Saudi Housing Program Contributes $31.7 Bln to the GDP

Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
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Saudi Housing Program Contributes $31.7 Bln to the GDP

Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)
Saudi Minister of Housing Majid Al-Hogail addresses the conference. (Asharq Al-Awsat)

Saudi Minister of Housing Majid Al-Hogail stressed the importance of the housing sector to Saudi Arabia’s gross domestic product.

 

The Saudi housing program contributed $31.7 billion to the GDP, he said, while real estate financing exceeded $194 million in the first quarter of 2023.

 

Al-Hogail’s remarks came during his participation in the fourth edition of the Saudi Housing Finance Conference, which is hosted by Euromoney Conferences in Riyadh.

 

Held in partnership with and co-hosted by the Housing Program, Real Estate Development Fund (REDF), General Authority for Real Estate (REGA) and Saudi Real Estate Refinance Company (SRC), the theme of this year’s conference is “Meeting the challenges of scale”.

 

The minister stated that the sector contributed to providing 227,000 job opportunities in the first quarter of 2023, noting that the ministry relied in its projects on modern environmentally friendly technology, social coexistence, humanization, and designs that suit the Kingdom’s environment.

 

Al-Hogail added: “The housing market continues to play a defining role in the Kingdom’s growth and development. That we have made such significant strides as a nation over the last few years owes a great deal to the contributions of our housing sector to the national economy.”

 

Meanwhile, statistics at the conference showed that the total subsidized real estate financing contracts during the past 6 years exceeded 724,000, with a total value of 429 billion riyals ($114.4 billion).

 

Mansour bin Madi, CEO of the Real Estate Development Fund, said: “The pioneering role of the real estate fund contributed to creating a real estate financing market that enhanced the opportunities... and enabled partners and financing agencies to devise programs that support the goals of the fund.”

 

More than 500 participants discussed during the conference the latest developments in the Kingdom’s transition to an effective and innovative housing market.

 

Talks also centered on lessons learnt from international markets, the importance of financial and capital markets, the new regulatory landscape, mega projects, liquidity, higher interest rates and educating the investor base.

 



Apple Expands its Presence in Saudi Arabia with Launch of Arabic Online Store  

A concept image of the Apple Store. (Asharq Al-Awsat)
A concept image of the Apple Store. (Asharq Al-Awsat)
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Apple Expands its Presence in Saudi Arabia with Launch of Arabic Online Store  

A concept image of the Apple Store. (Asharq Al-Awsat)
A concept image of the Apple Store. (Asharq Al-Awsat)

Apple has officially launched its online store in Arabic for customers in Saudi Arabia, marking a significant step in the company’s expansion strategy for the region. The move also aligns with its plans to open a physical retail store in the Kingdom as part of a broader effort to deepen its regional presence.

According to Deirdre O’Brien, Senior Vice President of Retail and People at Apple, this step reflects the company’s growing commitment to Saudi Arabia and its rapidly expanding customer base.

The Arabic-language store is now accessible through Apple’s website and via the Apple Store app on smart devices.

In an interview with Asharq Al-Awsat, O’Brien expressed strong enthusiasm about bringing the Apple retail experience to Saudi Arabia. She emphasized the company’s longstanding presence in the Kingdom and noted that Saudi customers are deeply passionate about Apple products. This launch, she said, will help strengthen Apple’s direct relationship with communities across the country.

She also explained that both the online store and the upcoming physical location are part of Apple’s broader strategy in the Middle East. The company already operates several retail locations in the United Arab Emirates and continues to see strong demand for its products across the Gulf.

Investing in local economy

When asked about Apple’s investment in the Saudi economy, O’Brien pointed to initiatives such as the Apple Developer Academy, which is focused on nurturing and empowering local talent.

She described the company’s investment as one that aims to inspire individuals and support creativity. By combining Apple’s technology with passionate communities, she said, remarkable things can be achieved.

Apple has tailored the online store to meet the specific needs of Saudi customers. Features include live chat with Apple specialists in Arabic, customizable product options for devices like Mac and Apple Watch, and the ability to engrave AirPods and other accessories in Arabic or with emojis.

O’Brien highlighted the importance of making the full Apple experience accessible to customers in Saudi Arabia both online and in-store. She also noted that Apple offers device trade-in programs to accommodate users from different segments.

With e-commerce on the rise in Saudi Arabia, Apple is aiming to deliver a seamless shopping journey that blends both digital and physical experiences. O’Brien stated that Apple’s retail model has been designed to reflect modern shopping behavior, where customers move easily between online and in-store interactions. Whether a purchase begins online and ends in a store, or vice versa, Apple aims to provide consistent, high-quality support throughout.

Landmark store in Riyadh

Apple’s first physical store in Saudi Arabia is set to open in Diriyah, a UNESCO World Heritage site and a prominent cultural destination in Riyadh.

O’Brien described Diriyah as a unique and special location. She said Apple is committed to ensuring each of its stores reflects the local identity and culture, and that the new store in Saudi Arabia will be no exception.

She encouraged local customers to visit once the store opens, expressing confidence that the experience will be both unique and memorable.

Retail services

Apple is continuing to strengthen its presence in Saudi Arabia by focusing on innovation, engaging more closely with the local community, and delivering a retail experience designed to support and serve users throughout the Kingdom.

The new Arabic online store allows Saudi customers to browse and purchase Apple’s full product lineup. The experience is personalized, offering product recommendations based on the customer’s current devices. Customers can also compare models, access saved items, and track orders directly through the app.

For the first time, Apple is offering free consultations in Arabic and English through the Saudi store website. These sessions allow users to personalize products like AirPods, Apple Pencil, and AirTag with Arabic or English text and numbers, enhancing the individuality of each device.

Apple’s retail offering also includes pre-purchase support through chat and phone to help users find the best product for their needs. Post-purchase, the company provides services like personalized setup, secure data transfer for those switching to iOS, and eSIM activation.

As part of its long-term strategy, Apple has announced plans to open its first flagship retail store in Saudi Arabia by 2026. This store will be the first in a broader rollout of retail locations across the Kingdom.