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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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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.