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Saudi Public Investment Fund Announces Advisory Board for 2018 Future Investment Initiative

PIF announces the members of the advisory board for the 2018 Future Investment Initiative. (SPA)
PIF announces the members of the advisory board for the 2018 Future Investment Initiative. (SPA)
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Saudi Public Investment Fund Announces Advisory Board for 2018 Future Investment Initiative

PIF announces the members of the advisory board for the 2018 Future Investment Initiative. (SPA)
PIF announces the members of the advisory board for the 2018 Future Investment Initiative. (SPA)

The Public Investment Fund (PIF) of Saudi Arabia announced on Wednesday the formation of an advisory board, comprised of eleven of the most influential global executives from technology, finance and business, that will support the ongoing development of the program for the 2018 Future Investment Initiative (FII).

The second edition of FII is taking place in Riyadh from October 23rd-25th 2018 and will explore how investment can be used to drive growth opportunities, fuel innovation and shape future economies, said PIF in a statement carried by the Saudi Press Agency.

With a wealth of expertise across multiple sectors and geographies, the 2018 FII advisory board members possess unique insights that will ensure FII remains at the forefront of the global investment debate, unlocking exciting new growth opportunities.

The advisory board provides strategic guidance on all elements of FII. They will also be instrumental in advancing new strategic opportunities amongst the international thought leaders gathered by FII.

The advisory board members include Mohamed Ali Alabbar, Founder and Chairman, Emaar Properties, Ajay Banga, President and CEO, Mastercard, Victor Chu, Chairman and CEO, First Eastern Investment Group, Mellody Hobson, President, Ariel Investments, Arianna Huffington, Founder and CEO, Thrive Global, Joe Kaeser, President and CEO, Siemens AG, Lubna S. Olayan, CEO and Deputy Chairperson, Olayan Financing Company, Stephen Schwarzman, CEO, Blackstone, Masayoshi Son, CEO, SoftBank Group Corp., Tidjane Thiam, CEO, Credit Suisse Group AG and Peter Thiel, Co-Founder and Partner, Founders Fund.

Commenting on the announcement, Banga said: “Every day, businesses and governments explore how technology and partnerships can drive new innovation and new opportunities to benefit people economically and socially.

“The Future Investment Initiative has proven to be an important venue to bring together leaders to discuss the needs of our shared future. It’s events like this that sparks real action.”

Chu said: “The 2017 edition of the Future Investment Initiative was a great success in helping bridge the gap between East and West. It brought together thought and business leaders from around the world to share their views on current and future global issues.”

“This is now an unmissable event for those wishing to have a better understanding of our rapidly globalizing world.”

Huffington stated: "Last year's inaugural Future Investment Initiative made it clear that this is an essential stop on the global business calendar, particularly for anyone interested in a truly international perspective on innovations and forward thinking from all parts of the world.”

“Since then, the pace of change has only accelerated, making an even stronger case for how vital this unique gathering of leaders is for advancing our human potential. And I'm very much looking forward to working with the FII 2018 team to shape an agenda that not only showcases the best emerging ideas but helps us take meaningful action on a global scale.”

The program for FII 2018 will include expert-led debates and discussions to explore the world’s most important economic trends; three summits looking at new healthcare frontiers, immersive technologies and the urban future; 12 cross-sector taskforces designed to explore emerging business and investment trends, and early-stage growth opportunities.

Further updates on the 2018 program, partners and speakers will be announced over the coming months.

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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)
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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.

Business

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.

Business

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.