European Commission Pledges to Support Economic Reforms in Algeria

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, October 28, 2015. (File Photo: Reuters/Francois Lenoir)
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, October 28, 2015. (File Photo: Reuters/Francois Lenoir)
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European Commission Pledges to Support Economic Reforms in Algeria

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, October 28, 2015. (File Photo: Reuters/Francois Lenoir)
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, October 28, 2015. (File Photo: Reuters/Francois Lenoir)

The Association Council between Algeria and the European Union will hold a session in Brussels on Monday discussing recent developments. Meanwhile, report on the state of EU-Algeria relations was published saying that between March 2017 and April 2018, the EU and Algeria demonstrated their desire to deepen their political dialogue and cooperation in all partnership areas.

During the recent stage, dialogue has been stepped up through many high-level visits, in particular in the sectors of security, fight against terrorism, and energy. Progress has also been achieved in numerous areas ranging from justice, agriculture and fisheries to research and civil protection, in a bilateral or regional framework.

High Representative Vice-President Federica Mogherini indicated that since the March 2017 Association Council, relations have been stepped up on both bilateral and regional questions, and asserted the partnership is progressing and consolidating.

"We are also building a relationship of trust with regard to security, aimed at regional stability and the fight against terrorism, to the benefit of our citizens," she indicated.

Commissioner for European Neighborhood Policy and Enlargement Negotiation Johannes Hahn stated that EU is ready to continue support for reforms, in particular those aimed at diversifying the Algerian economy.

"We are confident that the EU support will help to improve the business climate and develop entrepreneurship. It is in Algeria's interest and in the EU's interest too. We hope that this cooperation, which is aimed at strengthening the Algerian economy, will help us to overcome our trade differences and will pave the way to more European investment that will create jobs in the country," asserted Hahn.

The report identifies the progress made by Algeria and the European Union in the areas of mutual interest identified by their Partnership Priorities since they were adopted in March 2017 including: governance and fundamental rights, socio-economic development and trade, energy, environment and climate change, as well as strategic and security dialogue, and the human dimension, migration and mobility.

In December, Algeria and the EU indicated they were satisfied with the implementation of the various phases of the program to support the implementation of their partnership agreement launched in 2009.

During a forum dedicated to presenting the outcome of the first half of the third phase and launching the fourth phase of this program, Minister of Industry and Investment Mohammed ben Moradi, Director of Cooperation with the European Union and European bodies at the Ministry of Foreign Affairs Ali Maqrani, and Head of EU Delegation to Algeria John O'rourke agreed that the results of this program were "convincing".

Ben Moradi said launching the fourth phase of the program voices the joint will to promote dialogue and rapprochement between the two parties.

For his part, Maqrani explained that the program was "very important" given the technical support programs made between the parties.

The two sides agreed that EU would become Algeria's first economic partner, particularly in investment, but trade has dominated bilateral relations in favor of the EU.

O'rourke said that the positive results achieved by the program so far encouraged both sides to start a new phase. He further highlighted the various projects implemented in the framework of partnership and revealed other projects being finalized in several sectors, such as higher education and national security. He expressed EU’s will to work with Algeria to diversify its economy.

Concerning the next phase of the program, O'rourke explained that the social and economic developments of Algeria should undergo concrete initiatives and proposals aimed at creating jobs, modernizing the labor market and strengthening the technical and organizational capacities of the country.



Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
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Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)

Saudi Arabia's real estate market continues to attract investment despite geopolitical challenges weighing on economic activity worldwide, supported by new housing developments and efforts to expand residential supply.

The Ministry of Municipalities and Housing announced that more than 15,000 residential land plots had been made available through the Sakani platform across the Kingdom between the beginning of 2026 and the end of October, alongside additional projects launched by private-sector developers.

The developments underscore the sector's continued momentum and its importance to the Saudi economy.

Government initiatives and private-sector projects aim to expand housing supply and meet growing demand, reinforcing real estate's position as a key driver of economic growth and diversification.

Strong domestic demand and ongoing urban development projects continue to underpin the market's appeal, attracting investment from both Saudi and international investors.

Against a backdrop of geopolitical uncertainty and war-related disruptions to trade, supply chains, financing costs and construction expenses, the real estate sector has gained importance as an industry driven largely by domestic demand and capable of sustaining economic activity.

Private-Sector Investment

Despite mounting global economic volatility and geopolitical tensions, Saudi Arabia's real estate market continues to attract international investment, supported by clear economic policies, expanding development opportunities and strong housing demand.

Real estate developer Arada recently announced its entry into the Saudi market through a partnership with local company XTOPIA, backed by a SAR 50 billion ($13.3 billion) portfolio of land and development opportunities.

The partnership's first project is a SAR 14 billion residential development in Riyadh's Al Rimal district.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP also recently announced the launch of the expression of interest, prequalification and proposal submission stages for a joint land investment project.

The initiative involves developing a municipal land plot in northern Riyadh through a 50-year partnership with the private sector, marking the municipality's first project under the joint investment model.

Real estate specialists described the initiative as an important step toward enabling private investors to develop property assets into sustainable projects with significant economic value.

They said the extended investment period would encourage developers to improve construction quality and services, strengthen project feasibility, diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Balancing the Real Estate Market

The importance of releasing more residential land lies in achieving greater balance in the property market, a government objective outlined by Crown Prince and Prime Minister Mohammed bin Salman.

The strategy seeks to increase housing supply by making more land available, broadening the options accessible to Saudi citizens and enabling more households to move from searching for a home to building and owning one.

Increasing the availability of residential land, particularly in cities and governorates experiencing rising demand, could ease pressure on land prices over the medium term, provided that plot locations and sizes correspond to actual market needs.

The release of additional land also creates opportunities for real estate developers, contractors, engineering firms and building materials suppliers to benefit from anticipated demand for construction projects.

As a result, businesses across the real estate and construction supply chain could see stronger activity despite the impact of the geopolitical crisis on other economic sectors in the region.

The initiative also expands housing choices, supports efforts to increase homeownership rates and improve quality of life, and encourages urban development beyond major metropolitan centers.

Lowering Prices

Real estate developer Ahmed Omar Basoudan believes the main challenge facing Saudi Arabia's property market in the coming period will not simply be increasing the number of land plots and housing units available.

Rather, he said, the priority must be ensuring that homes reach buyers at prices they can afford, while providing adequate infrastructure and services and keeping development and construction costs under control.

Speaking to Asharq Al-Awsat, Basoudan explained that genuine balance in the real estate market depends on the availability of housing that meets buyers' needs in terms of price, location and quality, rather than simply increasing overall supply.

He said the release of more than 15,000 residential land plots during the first 10 months of the year, together with recently announced private-sector projects, reflected the government's continued commitment to expanding housing supply and providing more residential options.

Basoudan stressed that the latest real estate developments represent an important step toward addressing one of the market's most pressing challenges: achieving a sustainable balance between supply and demand, particularly amid the Kingdom's population growth and continued urban expansion.


Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.