Algeria, EU Hold Talks to Revise ‘Partnership Agreement’

Former Foreign Policy Representative in the European Union Josep Borrell meets with Algerian President Abdelmadjid Tebboune. (Algerian Presidency file photo)
Former Foreign Policy Representative in the European Union Josep Borrell meets with Algerian President Abdelmadjid Tebboune. (Algerian Presidency file photo)
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Algeria, EU Hold Talks to Revise ‘Partnership Agreement’

Former Foreign Policy Representative in the European Union Josep Borrell meets with Algerian President Abdelmadjid Tebboune. (Algerian Presidency file photo)
Former Foreign Policy Representative in the European Union Josep Borrell meets with Algerian President Abdelmadjid Tebboune. (Algerian Presidency file photo)

Algeria and the European Union last week launched the first round of talks aimed at reviving their 20-year “Partnership Agreement.”

The talks were initiated at the request of Algiers.

The Delegation of the European Union to Algeria said on Friday that a delegation headed by Florian Ermacora, head of the North Africa Unit at the Directorate-General for Neighborhood and Enlargement Negotiations of the European Commission, paid a working visit to Algeria from January 27 to 30.

The delegation met with representatives of several Algerian ministerial departments, including Foreign Affairs, Energy and Mines, Water Resources, Industry, Trade and Finance. The European officials were also received at the Algerian Investment Promotion Agency (AAPI).

In addition to the EU Neighborhood department, the delegation included representatives from the EU departments for Energy, Home Affairs, Migration and Foreign Affairs.

Discussions focused on future cooperation between the EU and Algeria in the fields of investment, trade facilitation, renewable energy, migration, culture and job creation.

During the visit, Head of the North Africa Unit, EU Directorate-General for Neighborhood and Enlargement Negotiations Florian Ermacora reaffirmed the EU's willingness to give new impetus to cooperation between Algeria and the European Union in the context of the development of a new pact for the Mediterranean, the EU mission said.

It noted that the visit aims to hold consultations on cooperation between the European Union and Algeria for the period 2025-2027.

The new Agenda for the Mediterranean was launched by the European Union in 2021 to strengthen the strategic partnership with its Southern Neighborhood partners in trade and renewable energies, upgrading facilities and infrastructure, and managing migration and counter-terrorism issues.

The European delegation's visit was not announced by Algerian officials.

Also, the statement issued by the EU delegation did not mention whether talks with representatives of the Algerian ministries addressed the country’s request to revise its partnership agreement with the EU and to rebalance the mutual interests of the two parties.

In late 2024, ambassador of the EU in Algeria Diego Mellado Pascua said 2025 could be a very important year for both parties to consult on their mutual relations within a comprehensive framework.

Last June, the EU said it launched a dispute settlement case against Algeria and requested consultations with Algerian authorities to address several restrictions imposed on EU exports and investments.

“The EU considers that, by imposing these trade restrictive measures since 2021, Algeria is not respecting its trade liberalization commitments under the EU-Algeria Association Agreement,” it said in a statement.

The EU’s aim is to engage constructively with Algeria with a view to removing the restrictions on several market sectors, spanning from agricultural products to motor vehicles.

These include an import licensing system with the effects of an import ban, subsidies contingent on the use of local inputs for car manufacturers, and a cap on foreign ownership for companies importing goods in Algeria.

A European diplomat in Algeria, who declined to be named, told Asharq Al-Awsat that the EU is seeking to assess Algeria's prospects and the extent to which the agreement can be modified.

He said the statistical office of the European Union, Eurostat, confirms that Algeria's exports to the 27 Member States of the Union amounted to 18.747 billion euros and its imports from these countries were around 12.648 billion euros.



Saudi Arabia's Mutlaq Al-Ghowairi Contracting Sets IPO Price Range at $2.9-$3.3 per Share

Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
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Saudi Arabia's Mutlaq Al-Ghowairi Contracting Sets IPO Price Range at $2.9-$3.3 per Share

Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)

Saudi Arabia's Mutlaq Al-Ghowairi Contracting Co. has set the price range for its initial public offering (IPO) at between 11 riyals ($2.9) and 12.5 riyals ($3.3) per share, and began the institutional book-building period ahead of a planned offering of 30 percent of its shares on the Saudi Exchange.

Al Rajhi Capital, acting as lead manager, financial adviser, bookrunner and underwriter, alongside Morgan Stanley Saudi Arabia as financial adviser, bookrunner and underwriter, said the offering consists of 240 million ordinary shares in Mutlaq Al-Ghowairi Contracting Co., representing 30 percent of the company's share capital.

According to a filing on the Saudi Exchange (Tadawul), the book-building period for participating institutions began on Sunday, May 31, 2026, and will continue until 3:00 p.m. Saudi time on Thursday, June 4, 2026.

The minimum subscription size for participating institutions is 25,000 shares, while the maximum is 39.99 million shares. Participation in the book-building process is limited to eligible investors in accordance with the Capital Market Authority's rules governing institutional book-building and share allocation in initial public offerings.

The final offer price will be determined after the completion of the book-building process, to be followed by the retail subscription period. The company has initially allocated all 240 million offered shares to participating institutions, representing 100 percent of the total offering.

The filing added that if there is sufficient demand from retail investors, the institutional bookrunners, in coordination with the company, may reduce the allocation to participating institutions to a minimum of 168 million shares, representing 70 percent of the total shares on offer.


Saudi Market Closes Up 0.5%, Kingdom Holding Shares Jump 10%

A man monitors stock movements on the Saudi stock market. (AFP)
A man monitors stock movements on the Saudi stock market. (AFP)
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Saudi Market Closes Up 0.5%, Kingdom Holding Shares Jump 10%

A man monitors stock movements on the Saudi stock market. (AFP)
A man monitors stock movements on the Saudi stock market. (AFP)

Saudi Arabia's benchmark stock index (TASI) ended its first trading session following the Eid al-Adha holiday up 0.5 percent at 11,078 points, with total turnover reaching about 4 billion riyals.

The index touched a session high of 11,080 points and a low of 11,032 points.

Shares of Kingdom Holding led the gainers, surging 10 percent to 13.58 riyals. The stock has gained about 27 percent over the past three sessions, marking its highest closing level since 2016.

The company recently disclosed its combined stake with the Private Office of Prince Alwaleed bin Talal in SpaceX, amounting to 0.63 percent. Based on the company's expected valuation at a potential public offering, the stake is estimated to be worth between $8.32 billion and $10.55 billion.

Al Rajhi Bank shares rose 1 percent to 67.25 riyals.

Shares of Ma'aden, ACWA Power, Riyad Bank, Dr. Sulaiman Al Habib Medical Services Group, Elm, Masar, and Saudi Awwal Bank (SAB) closed higher, posting gains ranging from 1 percent to 4 percent.

Meanwhile, shares of Al Shamel Masar, Saudi Industrial Development Co. (SIDC), Electrical Industries Co., and Dar Al Arkan advanced between 6 percent and 10 percent.


Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
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Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)

Saudi Arabia’s National Housing Company (NHC) has emerged as a central force in reshaping the Kingdom’s housing market, evolving from a state-backed developer into a key engine of Crown Prince Mohammed bin Salman’s economic reform agenda under Vision 2030.

Far from being a conventional real estate company, NHC today manages residential suburbs and assets accounting for around 20 percent of total real estate product sales in Saudi Arabia, underscoring its growing influence in one of the region’s largest property markets.

Since its launch in 2016, the company has positioned itself at the center of the Kingdom’s housing transformation, helping drive the Housing Program, one of Vision 2030’s flagship initiatives aimed at raising Saudi homeownership to 70 percent by the end of the decade.

NHC Chief Executive Mohammed Albuty said the company had played a pivotal role in restructuring the sector to ensure long-term sustainability beyond direct state financing. He pointed to the 2025 Vision 2030 annual report, which showed Saudi homeownership rising to 66.24 percent, surpassing the government’s interim target of 65 percent for 2025.

NHC was established by royal decree in 2016 as the investment and development arm of what is now the Ministry of Municipalities and Housing. Its creation marked the beginning of a new “national developer” model designed to manage housing assets and projects with greater efficiency and flexibility.

A major turning point came in 2020, when another royal order transferred the company’s ownership to the state, elevating it from a supporting entity to a market leader. The move enabled NHC to launch some of the region’s largest residential suburbs, shifting from managing limited housing complexes to developing integrated cities covering more than 160 million square meters.

The company has also sought to curb construction costs through its digital procurement platform, Supply Pro, which links developers directly with manufacturers and suppliers. The platform currently offers more than 1,500 products from 129 factories and 45 suppliers, helping reduce development costs by around 20 percent.

Speaking at the Real Estate Supply Chain Forum, Albuty said NHC had boosted local content in its projects through supply chain localization agreements and industrial partnerships worth more than SAR 21 billion ($5.6 billion). The deals included SAR 8 billion in supply chain service agreements, SAR 5 billion in industrial localization initiatives and 15 supply contracts worth more than SAR 8 billion.

Maan Alothimeen, NHC’s general manager for supply chains and business support, said Supply Pro had handled transactions exceeding SAR 2 billion over the past two years, with Saudi factories and small- and medium-sized enterprises accounting for 95 percent of the activity.

NHC has also become a platform for local developers, helping transform smaller firms into major players capable of managing billion-riyal projects. By offering investment opportunities in residential and commercial real estate, as well as in the operation of health, education and leisure facilities, the company has encouraged broader private-sector participation.

The strategy has contributed to the delivery of more than 300,000 housing units. The financial stability provided by NHC has also enabled emerging Saudi developers to grow into large companies managing projects valued at more than SAR 263 billion ($70 billion), strengthening the competitiveness of the Saudi property market.

As part of efforts to deepen local industrial participation, NHC signed a memorandum of understanding with the Local Content and Government Procurement Authority to turn its suburban developments into permanent showcases for Saudi-made products, a move expected to generate thousands of jobs in manufacturing and logistics.

Saudi Minister of Municipalities and Housing Majed Al-Hogail said mortgage financing had become a cornerstone of the Kingdom’s real estate expansion. He noted that the value of Saudi mortgage financing had surged from around SAR 200 billion ($53.3 billion) to more than SAR 900 billion ($240 billion) by the end of 2025, representing 27 percent of total Saudi banking portfolios.

Al-Hogail added that the Saudi Real Estate Refinance Co. (SRC) had issued sukuk in the London market to strengthen liquidity links between domestic and international financial markets and secure sustainable funding flows for the housing sector.

In remarks to Asharq Al-Awsat, Khaled Al-Mobid, chief executive of Menassat Real Estate Co., said NHC had become a key implementation arm of Saudi housing policy by increasing the supply of planned residential units, helping stabilize prices in the market.

He noted that the company’s most significant shift had been its evolution from a traditional developer into an “enabler” for private firms. Through the provision of serviced land and infrastructure, NHC allowed smaller developers to participate in large-scale projects and gain operational expertise, contributing to a more mature and professional real estate industry.

Al-Mobid added that NHC’s role extended beyond construction to balancing the housing market itself. By increasing organized housing supply and lowering development costs through economies of scale, the company was helping ease pressure on citizens and improve affordability.

He also said NHC’s partnership-driven model reduced reliance on direct government spending while encouraging private capital inflows and spreading investment risk, supporting the creation of a more financially sustainable housing sector.

As Saudi Arabia moves closer to achieving its Vision 2030 housing targets, NHC’s significance now goes beyond building homes. The company has become a model for a more diversified real estate economy led by private-sector investment and local industry, positioning housing as a driver of broader economic stability and growth.