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KSA: More than 3,000 Real Estate Developers to Benefit from Support Program

The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
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KSA: More than 3,000 Real Estate Developers to Benefit from Support Program

The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)

The Saudi Ministry of Municipal and Rural Affairs and Housing announced a program targeting more than 3,000 real estate developers through a number of agreements with business accelerators.

The agreements seek to develop programs and initiatives aimed at raising the capabilities of real estate developers, within the framework of the joint efforts of a number of government authorities and agencies working within the Coordinating Committee for the Development of the Contracting Sector.

The initiative includes providing various “administrative and operational” support through business accelerators, which enable developers to succeed in completing their projects, thus increase the housing supply and the number of establishments, as well as developing the capabilities of developers and raising the efficiency of the market at the local level.

The latest program comes within a series of initiatives by the Coordinating Committee for Contracting Development that aim to achieve the goals of Vision 2030 by increasing job opportunities and raising the sector’s participation in the GDP.

The Committee is formed of several ministries, including, the Municipal and Rural Affairs and Housing, Trade, Finance, Human Resources and Social Development, Investment, Economy and Planning, in addition to the Government Expenditure and Projects Efficiency Authority, the Saudi Contractors Authority, and the Saudi Council of Engineers.

Meanwhile, Saudi real estate developer ROSHN signed SR6 billion ($1.6 billion) worth of credit facilities deals with three of the Kingdom’s leading banks.

ROSHN signed agreements with the Saudi British Bank, Bank Albilad, and Al Rajhi as part of its strategy to obtain external funding for its projects.

“Taken together, these deals are an important milestone for ROSHN. By working with the Kingdom’s dynamic financial sector, we can accelerate the ambitious development program that is bringing our new way of integrated, sustainable living to cities across the Kingdom,” said ROSHN Group CEO, David Grover.

The developer said the new financial agreements fall in line with the framework of its objective of building vital urban communities covering nine cities including Riyadh, Jeddah, Al-Kharj, Hofuf, Qatif, Makkah Al-Mukarramah, Abha, and others.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.