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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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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.