development Co. and Albilad Capital. It will develop 2,614 properties in Al-Kidwa, spanning an area of 686,056 square meters.

Most Viewed

 
 
Business

UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
TT
TT

UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.