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Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln
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Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Saudi Arabia’s Adeer Real Estate Company announced selling Kunoz al-Dhahran land in a record time for SAR724,148,976 during the public auction it organized at the Grand Hayat Hotel in Khobar on Monday, to be added to its successful auctions this year.

CEO of Adeer Mutab Al Saad expressed joy with the auction’s great success.

He extended his appreciation to all the attendees, including developers, investors and businessmen who were keen to participate in this auction and competed to win the unique land that enjoys incomparable investment advantages.

Al Saad said that the auction’s success came as a result of solid foundations and rules, citing the detailed planning of the extensive marketing and advertising campaign the company launched, as well as the preparations that were carried out in accordance with the highest quality standards.

The event was well organized and managed with high professionalism, he affirmed, which reflects the Company’s extensive experience in real estate marketing for the Kingdom’s largest and most important projects.

Mutab pointed out that the Company always seeks to provide key real estate opportunities, which are characterized by their vital locations and components, to meet the investors’ needs.

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Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
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Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data.

Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed.

For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement.

According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program.

The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy.

Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities.

"However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said.

Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden.

Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.