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Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Real estate experts said that Riyadh’s goal to increase its population by about 15 million people in 2030 will contribute to its transformation into a city with an independent and sustainable economy.

They added that the Riyadh Season, as well as major projects and government plans will accelerate the realization of the Saudi capital’s objectives by 2030.

According to the official announcement of the Royal Commission for the City of Riyadh, the region aims to reach 15 million people by 2030 thanks to attractive factors and capabilities that further strengthen the Kingdom's efforts to diversify its economic resources.

In remarks to Asharq Al-Awsat, writer and real estate expert Sami Abdulaziz said the latest statistics indicate that the capital is currently home to about 7.5 million people, adding that the average occupancy of residential units reaches seven individuals, thus the number of units required by 2030 is around 350,000.

The Ministry of Housing alone will provide about 300,000 housing units until the target date, he remarked, noting that developers, contracting companies, and investors in the sector will secure the remaining amount, which will contribute to increasing the availability real estate units, therefore leading to price stability.

Abdulaziz pointed to the importance of studying the rest of the market factors, including the number of units required during the next five years, their locations, the construction costs, the public facilities and services needed, the size of the private sector’s participation and others.

He also expected the Riyadh Season and the city’s major projects to become a major contributor to achieving the capital’s goal of reaching 15 million residents in 2030.

Real estate expert Eng. Ahmed Al-Faqih highlighted Riyadh’s status as one of the most developed cities in the Middle East, in addition to the great progress the city is witnessing simultaneously with Vision 2030.

Achieving the target of 15 million residents would transform Riyadh into a city with an independent economy, he added.

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World Bank Approves $1.1 Billion Emergency Financing for Bangladesh

Mohammad Yusuf, a farmer, speaks on his phone as he arrives at a fuel station to buy diesel to irrigate his paddy field, but finds none available amid a fuel crisis, in Manikganj, Bangladesh, April 8, 2026. (Reuters)
Mohammad Yusuf, a farmer, speaks on his phone as he arrives at a fuel station to buy diesel to irrigate his paddy field, but finds none available amid a fuel crisis, in Manikganj, Bangladesh, April 8, 2026. (Reuters)
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World Bank Approves $1.1 Billion Emergency Financing for Bangladesh

Mohammad Yusuf, a farmer, speaks on his phone as he arrives at a fuel station to buy diesel to irrigate his paddy field, but finds none available amid a fuel crisis, in Manikganj, Bangladesh, April 8, 2026. (Reuters)
Mohammad Yusuf, a farmer, speaks on his phone as he arrives at a fuel station to buy diesel to irrigate his paddy field, but finds none available amid a fuel crisis, in Manikganj, Bangladesh, April 8, 2026. (Reuters)

The World ‌Bank approved $1.1 billion in emergency financing for Bangladesh to help secure food supplies, support vulnerable households and businesses due to the rising prices of fertilizer, fuel and food from the Middle East conflict.

Bangladesh is also seeking additional external financing from development partners, including the International Monetary Fund (IMF), to shore up foreign exchange reserves and ease pressure on public finances following a surge in ‌energy import costs and ‌broader economic challenges.

The World Bank ‌package ⁠comprises two projects ⁠aimed at helping the country manage external shocks and maintain economic stability.

Of the total, $300 million will be provided under the Emergency Support for Food Security Project to finance imports of 600,000 metric tons of fertilizer for the upcoming ⁠rice seasons. Bangladesh imports more than 85% ‌of its fertilizer requirements, ‌making it vulnerable to disruptions in global supply chains.

"Rising ‌food, fertilizer and fuel prices stemming from ‌the Middle East conflict, coupled with tighter fiscal space, have deeply affected Bangladesh's economy, particularly smallholder farmers and poor and vulnerable households," Jean Pesme, the World Bank's ‌division director for Bangladesh and Bhutan, said in a statement.

The project will ⁠support rice ⁠cultivation across 1.4 million hectares (3.46 million acres) of farmland.

The remaining $713 million, approved under the Contingent Emergency Response Project, will finance emergency expenditures, including cash transfers and livelihood support for affected households and small businesses.

It will also help fund fuel and energy imports needed to sustain essential services, including healthcare, food distribution, electricity and water supplies.

The World Bank said the financing would help Bangladesh respond rapidly to economic shocks while protecting jobs, livelihoods and critical services.

Business

Trump Threatens 100% Tax on European Imports if Countries Impose Tax on Digital Services

US President Donald Trump speaks at a rally to kick off the 16-day Great American State Fair as part of Washington, DC's celebration of the nation's 250th birthday, on the National Mall in Washington, DC, USA, 24 June 2026. (EPA)
US President Donald Trump speaks at a rally to kick off the 16-day Great American State Fair as part of Washington, DC's celebration of the nation's 250th birthday, on the National Mall in Washington, DC, USA, 24 June 2026. (EPA)
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Trump Threatens 100% Tax on European Imports if Countries Impose Tax on Digital Services

US President Donald Trump speaks at a rally to kick off the 16-day Great American State Fair as part of Washington, DC's celebration of the nation's 250th birthday, on the National Mall in Washington, DC, USA, 24 June 2026. (EPA)
US President Donald Trump speaks at a rally to kick off the 16-day Great American State Fair as part of Washington, DC's celebration of the nation's 250th birthday, on the National Mall in Washington, DC, USA, 24 June 2026. (EPA)

President Donald Trump on Friday threatened a 100% tax on imports from any country that imposes a tax on digital services from United States companies.

In a post on social media, Trump took aim at European countries that he said are discussing “imminent” implementation of taxes on American companies.

“Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America,” Trump wrote.

He added that the new tax would supersede any previously negotiated trade deals. Trump said the penalty would apply to any country that moves forward with such a tax, but he singled out European nations in his post.

Trump has repeatedly pushed against foreign efforts to tax or regulate American tech giants. Last year he threatened new tariffs on any country that moved to do so. A post from last August said that digital taxes and regulation “are all designed to harm, or discriminate against, American Technology.”

Business

US Goods Trade Deficit Hits 14-month High in May as Imports Surge

APM Terminals' facility at the Port of Los Angeles in California. (Reuters)
APM Terminals' facility at the Port of Los Angeles in California. (Reuters)
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US Goods Trade Deficit Hits 14-month High in May as Imports Surge

APM Terminals' facility at the Port of Los Angeles in California. (Reuters)
APM Terminals' facility at the Port of Los Angeles in California. (Reuters)

The US trade deficit in goods swelled to a 14-month high in May as businesses boosted imports, likely to avoid shortages and higher prices related to the Middle East conflict, suggesting trade remained a drag on economic growth in the second quarter.

The sharp deterioration in the goods trade deficit reported by the Commerce Department on Friday also reflected a decline in exports.

Recent business surveys have shown front-loading of orders by firms. Sponsors of the surveys attributed the behavior to the US-led war against Iran, which raised commodity prices, including for oil and fertilizers, and disrupted shipping in the Strait of Hormuz.

But after the United States and Iran last week signed a preliminary peace deal, shipments through the strait have picked up, driving oil prices sharply lower. Even if supply chains returned to normal, economists warned that the trade deficit would likely remain elevated because of an artificial intelligence investment boom that is largely reliant on imports.

"The widening trade deficit is bad news for national income growth, and it suggests that net exports might drag down real GDP growth too," said Carl Weinberg, chief economist at High Frequency Economics. "The AI boom had better generate a corresponding increase in services exports to offset the influx of equipment. If it doesn't, then this AI bubble is a losing proposition for the economy."

The goods trade gap increased 27.4% to $105.8 billion last month, the highest level since March 2025, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast the deficit at $85.0 billion.

Imports of goods increased $10.9 billion, or 3.6% to $313.4 billion, also a 14-month high. They were driven by a 6.3% surge in imports of automotive vehicles. Imports of consumer goods soared 5.7%. Despite high inflation, mostly stemming from the Iran war, consumer spending has remained strong, thanks to large tax refunds this year and a stock market rally.

BROAD INCREASE IN IMPORTS

Imports of industrial supplies, which include petroleum, increased 4.8%. Capital goods imports rose 0.4%. They surged 41.9% on a year-on-year basis, reflecting the AI spending spree.

Imports of foods, feeds and beverages increased 4.3%, while those of other goods advanced 11.5%. Overall imports have remained high despite tariffs imposed by the Trump administration.

Goods exports dropped $11.8 billion, or 5.4%, to $207.7 billion in May. They were weighed down by a 9.2% plunge in exports of consumer goods. Industrial supplies exports tumbled 7.0%, while those of capital goods dropped 5.0%. Exports of other goods decreased 6.8%. But food, feed and beverage exports increased 3.9%. Automotive vehicle exports rose 0.5%.

"Imports are moving sharply higher and this will subtract from GDP growth this quarter," said Christopher Rupkey, chief economist at FWDBONDS. "The import drag on domestic economic growth is back because factories here cannot make it here no matter how Washington economic officials try to spin it."

Trade had been a drag on gross domestic product for two straight quarters. Growth estimates for the second quarter were converging around a 2.5% annualized rate before the trade data.

The economy grew at a 2.1% annualized rate last quarter after expanding at a 0.5% pace in the October-December quarter.