FII: Ministers Call for Further Diversification of Income Sources https://english.aawsat.com/home/article/2770531/fii-ministers-call-further-diversification-income-sources
FII: Ministers Call for Further Diversification of Income Sources
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
FII: Ministers Call for Further Diversification of Income Sources
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Ministers of finance, who took part in the Future Investment Initiative (FII) Forum held in Riyadh on Wednesday, stressed the importance of further diversifying income sources, especially in new sectors, during the post-pandemic period.
These sectors include renewable energy, waste treatment, water and modern technology.
They highlighted the importance of ending dependence on oil revenues in plans to bolster the growth of economies.
Saudi Finance Minister Mohammed al-Jadaan said the Kingdom has begun achieving its 2030 Vision’s objective.
He affirmed that it has successfully passed the coronavirus test with its new regulations and laws that contributed to mitigating the effects of the COVID-19 disease.
Diversifying sources of income is a profitable option for the Kingdom, the minister noted, saying it is currently planning to invest in technology, renewable energy, waste treatment, and other significant sectors.
“Opportunities provided in Saudi Arabia are tremendous,” he said, adding that the youth will be able to invest in future sectors and face the next challenges.
“The Kingdom has raised the spending limit on water, waste treatment and other sectors in 2021, given the importance of these activities, in addition to debt and stock market reforms.”
Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa said 85 percent of his country’s GDP comes from non-oil revenues.
The Kingdom targeted reducing dependence on oil revenues, he said, noting that it succeeded by reaching less than 20 percent.
Former White House Special Envoy to the Middle East Jason Greenblatt, for his part, said Saudi Arabia and other regional countries have managed to overcome the effects of the pandemic through other initiatives and programs.
Thomas Barack, founder and CEO of Colony Capital, stressed the importance of “diversifying sources of income to maintain economic growth in the Gulf States and the region in general.”
Having 75 percent of the youth population in Saudi Arabia stimulates the development of sectors and future economic activities for future generations, he noted.
Riyadh Air Launches First Domestic Service to Jeddah
The launch marks a key step in the carrier's strategy to expand its destination network from the Saudi capital. SPA
Riyadh Air, Saudi Arabia's new national carrier, launched on Sunday its first domestic flight from Riyadh to King Abdulaziz International Airport in Jeddah.
The move is part of Riyadh Air's plans to expand its domestic network through daily flights between Riyadh and Jeddah and strengthen connectivity between major destinations across the Kingdom.
The inaugural flight arrived from King Khalid International Airport in Riyadh with Minister of Hajj and Umrah Tawfig Al-Rabiah, President of the General Authority of Civil Aviation Abdulaziz Al-Duailej, Riyadh Air board member Raid Ismail, and several aviation-sector leaders on board.
They were received by Chairman of the Board of Directors of Jeddah Airports Company (JEDCO) Raed Al-Mudaiheem, JEDCO CEO Mazen Johar, and representatives of government and security agencies operating at the airport.
The launch marks a key step in the carrier's strategy to expand its destination network from the Saudi capital. The inaugural flight departed King Khalid International Airport (RUH) at 9:00 a.m. and landed at King Abdulaziz International Airport (JED) at 10:50 a.m.
Riyadh Air launched the route with two daily flights. Frequencies will increase to three daily flights from June 18 and four daily flights from July 2.
The route is being launched amid strong demand growth. According to aviation analytics firm OAG, the Riyadh-Jeddah route ranked as the world's fifth-busiest domestic air route in 2025, with 9.8 million seats.
By operating the service, Riyadh Air supports national strategies by providing additional seat capacity that contributes to the growth of the Kingdom's tourism, business, and economic sectors.
Riyadh Air CEO Tony Douglas said the launch of flights to Jeddah marks an important milestone in the airline's journey toward building a broad network connecting Saudi Arabia with the world. He noted that the route serves a large segment of business and leisure travelers and supports the goals of Saudi Vision 2030 to develop the aviation sector and strengthen air connectivity.
JEDCO CEO Mazen Johar said the new service reflects integration among the components of the Kingdom's aviation ecosystem and contributes to expanding travel options and enhancing passenger services. He added that King Abdulaziz International Airport served more than 14.8 million passengers through nearly 84,000 flights during the first quarter of 2026, reflecting continued growth in operational activity.
The new flights support Riyadh Air's goal of reaching more than 100 destinations worldwide. The route also facilitates business travel, tourism, and Hajj and Umrah traffic while reinforcing Riyadh's position as a major international air-connectivity hub.
Saudi Housing Surpasses One Million Contracts as 70% Homeownership Target Nearshttps://english.aawsat.com/business/5283961-saudi-housing-surpasses-one-million-contracts-70-homeownership-target-nears
Saudi Housing Surpasses One Million Contracts as 70% Homeownership Target Nears
Construction work in the 'Shams Al-Diyar' project, part of the housing program in Riyadh (SPA)
Saudi Arabia continues to reshape its real estate sector at a rapid pace, achieving structural advances that have placed quality of life at the heart of urban development. The enabling of nearly 33,000 Saudi families to obtain their first home during the first quarter of 2026 underscores the efficiency of the regulatory framework in advancing the goals of Vision 2030 and moving toward its target of raising homeownership to 70 percent.
This momentum, which lifted the homeownership rate to 66.24 percent by the end of 2025, coincides with the Real Estate Development Fund and the Sakani program surpassing the milestone of one million subsidized contracts, reflecting a profound transformation in the structure of the market and greater integration across its financing and regulatory components.
Integrated Regulatory Environment
In an analysis of first-quarter 2026 figures, Mohammed Al-Rassasmah, spokesperson for the Ministry of Municipalities and Housing, told Asharq Al-Awsat that enabling 32,983 Saudi families to own their first home in just three months reflects the integration of the housing ecosystem across its various components, from developing the regulatory and legislative environment to expanding housing options and providing financing solutions and partnerships with the private sector.
Al-Rassasmah explained that the carefully planned expansion of housing projects and the diversification of real estate products have helped meet the needs of different segments of Saudi families. He pointed to the decisive role played by digital transformation in improving procedural efficiency and accelerating access to suitable housing solutions for beneficiaries.
He noted that this achievement builds on what Minister of Municipalities and Housing Majed Al-Hogail announced at the beginning of this year regarding the homeownership rate among Saudi families exceeding 66.24 percent by the end of 2025, demonstrating the success of the housing system in expanding ownership opportunities across the Kingdom.
Partnership With the Private Sector
Within this development path, Al-Rassasmah said partnerships with the private sector represent one of the key enablers of growth in the housing sector, contributing directly to increased real estate supply and faster development.
He added that real estate developers now offer a diverse range of housing products that meet families' aspirations, while the ministry continues to improve the investment environment and promote competitiveness.
He noted that the sector's transformation is no longer limited to developing individual housing units but now extends to creating integrated urban communities that provide services, facilities, infrastructure, and quality-of-life opportunities. This, he said, enhances the attractiveness of cities and improves the efficiency of long-term economic development.
Headquarters of the Real Estate Development Fund in Riyadh (Fund's website)
Off-Plan Sales Projects
Regarding off-plan sales projects, Al-Rassasmah said they have become one of the most important tools supporting increased housing supply and accelerating real estate development in recent years.
He explained that these projects have enabled the implementation of larger and more diverse developments, providing broader opportunities for ownership.
He stressed that the strict regulatory and oversight framework imposed by the ministry has enhanced the credibility of such projects and protected buyers' rights, increasing confidence in the market and significantly boosting demand. As a result, they have become one of the most reliable pathways supporting first-home ownership.
Long-Term Strategic Vision
The ministry's spokesperson also stressed that the ministry approaches housing demand from a long-term strategic perspective focused on increasing supply and improving the efficiency of the real estate market through empowering developers, developing land and master plans, stimulating investment flows, and expanding housing projects in areas experiencing high demand.
He explained that increasing supply and diversifying housing options contribute positively to market balance and help provide more suitable solutions for beneficiaries, alongside the ministry's ongoing efforts to enhance transparency, develop real estate indicators, and improve market efficiency to ensure it remains attractive and stable.
Al-Rassasmah concluded by describing mortgage finance as one of the key pillars behind the rise in homeownership rates in recent years through the provision of diverse and accessible financing solutions that have strengthened the purchasing power of Saudi families.
He noted that 23,222 families benefited from housing support services during the first quarter of this year alone, and added that cooperation among the housing ecosystem, financing institutions, and the Real Estate Development Fund helped push the number of subsidized contracts beyond 1.02 million by the end of last March.
According to Al-Rassasmah, the transformation currently taking place in the sector reflects a comprehensive structural shift that supports the sustainability of the real estate market and enhances citizens' quality of life in line with national ambitions.
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concernshttps://english.aawsat.com/business/5283941-iraq-cancels-764-million-baghdad-airport-project-over-corruption-concerns
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concerns
Ali al-Zaidi has decided to cancel the Baghdad International Airport development project - File photo/Reuters
Iraqi Prime Minister Ali al-Zaidi has decided to cancel the Baghdad International Airport development project after corruption suspicions were raised, Iraqi state media reported on Sunday, citing a government source.
The project involves a $764 million contract awarded last year to a consortium of Luxembourg-based Corporacion America Airports (CAAP) and Iraqi real estate firm Amwaj International, aimed at upgrading and expanding the capital’s main airport, Reuters reported.
Two government sources speaking on condition of anonymity due to the sensitivity of the matter told Reuters that officials raised concerns about potential irregularities over the tendering process and contract terms.
The move follows a drive against corruption which has meant growing scrutiny within government institutions.
The airport upgrade had been presented as a key infrastructure project to modernize Iraq’s aviation sector and increase capacity at Baghdad International Airport, which has suffered from years of underinvestment.
لم تشترك بعد
انشئ حساباً خاصاً بك لتحصل على أخبار مخصصة لك ولتتمتع بخاصية حفظ المقالات وتتلقى نشراتنا البريدية المتنوعة
