IDB Launches $500 Mn Innovation Fund

Islamic Development Bank (IDB) Logo
Islamic Development Bank (IDB) Logo
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IDB Launches $500 Mn Innovation Fund

Islamic Development Bank (IDB) Logo
Islamic Development Bank (IDB) Logo

The Islamic Development Bank (IDB) launched on Tuesday a $500 million "innovation fund" for funding scientific and technological inventions to tackle development challenges among state members.

IDB’s President Bandar Hajjar said in a statement that some of the money earmarked for the fund would be invested in food security, education, water management, clean energy and manufacturing in developing nations.

“The Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty. At the same time, we do need to offer access to the resources they need to realize their goals and change the world. That is why we have launched Transform,” indicated Hajjar.

“Transform will ensure our members have access to a vital flow of financing facilities to help finance innovative ideas linked to real development solutions,” he added.

Some sums will finance emerging companies, small and medium enterprises, stating that inventors, scientists and institutions can apply for funding online.

Chief scientific adviser to IDB president Hayat Sindi said the bank would like to give every scientist an opportunity to provide solutions to development challenges, indicating that the aim of the fund was to give a boost to creative minds.

Since its establishment 45 years ago, the bank has provided $11.2 billion in funds to 483 different projects in Turkey.

Speaking to Anadolu Agency, Hajjar said the bank is committed to the development needs of its member countries.

"In the last one year, we have introduced several initiatives that would help in building capacity of our member countries, particularly by leveraging on the opportunities offered by science and technology," he added.

As part of its plan to be closer to clients, IDB had decided to decentralize its operations.

"No institution can solve development challenges alone. That is why the annual meeting in Tunisia is focusing on partnerships for sustainable development,” Hajjar said.

The projects funded by the IDB in Turkey include: Islamic banking and finance, education, energy, health, and renewable energy.

The bank maintains an office in the Turkish capital Ankara and another in Istanbul, from where it handles projects in Turkey, Azerbaijan, Albania and Bosnia Herzegovina, pointed out Hajjar.

Meanwhile, the Second Generation of the Alliance to Fight Avoidable Blindness (AFAB-2) in Islamic countries was launched during the 43rd annual meeting in the Tunisian capital Tunis.

For this, IDB had created a $30 million fund that would allow 100,000 cataract surgeries to be performed and would provide glasses to a million children in Africa.

The IDB president announced that about 33 million people in Africa suffer from visual impairment while nearly “75 percent of these cases can be prevented or treated, especially those related to cataract.” He expects Turkey to be the biggest supporter.

In other news, a new report indicated that emerging manufacturing establishments in Turkey are increasing in attractiveness due to low cost, while the country remains one of the top 10 manufacturing powerhouses.

Turkey ranked 10 in a 42-country list analyzing attractiveness in terms of manufacturing companies’ perspectives, according to Manufacturing Risk Index 2018 of Cushman and Wakefield’s.

Turkey followed China, Lithuania, Malaysia, Taiwan, Canada, the US, Hungary, the Czech Republic and Slovakia, with Cushman and Wakefield saying Turkey’s main competitive advantage at present is its lower costs.

However, recent geopolitical uncertainty decreased Turkey’s attractiveness for international companies.

“Wage hikes and growing labor shortages in Central Europe are pushing more cost-sensitive industries east to Lithuania, Romania, Bulgaria and Turkey,” read the report.

Cushman and Wakefield Managing Partner Tugra Gonden said Turkey offered key advantages to global manufacturing companies, mainly thanks to highly attractive geographical position and growing infrastructure.

“Despite some escalating geopolitical risks, Turkey remains a key manufacturing powerhouse. We believe Turkey will climb the ladder in the long term by evaluating its position and potential accurately,” Gonden added.



Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
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Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)

Saudi Arabia's real estate market continues to attract investment despite geopolitical challenges weighing on economic activity worldwide, supported by new housing developments and efforts to expand residential supply.

The Ministry of Municipalities and Housing announced that more than 15,000 residential land plots had been made available through the Sakani platform across the Kingdom between the beginning of 2026 and the end of October, alongside additional projects launched by private-sector developers.

The developments underscore the sector's continued momentum and its importance to the Saudi economy.

Government initiatives and private-sector projects aim to expand housing supply and meet growing demand, reinforcing real estate's position as a key driver of economic growth and diversification.

Strong domestic demand and ongoing urban development projects continue to underpin the market's appeal, attracting investment from both Saudi and international investors.

Against a backdrop of geopolitical uncertainty and war-related disruptions to trade, supply chains, financing costs and construction expenses, the real estate sector has gained importance as an industry driven largely by domestic demand and capable of sustaining economic activity.

Private-Sector Investment

Despite mounting global economic volatility and geopolitical tensions, Saudi Arabia's real estate market continues to attract international investment, supported by clear economic policies, expanding development opportunities and strong housing demand.

Real estate developer Arada recently announced its entry into the Saudi market through a partnership with local company XTOPIA, backed by a SAR 50 billion ($13.3 billion) portfolio of land and development opportunities.

The partnership's first project is a SAR 14 billion residential development in Riyadh's Al Rimal district.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP also recently announced the launch of the expression of interest, prequalification and proposal submission stages for a joint land investment project.

The initiative involves developing a municipal land plot in northern Riyadh through a 50-year partnership with the private sector, marking the municipality's first project under the joint investment model.

Real estate specialists described the initiative as an important step toward enabling private investors to develop property assets into sustainable projects with significant economic value.

They said the extended investment period would encourage developers to improve construction quality and services, strengthen project feasibility, diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Balancing the Real Estate Market

The importance of releasing more residential land lies in achieving greater balance in the property market, a government objective outlined by Crown Prince and Prime Minister Mohammed bin Salman.

The strategy seeks to increase housing supply by making more land available, broadening the options accessible to Saudi citizens and enabling more households to move from searching for a home to building and owning one.

Increasing the availability of residential land, particularly in cities and governorates experiencing rising demand, could ease pressure on land prices over the medium term, provided that plot locations and sizes correspond to actual market needs.

The release of additional land also creates opportunities for real estate developers, contractors, engineering firms and building materials suppliers to benefit from anticipated demand for construction projects.

As a result, businesses across the real estate and construction supply chain could see stronger activity despite the impact of the geopolitical crisis on other economic sectors in the region.

The initiative also expands housing choices, supports efforts to increase homeownership rates and improve quality of life, and encourages urban development beyond major metropolitan centers.

Lowering Prices

Real estate developer Ahmed Omar Basoudan believes the main challenge facing Saudi Arabia's property market in the coming period will not simply be increasing the number of land plots and housing units available.

Rather, he said, the priority must be ensuring that homes reach buyers at prices they can afford, while providing adequate infrastructure and services and keeping development and construction costs under control.

Speaking to Asharq Al-Awsat, Basoudan explained that genuine balance in the real estate market depends on the availability of housing that meets buyers' needs in terms of price, location and quality, rather than simply increasing overall supply.

He said the release of more than 15,000 residential land plots during the first 10 months of the year, together with recently announced private-sector projects, reflected the government's continued commitment to expanding housing supply and providing more residential options.

Basoudan stressed that the latest real estate developments represent an important step toward addressing one of the market's most pressing challenges: achieving a sustainable balance between supply and demand, particularly amid the Kingdom's population growth and continued urban expansion.


Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.