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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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Saudi stc Group Records Highest Six-Month Net Profit

stc pavilion at the LEAP 24 International Conference in Riyadh (Asharq Al-Awsat) 
stc pavilion at the LEAP 24 International Conference in Riyadh (Asharq Al-Awsat) 
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Saudi stc Group Records Highest Six-Month Net Profit

stc pavilion at the LEAP 24 International Conference in Riyadh (Asharq Al-Awsat) 
stc pavilion at the LEAP 24 International Conference in Riyadh (Asharq Al-Awsat) 

Saudi Arabia’s telecom company, stc Group, announced on Sunday its highest-ever six-month revenues, reaching 38.66 billion Saudi riyals ($10.3 billion).

Net profit for the six-month period increased by 13.38% compared to the same period last year, reaching 7.4 billion riyals ($1.99 billion).

In a statement on the Saudi Exchange (Tadawul), stc said Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also rose by 6.10% over the same period to 12.2 billion riyals ($3.28 billion).

Commenting on the results, CEO of stc Group Engineer Olayan Alwetaid said the group continued to deliver strong performance by adhering to its strategy and leveraging opportunities in the Information and Communication Technology (ICT) sector.

He noted that financial discipline and efficient capital management were key drivers of business stability, adaptability, and confident expansion into future growth areas.

According to stc Group, “This was reflected in the group's financial performance, with a 2.1% increase in revenue and a 6.6% rise in gross profit during the first six months of the year compared to the same period last year.”
The group’s Cost Efficiency Program also contributed significantly to enhancing operational and financial performance, resulting in EBITDA growth of 6.1% and an increase in the EBITDA margin by 3.9 percentage points to 31.8%, which in turn led to a notable increase in net profit.

“This led to an increase in net profit for the six-month by 13.38% compared to the same period last year, reaching 7.5 billion riyals ($2 billion),” the group said.

Alwetaid said the rising demand for the group’s services as a testament to public trust in its digital solutions.

He said this was exemplified by STC Bank surpassing three million customers in a short period since its launch at the beginning of 2025, reflecting the growing adoption of digital banking services and stc’s expanding role in advancing the financial services sector.

In line with its commitment to maintaining leadership in telecommunications and IT, stc Group signed several strategic agreements in recent months. In the field of cloud computing, the group entered into a partnership with Oracle valued at over 2 billion Saudi riyals ($533 million) to accelerate digital transformation across the Kingdom.

The agreement aims to develop advanced AI-powered cloud infrastructure and provide sovereign cloud solutions via the Oracle Alloy platform, hosted at center3’s data centers.
Additionally, stc Group released its sixth Sustainability Report for 2024, highlighting progress in sustainability, environmental and social responsibility, and governance.

The report detailed the Group’s efforts to improve environmental performance, develop human capital through digital innovation, and uphold effective governance and ethical standards.

Reflecting these achievements, the Group’s ESG rating was upgraded from “BBB” to “A” in the latest MSCI ratings, affirming its commitment to the highest local and international sustainability standards.