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Adeer Real Estate Puts Heteen Palaces up for Auction

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Adeer Real Estate Puts Heteen Palaces up for Auction

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia’s Adeer Real Estate Company has put up for auction a property belonging to the struggling Saudi Oger.

The land spans approximately 484,000 square meters in the capital, Riyadh.

Adeer set March 28 as the deadline for receiving bids on the Hateen Palaces lands. They will be announced on March 31.

CEO of Adeer Mutab Al Saad said real estate in Riyadh is one of the best investments in the country since the capital is constantly developing and attracting mega-projects, making it a destination for global companies.

Development projects in Riyadh, which are part of Vision 2030, aim to bolster the capital’s position as a prime destination for investment, by supporting its human potential and construction and economic foundations, with the aim of transforming it into one of the best cities in the world in terms of quality of life, he added.

Heteen Palaces, he continued, are one of the most promising investment projects in Riyadh given their strategic location in one of its most upscale and vibrant neighborhoods.

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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA
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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA

The entertainment sector in Saudi Arabia continues to attract more visitors to achieve the country's target of 150 million visitors annually by 2030.

The General Entertainment Authority announced last Friday that Riyadh Season 2024 has already welcomed over 12 million visitors since its launch on October 13 with a daily average of around 174,000 visitors.

The number of visitors to Riyadh Season 2024 has already exceeded half the total attendance of last year's season, which was 20 million visitors, with a daily average of about 150,000 visitors.

Chairman of the General Entertainment Authority Turki Alalshikh announced during a press conference for Riyadh Season 2024 that this year's edition will include 14 entertainment areas, 11 international tournaments, and 100 exhibitions and festivals.

Saudi Minister of Tourism Ahmed Al-Khatib revealed earlier this year that the country had achieved the goals of Vision 2030 by surpassing 100 million visitors. As a result, Crown Prince Mohammed bin Salman’s new strategy was set to reach 150 million visitors.

In September, the International Monetary Fund (IMF) highlighted Saudi Arabia’s tourism sector as a major contributor to the country’s economic diversification.
An IMF report acknowledged Saudi Arabia’s success in exceeding the Vision 2030 target of attracting 100 million visitors annually by 2023, seven years ahead of schedule. Tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38%. The sector’s direct and indirect contribution to GDP reached 11.5% in 2023, with expectations to grow to 16% by 2034.