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Saudi Housing Minister Patronages Launch of Global Proptech Summit 2025

Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail at the launch of the summit in Riyadh. (SPA)
Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail at the launch of the summit in Riyadh. (SPA)
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Saudi Housing Minister Patronages Launch of Global Proptech Summit 2025

Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail at the launch of the summit in Riyadh. (SPA)
Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail at the launch of the summit in Riyadh. (SPA)

Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail patronized on Sunday the launch of the Global Proptech Summit 2025.

Organized by the Real Estate General Authority (REGA) in Riyadh, the event is being held with the participation of prominent figures, experts, and specialists in the real estate and property technology sectors, as well as international speakers representing 85 countries.

In his opening address, Al-Hogail highlighted the importance of the summit, which comes amid the remarkable momentum of the real estate sector at the local, regional, and global levels.

The Kingdom is steadily advancing toward achieving the objectives of Saudi Vision 2030, which aims to attract $100 billion in annual foreign direct investment, he added, stressing that realizing this goal requires systems and technologies that meet the highest global standards of transparency and efficiency.

The opening of the summit featured the announcement of several initiatives and the signing of 30 agreements, including agreements valued at more than SAR15 million to support the property technology sector.

The two-day summit sessions address the regulatory framework for real estate technology, innovation, and entrepreneurship in shaping the future of real estate technology, the transformative potential of 3D printing from concept to real-world application, and the role of virtual reality and artificial intelligence in shaping the future of real estate and automating its operations and services.

The discussions will also cover proptech solutions for urban development and smart decision-making that stimulate investment and enhance financial sustainability.

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Business

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.

Business

Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.

Business

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.