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SAMA Releases Regulations for Real Estate Refinance Firms

General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus, in Riyadh, Saudi Arabia, May 7, 2020. (Reuters)
General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus, in Riyadh, Saudi Arabia, May 7, 2020. (Reuters)
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SAMA Releases Regulations for Real Estate Refinance Firms

General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus, in Riyadh, Saudi Arabia, May 7, 2020. (Reuters)
General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus, in Riyadh, Saudi Arabia, May 7, 2020. (Reuters)

The Saudi Central Bank (SAMA) issued public consultation on rules for regulating the business of real estate refinance companies as part of its efforts to develop the financial sector and keep abreast with developments of the financing industry in general.

The Central Bank called on the public, interested parties, and specialists to review the draft rules and provide their views to enhance the principles of transparency and participation through the Istitlaa platform.

It noted that all views and observations would be under consideration ahead of the adoption of the final version of these rules.

The issuance of the rules also aims to support and enable real estate finance entities, which has led to the establishment of the Real Estate Refinance Company and the development of the real estate sector.

SAMA said the rules aim to ensure stability and growth of the real estate secondary market, provide better ways for real estate finance entities to finance the beneficiaries to own houses and play the role of mediator between the real estate finance sector and other sources of financing.

According to the new regulations, the Real Estate Refinance Company will carry out trading the rights of real estate financing contracts and facilitating the flow of funds to real estate financiers.

The Company may not grant real estate financing by guaranteeing the rights of real estate financing contracts before making arrangements to ensure the transfer of those rights, giving real estate financing to the beneficiaries directly, or acquiring real estate assets before obtaining a no-objection from the Central Bank.

The regulation indicated that the Real Estate Refinance Company must obtain a no-objection from the Central Bank before circulating the programs and products of the rights of real estate contracts in the secondary market.

The rules said the human resources must be localized by 50 percent when the Company begins its activities, at the level of departments and administrative groups. The instructions stressed that the appointment of non-Saudis in the Real Estate Refinance Company should be limited to jobs that require expertise not available in the Saudi labor market.

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Riyadh Ranked Among Top 100 Global Innovation Clusters

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)
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Riyadh Ranked Among Top 100 Global Innovation Clusters

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)

The Global Innovation Index has ranked Riyadh among the top 100 innovation clusters worldwide for 2026, making it the only Gulf city to attain this classification.

Riyadh placed 92nd globally, with key metrics including 419 venture capital deals in innovation and 162 international patent applications filed.

The report highlighted the main entities contributing to the capital's position in research and innovation. In research, King Saud University, Princess Nourah bint Abdulrahman University, and Prince Sultan University led the efforts, while SABIC and Aramco spearheaded innovation contributions.

The ranking reflects the Kingdom's integrated research and innovation ecosystem, supporting researchers and innovators in line with Saudi Vision 2030.

Business

Türkiye to Start Oil-Targeted Drilling in Western Black Sea Soon, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
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Türkiye to Start Oil-Targeted Drilling in Western Black Sea Soon, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)

Türkiye will soon begin drilling a challenging oil-targeted well in the western Black Sea, Energy Minister Alparslan Bayraktar said ‌on Wednesday.

"We ‌will soon ‌begin ⁠drilling an oil-targeted ⁠well in the western Black Sea. It will be a difficult ⁠drilling operation and will ‌take ‌some time," ‌Bayraktar told broadcaster ‌CNBC-e.

Türkiye has previously said it plans six exploration ‌wells across the western, central and eastern ⁠Black ⁠Sea in 2026 as it seeks new oil and natural gas discoveries.

Business

Epson Makes Riyadh Its Regional Headquarters for Middle East and North Africa

Husam Al Zughayyar, Regional Head of Sales at Epson Middle East (Asharq Al-Awsat) 
Husam Al Zughayyar, Regional Head of Sales at Epson Middle East (Asharq Al-Awsat) 
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Epson Makes Riyadh Its Regional Headquarters for Middle East and North Africa

Husam Al Zughayyar, Regional Head of Sales at Epson Middle East (Asharq Al-Awsat) 
Husam Al Zughayyar, Regional Head of Sales at Epson Middle East (Asharq Al-Awsat) 

Japanese technology company Epson is strengthening its presence in Saudi Arabia and across the Middle East and North Africa with the opening of its regional headquarters in Riyadh, reflecting the Kingdom’s growing importance as a regional business and technology hub.

The headquarters is part of Epson’s strategy to expand its business in Saudi Arabia, where it has operated for more than 15 years, focusing on sectors including education, healthcare and entertainment and offering technology solutions tailored more closely to local market needs.

It will also strengthen links between Epson’s regional operations and its research and development centers in Japan, supporting the development of new solutions in innovation, sustainability and digital transformation.

Husam Al Zughayyar, Regional Head of Sales at Epson Middle East, told Asharq Al-Awsat that selecting Riyadh as the company’s MENA headquarters was part of its Saudi expansion strategy, describing the Kingdom as a strategic market for Epson.

“Establishing the regional headquarters for the Middle East and North Africa in Riyadh reflects the company’s long-term commitment to the Kingdom and its confidence in the potential of its market,” Al Zughayyar said. “Epson has operated in Saudi Arabia for more than 15 years, and the new headquarters represents an important step in expanding this presence and strengthening our operations in the Kingdom and the region.”

He noted that Epson was committed to improving service levels, strengthening ties with its local distribution network, and expanding its presence in the education sector to better serve customers in the Kingdom.

The regional headquarters will serve as a direct link with Epson’s research and data centers in Japan, allowing local insights and requirements to help shape next-generation technologies. The company plans to expand in strategically important sectors such as education, healthcare and entertainment, with solutions tailored to Saudi market needs.

Al Zughayyar highlighted Epson’s long-standing cooperation with Saudi Arabia’s education sector, including its partnership with Tatweer Educational Technologies Company (TETCO), a strategic technology arm of the Ministry of Education.

“We will provide interactive display solutions for schools and universities in the Kingdom, supporting the development of smart classrooms and interactive learning,” he stated, adding that the cooperation aligns with Saudi Vision 2030 objectives for education, digital transformation and technology investment.

Al Zughayyar expressed strong optimism about the Saudi market, citing its size and the rapid economic and technological transformation underway under Vision 2030, alongside growing adoption of digital technologies.

These developments are creating opportunities for technology companies in education, healthcare, financial services, tourism and hospitality, retail and government, he underlined.

Continued investment in digital infrastructure and smart cities, together with improvements in the business environment, is strengthening Saudi Arabia’s position as a regional hub for technology and innovation and its ability to attract international investment.

Epson sees substantial opportunities to offer innovative and sustainable solutions in printing, scanning, visual communications, manufacturing and lifestyle products tailored to evolving customer needs.

The company is also supporting digital transformation and local talent development. Epson launched a graduate program in 2022 to provide young professionals with practical experience and develop their skills, with three graduates subsequently joining its workforce.

Between 2022 and 2024, Epson increased its investment in facilities across the region by 28.6 percent and investment in human resources by 45 percent.

The company plans to expand its partner and channel network in Saudi Arabia, deepen relationships with local customers and partners and establish more direct links with its research and data teams in Japan.