National Housing Company Invests About $880 Million in Riyadh Data Center

Visitors at the company’s pavilion during LEAP 2026 in Riyadh. (Asharq Al-Awsat)
Visitors at the company’s pavilion during LEAP 2026 in Riyadh. (Asharq Al-Awsat)
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National Housing Company Invests About $880 Million in Riyadh Data Center

Visitors at the company’s pavilion during LEAP 2026 in Riyadh. (Asharq Al-Awsat)
Visitors at the company’s pavilion during LEAP 2026 in Riyadh. (Asharq Al-Awsat)

Saudi Arabia’s National Housing Company (NHC) is expanding its technology investments, moving beyond the development of digital platforms and services to deeper infrastructure and technological capabilities for the real estate sector, including data centers, artificial intelligence, data analytics and geospatial technologies.

The shift comes as the company seeks to reshape the real estate customer journey, from searching for a home and securing financing to ownership and managing related services, through an integrated digital ecosystem supported by data and advanced technologies.

Rayan Alaql, CEO of NHC Innovation, the digital and technology arm of NHC, told Asharq Al-Awsat that the company had evolved from building digital platforms serving specific procedures to developing an integrated technology ecosystem that is reshaping the real estate experience, from searching for a home, financing and ownership to managing interactions with municipal and real estate services.

Investment in technology capabilities

Alaql explained that the company’s technology investments had expanded from platforms and digital services to deeper enabling capabilities, including data, AI, infrastructure, data centers and technologies supporting smart cities.

The data center at Khuzam Digital Valley is part of this strategy, with investments totaling SAR 3.3 billion, or about $880 million, and a target IT load of up to 65 megawatts by 2033.

The center is intended to develop digital infrastructure supporting cloud services and advanced technologies. Its services will include hosting and leasing, managed services, cloud computing and IT, power and connectivity, and value-added services.

To support the center’s readiness and attract global technology partnerships, the company signed cooperation agreements with BytePlus, the technology arm of ByteDance, and NAVER Innovation. The agreements include allocating capacity to the two companies as the first customers of the data center, alongside providing technological services supporting their operations and digital needs.

Serving more than 35 million users

Alaql noted that the company’s platforms serve more than 35 million direct and indirect users, including beneficiaries, entities and partners, through an ecosystem of platforms and digital solutions linked to housing, municipal services and real estate regulation. Users have interacted with more than 15 digital platforms.

He said usage patterns had changed significantly in recent years. Users no longer access a platform merely to complete a procedure, but increasingly rely on it to make decisions, compare options, find suitable services and follow their journey more clearly.

This shift, he added, reflects how the platforms have become part of the sector’s operating infrastructure rather than an additional service channel.

AI in real estate services

Alaql stressed that the company regards AI as a fundamental enabling layer rather than a standalone product, using it to improve the customer experience, enhance recommendations, analyze patterns, facilitate access to appropriate real estate options and provide relevant entities with more accurate insights into the market, demand and services.

He cited the Sakani platform as an example, saying the objective is to help users identify options that most closely match their needs, financial capacity and preferences instead of confronting them with thousands of choices.

The real impact of AI, he added, emerges when it produces tangible results: faster service, clearer decisions, lower operating costs and a fairer, more transparent experience for users.

Data and geospatial technologies

He said the next stage of urban and real estate planning requires a more precise understanding of location, demand, mobility, services and infrastructure, with geospatial technologies and AI helping planners view a city as an interconnected system.

Linking spatial data with information on demand, services, utilities and user behavior can make planning decisions more precise and help identify priorities, including where development is needed, where services should be expanded and where gaps can be reduced.

He added that such tools shorten the time required for studies and analysis, reduce decisions based on subjective impressions and allow authorities and developers to plan with greater confidence.

Partnerships and homeownership

Alaql said global partnerships aim to transfer knowledge, accelerate capacity building, develop solutions applicable to the Saudi market and connect local expertise with leading global technologies.

The company has pursued partnerships in AI, data, data centers and smart cities as part of efforts to build local capabilities and develop products addressing market needs.

On financing and homeownership, he pointed that customers have historically had to navigate multiple entities, numerous decisions and incomplete information.

The company is working to build a more connected journey, beginning with understanding the customer’s needs, presenting appropriate options and facilitating financing through to completing procedures clearly and quickly.

The aim is not merely to move procedures onto a digital platform, he stressed, but to redesign the journey itself through integrated data, clearer options and systems capable of recommendation, verification and matching.

The company participated in LEAP 2026 in Riyadh last week. The official underlined that its participation reflected a new stage in its development, focused not only on showcasing digital solutions but on demonstrating how technology can reshape real estate, support smart cities and build digital infrastructure capable of meeting future needs.

Alaql described LEAP as a platform for highlighting the evolution of the company’s business model from developing digital services to building the technological enablers of the digital economy in real estate and cities.



Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)
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Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)

Türkiye's central bank cut its key interest rate on Thursday to 36 percent in the first cut in nine months, pointing to a recent slowdown in inflation.

At a policy meeting, the bank "decided to reduce the policy interest rate ... from 37 percent to 36 percent," it said in a statement.

It was the first cut since January when the bank cut the key rate from 38 to 37 percent, a rate which it held until Thursday's meeting.

"Despite monthly fluctuations, recent inflation figures and leading indicators confirm the downward trend," a bank statement said.

"Data on economic activity and the limited impact of supply shocks on domestic prices suggest that the weak trend in domestic demand continues," it added.

However, ongoing geopolitical tensions were keeping energy prices high, which could push inflation higher, it warned, saying the effects of such geopolitical developments "are being closely monitored".

Türkiye's annual inflation rate eased to 29.7 percent in September from 31.5 percent in August - the first time it had fallen below 30 percent in nearly five years, official figures showed.

At the time, Finance Minister Mehmet Simsek said it was at its lowest level since November 2021. "Disinflation is spreading across the board, excluding transportation," he wrote on X.

The official figures are disputed by the ENAG group of independent economists that publishes its own data, which said its figures showed year-on-year inflation stood at 46.6 percent in September.

 

 

 

 


Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)
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Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)

Saudi Arabia's benchmark stock index ended Thursday's session down 2.3 percent, shedding 231 points to close at 9,696, its lowest closing level since 2021, with total trading turnover reaching approximately SAR 4.9 billion.

The Tadawul All Share Index (TASI) fluctuated between an intraday low of 9,640 points and a high of 9,888 points.

Thursday's decline brought the index's weekly losses to more than 400 points, or 4.1 percent, marking its eighth consecutive week of declines.

Most stocks fell during the session, led by Saudi National Bank, which dropped more than 5 percent to SAR 34.62, with approximately 9 million shares traded.

Saudi Aramco and Al Rajhi Bank each declined 1 percent, closing at SAR 25.40 and SAR 59.80, respectively, while Maaden fell 5 percent to SAR 55.90.

Shares of Retal, Al Yamamah Steel, East Pipes, Jahez, Gulf Training and Saudi Steel Pipe ended the session with losses ranging from 5 to 9 percent.

Meanwhile, Electrical Industries, Abo Moati, Umm Al-Qura Cement, Saleh Al-Rashed, Wafrah, Saudi Vitrified Clay Pipe and Watani Iron Steel each fell 10 percent.

On the upside, Al-Etihad rose 10 percent to SAR 6.16, followed by JAZADCO with gains exceeding 9 percent. Shares of Al Arabia, UCIC and Saudi Kayan advanced between 1 and 3 percent.


Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
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Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File

British bank Barclays announced Thursday plans to cut around 5,000 jobs, or roughly five percent of its global workforce, by the end of 2026 in an AI efficiency drive.

The announcement came alongside an earnings update that showed Barclays' net profit grew 13 percent in the third quarter, fueled by surging income across its equities division, said AFP.

Barclays said in an earnings presentation that it was implementing "organizational simplification and technology change efficiency driven by AI".

"About 60 percent of the job losses relate to support functions, including fewer developers as AI makes our people more productive," it added.

The bank's profit after tax grew to £1.65 billion ($2.2 billion) in the third quarter from £1.46 billion in the July-September period a year earlier.

Barclays chief executive C. S. Venkatakrishnan noted "ongoing momentum of... operational and financial performance" and said the investment bank division "delivered strong equities performance".

Revenue from equities jumped 47 percent year-on-year, while total group income for the quarter climbed three percent to £7.37 billion.

Barclays' share price was up slightly following the news updates.

The AI "announcement comes as the company failed to match expectations with its third-quarter performance -- with the unveiling of a healthy share buyback failing to entirely ease investors' disappointment", noted AJ Bell investment director Russ Mould.

"Across the wider group, costs went up and Barclays shareholders are also having to contend with two major clouds over the business.

"The first being a widely expected increase in tax on the sector in next week's (UK) budget and the other being a reported probe into possible misrepresentation of risks in its private credit portfolio."