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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)

Economic and architectural experts have described Crown Prince Mohammed bin Salman’s launch of the “Saudi Architecture Characters Map” as a strategic shift, transforming architecture into an economic asset for investment.

In statements to Asharq Al-Awsat, they emphasized that the initiative will enhance Saudi Arabia's competitive edge in the tourism and cultural real estate development sectors.

Additionally, it is expected to boost the sustainability of the tourism economy and stimulate the manufacturing industries, from local stone production to carpentry, traditional carvings, and decorative arts.

The move could also lead to the creation of specialized companies focused on reviving traditional crafts, gradually transforming them into export industries.

Featuring 19 distinct architectural styles inspired by the Kingdom’s diverse geographical and cultural characteristics, the initiative is expected to contribute over 8 billion riyals ($2.13 billion) to the cumulative GDP and create more than 34,000 jobs in engineering, construction, and urban development sectors by 2030.

This move is part of a broader effort to transform and develop Saudi cities.

As Chairman of the Supreme Committee for Saudi Architectural Design Guidelines, the Crown Prince said that Saudi architecture reflects the cultural and geographical diversity of the Kingdom.

“Saudi architecture blends our rich heritage with contemporary design thinking. We are enhancing urban landscapes and quality of life as well as building an architectural framework that balances the past and the present. This model will serve as a global source of inspiration for innovation in architectural design,” he said.

Dr. Mohammed Al-Qahtani, an economics professor at King Faisal University, told Asharq Al-Awsat that the launch of the Map by the Crown Prince is more than just a cultural or architectural announcement.

It represents a move with deep economic implications that redefines the investment and real estate landscape in Saudi Arabia, in line with a developmental vision that transcends traditional urban growth.

He emphasized that “the architectural identity of any country is one of the pillars of soft power, and when this identity becomes a standard for developmental projects, we are witnessing a strategic shift. Architecture becomes an economic asset to be invested in, extending beyond just aesthetic value.”

Al-Qahtani added that the unification of architectural identity means both local and international investors will reassess their plans in light of new requirements that demand higher quality, thereby increasing real estate market value and attracting capital seeking authentic and sustainable projects.

 

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Japan’s Core Inflation Hits 3% in February, Keeps Alive BOJ Rate-Hike Bets 

Visitors walk along Nakamise-dori street in the Asakusa district in Tokyo, Japan March 10, 2025. (Reuters)
Visitors walk along Nakamise-dori street in the Asakusa district in Tokyo, Japan March 10, 2025. (Reuters)
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Japan’s Core Inflation Hits 3% in February, Keeps Alive BOJ Rate-Hike Bets 

Visitors walk along Nakamise-dori street in the Asakusa district in Tokyo, Japan March 10, 2025. (Reuters)
Visitors walk along Nakamise-dori street in the Asakusa district in Tokyo, Japan March 10, 2025. (Reuters)

Japan's core inflation hit 3.0% in February and an index stripping away the effect of fuel rose at the fastest pace in nearly a year, a sign of broadening price pressure that reinforces market expectations of further interest rate hikes.

The data came in the wake of Bank of Japan (BOJ) Governor Kazuo Ueda's warning, made after its decision to keep interest rates steady on Wednesday, that rising food costs and stronger-than-expected wage growth could push up underlying inflation.

The increase in the core consumer price index (CPI), which strips away the effect of volatile fresh food costs, compared with a median market forecast of a 2.9% gain. That kept core inflation above the BOJ's 2% target for the 35th straight month.

It slowed from the previous month's 3.2% rise due largely to the resumption of subsidies to curb fuel costs, government data showed on Friday.

A separate index that excludes the effects of both fresh food and fuel costs, closely watched by the BOJ as a broader price trend indicator, rose 2.6% in February from a year earlier after climbing 2.5% in January. It was the fastest year-on-year increase since March 2024, when it rose 2.9%.

"The strength in underlying inflation in February suggests that the Bank of Japan could hike rates at its next meeting in May, but we still expect that uncertainty over the impact of US tariffs will delay a move to July," said Marcel Thieliant, head of Asia-Pacific at Capital Economics.

"Either way, the continued strength in inflation supports our view the Bank will tighten policy more aggressively than most anticipate," he said.

Households continued to face rising living costs with the price of vegetables up 28% year-on-year, that of rice rising 81.4% and electricity bills up 9%, the data showed.

Services inflation slowed to 1.3% in February from 1.4% in January, the data showed, suggesting that companies were passing on rising labor costs at a gradual pace.

The CPI data will be among factors the central bank will scrutinize in compiling fresh quarterly growth and price forecasts due at the next policy meeting on April 30-May 1.

The BOJ ended a decade-long, massive stimulus last year and raised interest rates to 0.5% in January on the view Japan was on the cusp of durably hitting its inflation target.

BOJ policymakers have signaled their readiness to keep raising interest rates if they become convinced that Japan will see inflation sustained around 2% backed by solid wage gains.

Over two-thirds of economists polled by Reuters expect the BOJ to hike rates to 0.75% in the third quarter, most likely in July.