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Saudi Arabia Aspires for Real Estate Role in Attracting Foreign Investments

First edition of the Saudi Real Estate Future Forum (Asharq Al-Awsat)
First edition of the Saudi Real Estate Future Forum (Asharq Al-Awsat)
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Saudi Arabia Aspires for Real Estate Role in Attracting Foreign Investments

First edition of the Saudi Real Estate Future Forum (Asharq Al-Awsat)
First edition of the Saudi Real Estate Future Forum (Asharq Al-Awsat)

The Saudi Real Estate Future Forum keeps pace with the government's tendency to attract foreign companies to invest in the Kingdom's real estate sector, asserted Minister of Municipal, Rural Affairs, and Housing Majid al-Hogail on Monday.

Hogail described the forum as an "opportunity to exchange regional and international experiences and views to benefit from them, as it represents an intellectual platform at the local and international levels."

The second edition of the Real Estate Future Forum is set to be launched on Monday in Riyadh, with over 100 speakers and decision-makers from more than 30 countries representing local and international public and private sectors.

The forum is set to discuss the real estate sector's present and future, according to a practical and scientific concept and method based on dialogue and discussion and exchanging ideas and opinions that boost the industry.

The minister indicated that the success of the work and outputs of the forum in its first edition posed a significant challenge to continue this boom in the future.

The forum represents an excellent opportunity to present the Kingdom's experience and government efforts in developing and sustaining the real estate sector, especially the residential sector, said Hogail.

He also noted that it reflected the ministry's achievements in developing the urban environment and the smart and modern building technologies.

The minister named the private sector a "strategic partner" for the public sector in real estate.

He explained that the partnership is based on creating practical solutions to inject housing products that meet the needs of citizens and contribute to increasing the rate of Saudi families' home ownership to 70 percent in 2030, based on the objectives of Vision 2030.

The forum will address the importance of alternative means of settling real estate disputes instead of resorting to time-consuming means through the judiciary.

Participants in the forum sessions and workshops will discuss real estate disputes, arbitration, and the role of reconciliation mechanisms and centers in providing a fair and attractive environment in the Kingdom characterized by confidentiality, impartiality, speed, and high professionalism.

Saudi Arabia plays a significant role in spreading the culture of alternative means to settle real estate disputes following international norms and standards.

The settlement centers, namely the Reconciliation Center of the Justice Ministry and the Saudi Real Estate Arbitration Center, are legally licensed and characterized by a speedy and impartial settlement of real estate disputes, under complete confidentiality.

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Trump Treasury Pick Bessent Backs Fed Independence, Dollar, Sanctions on Russian Oil

Scott Bessent, US President-elect Donald Trump's nominee to be secretary of treasury, looks on as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, US, January 16, 2025. (Reuters)
Scott Bessent, US President-elect Donald Trump's nominee to be secretary of treasury, looks on as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, US, January 16, 2025. (Reuters)
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Trump Treasury Pick Bessent Backs Fed Independence, Dollar, Sanctions on Russian Oil

Scott Bessent, US President-elect Donald Trump's nominee to be secretary of treasury, looks on as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, US, January 16, 2025. (Reuters)
Scott Bessent, US President-elect Donald Trump's nominee to be secretary of treasury, looks on as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, US, January 16, 2025. (Reuters)

President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent and that he is ready to impose tougher sanctions on Russia's oil sector.

Bessent, testifying at a Senate Finance Committee confirmation hearing, underscored an urgent need to extend Trump's 2017 individual tax cuts, saying that allowing them to expire at the end of this year would unleash a $4 trillion tax hike that could crush the US economy.

"If we do not renew and extend, then we will be facing an economic calamity," Bessent said. "We will see a gigantic middle class tax increase."

Bessent, a hedge fund manager and founder of Key Square Capital Management, voiced support for Trump's plans to impose steep tariffs, saying they would combat unfair trade practices, raise revenues and increase US negotiating leverage, including on non-trade issues.

In prepared remarks he said pro-growth tax, investment, trade and energy policies would usher in a "a new economic golden age" of prosperity.

RUSSIAN OIL SANCTIONS

Bessent said that US sanctions against Russia's oil sector have been too weak, partly because the Biden administration was too concerned about increasing prices at the same time it was constraining US oil output. Increased US oil production would allow for tougher sanctions on Russian oil majors, he said.

"I think if any officials in the Russian Federation are watching this confirmation hearing, they should know that if I'm confirmed, and if President Trump requests as part of his strategy to end the Ukraine war, that I will be 100% on board with taking sanctions up - especially on the Russian oil majors - to levels that would bring the Russian Federation to the table," Bessent said.

He also had harsh words for China, calling it "the most imbalanced, unbalanced economy in the history of the world," one that was trying to export its way out of a "severe recession/depression" and the US could not allow China to flood US or world markets with cheap goods.

NO DRAMA

In a hearing marked by few testy exchanges, Bessent coolly fielded questions ranging from child tax credits to tariff impacts on farmers and did not stray from answers consistent with previous Republican Treasury nominees, but without contradicting Trump's policy plans.

He said that US spending on President Joe Biden's clean energy tax credit was "wildly out of control" and that high deficits in recent years were due to a "spending problem." Asked if a 100% tax credit for business research and development needed to be restored, he said his "inclination" would be to support that.

Democrats chided Bessent for taking advantage of a tax loophole, the legality of which has been disputed by the Internal Revenue Service, to reduce the Medicare taxes paid by his hedge fund by $910,000 over three years.

"This is exactly the kind of abusive scheme that leaves Americans feeling disgusted with our tax system," said Senator Ron Wyden, the panel's top Democrat.

Bessent said that he would set aside funds to pay any taxes owing once the case is decided. He has pledged to shutter Key Square to avoid conflicts of interest if his nomination is confirmed.

FED INDEPENDENCE

Markets were expected to scrutinize Bessent's comments on keeping the Federal Reserve independent for clues as to whether Trump would try to exert control over the US central bank given the president-elect's frequent complaints over Fed interest rate decisions.

But Bessent came down firmly on the side of Fed monetary policy independence, adding that Trump would still make his views known.

"I think on monetary policy decisions, the FOMC should be independent," he said, referring to the Fed's rate-setting panel, the Federal Open Market Committee.

Although some economists have said that Trump's plans to impose tariffs, cut taxes and curb immigration would be inflationary, Bessent disagreed, saying Trump's plans, including increased energy production, would lower inflation to the Fed's 2% target while increasing wages.

Despite Trump's longstanding complaints about a strong dollar hurting US exports, Bessent said: "Critically - critically - we must ensure that the dollar remains the world's reserve currency."

Bessent also rejected the idea of a central bank digital currency for the Fed, saying that the dollar's wide use and security made this unnecessary. He said he was open to the idea of creating a US sovereign wealth fund, but said the US needed to get control over short-term deficit growth first.

HIGH DEBT, LESS CAPACITY

Bessent vowed that there would be no debt default on US Treasury debt under his watch. Asked whether Congress should abandon the federal debt ceiling, Bessent said that if Trump requested that, he would work with Congress to make it happen.

The high debt level means that there is less capacity to borrow heavily to combat a crisis, Bessent said, citing examples of the 1930s Great Depression, World War Two and the recent COVID-19 pandemic.

"Treasury – along with the whole of government and Congress - has used its borrowing capacity to save the union, save the world, and save the American people," Bessent said. "What we currently have now, we would be hard pressed to do the same."