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Saudi Arabia Plans to Unveil Over 500,000 New Homes by 2030

Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
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Saudi Arabia Plans to Unveil Over 500,000 New Homes by 2030

Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)

Saudi Arabia plans to introduce more than half a million new housing units by 2030, following recent legal changes that restructured the real estate sector. Over 15 supportive laws were enacted in the past five years to boost transparency and improve the investment climate.

Majid Al-Hogail, the Minister of Municipal and Rural Affairs and Housing, shared this information at the opening of the third edition of the Real Estate Future Forum in Riyadh on Monday.

The event brings together representatives from over 85 countries, including 300 speakers from the public and private sectors, along with experts in economics and investment.

Al-Hogail highlighted the substantial role of banks and financial institutions, providing over SAR 650 billion ($173 billion) in real estate loans. State-supported loans reached around 750,000 contracts.

Since the launch of the housing program in 2018, the ministry has actively increased the real estate supply by offering over 450,000 residential units and plots of land.

“We aim to continue this effort in collaboration with leading real estate development companies, reaching around one million housing units by 2030,” stated Al-Hogail, citing companies like the National Housing Company and ROSHN.

The real estate sector contributes 12.2% to the non-oil GDP, while the construction and building sector contributes 11.3% as of Q3 2023.

Al-Hogail emphasized the sector’s significance, linking it to over 120 economic industries, making the real estate market an attractive investment and growth hub that can sustain prosperity.

Investment opportunities

Saudi Arabia’s real estate sector is increasingly appealing to both local and global investors, stressed Al-Hogail.

He noted the signing of agreements, including a significant deal with China worth over SAR 5 billion ($1.3 billion).

The minister also confirmed that more international partnerships are in the pipeline.

Real estate transformation

The forum featured a panel discussion on leadership in the transformation of the real estate industry.

Participants included Al-Hogail, Minister of Human Resources and Social Development Ahmed Al-Rajhi, Minister of Tourism Ahmed Al-Khateeb, Minister of Justice Walid Al-Samaani, and Chairman of the Capital Market Authority Mohammed bin Abdullah El-Kuwaiz.

Al-Rajhi highlighted a record increase in Saudis working in the private sector, rising from 1.7 million in 2019 to 2.3 million last year. Saudization efforts successfully brought in 361,000 new workers.

“We didn't have specific Saudization plans for professions and real estate activities. The number of Saudis in the sector was just 12,000,” Al-Rajhi remarked.

He noted a 200% increase in citizen employment across various professions like brokerage, sustainable construction, and arbitration.

On his part, Al-Khateeb shared that the tourism sector contributed 4.5% to the GDP last year, up from 3% in 2019.

He announced the arrival of five “Four Seasons” hotels in Saudi in the next three years, along with significant global resorts.

The Tourism Development Fund supported projects worth about SAR 25 billion riyals ($6.6 billion) for housing and entertainment, and more incentives will be revealed soon.

The minister emphasized Saudi Arabia’s appeal to tourists. The Kingdom is aiming to attract 150 million visitors by 2030 and for tourism to contribute SAR 750 billion ($200 billion) to the national economy.

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Business

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.

Business

Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.

Business

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.