Saudi Arabia Launches $1b Real Estate Funds to Provide Thousands of Homes

The Saudi Minister of Municipal, Rural Affairs and Housing during his tour of the Restatex Riyadh Real Estate Exhibition (Asharq Al-Awsat)
The Saudi Minister of Municipal, Rural Affairs and Housing during his tour of the Restatex Riyadh Real Estate Exhibition (Asharq Al-Awsat)
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Saudi Arabia Launches $1b Real Estate Funds to Provide Thousands of Homes

The Saudi Minister of Municipal, Rural Affairs and Housing during his tour of the Restatex Riyadh Real Estate Exhibition (Asharq Al-Awsat)
The Saudi Minister of Municipal, Rural Affairs and Housing during his tour of the Restatex Riyadh Real Estate Exhibition (Asharq Al-Awsat)

Minister of Municipal, Rural Affairs and Housing Majid Al Hogail inaugurated Restatex Riyadh Real Estate Exhibition 2023 on March 7.

The exhibition, being held at Riyadh International Convention & Exhibition Center, will continue until March 10.

Several senior officials from government agencies, financing agencies and real estate development companies are expected to attend.

During the opening ceremony, Al Hogail witnessed the launch of real estate funds with a total value of more than SAR 4 billion ($1 billion), according to a press release.

The funds aim to provide more than 4,000 housing units in Riyadh and Madinah on an area of over one million square meters (sqm).

The exhibition enjoys wide participation from real estate development and marketing companies, financing agencies, Saudi banks and institutions specialized in housing and real estate affairs in the public and private sectors, which provide unique housing and financing solutions that suit various Saudi families and meets with the Vision 2030.

In this edition, Restatex will include eight dialogue sessions mainly focusing on the real estate industry and the role of the public and private sectors, sustainability and quality of life in the real estate sector, urban development and Saudi innovation, digital transformation in the real estate sector, affordable housing, real estate brokerage, housing projects challenges and solutions, and a success story by balancing quality and price.

In other news, Al Hogail inaugurated a technical link between the “Tatweer Program” of the Real Estate Development Fund and the Real Estate Developers Services Center “Etmam.”

The link comes with the aim of strengthening the complementary partnership between the Tatweer Program and Etmam.

This will contribute to automating and speeding up the submission of applications and achieving the goals of the national housing program, which focuses on raising the proportion of Saudi families owning their homes to 70 % by the end of 2030.



Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
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Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo

Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%, The AP reported.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.