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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)

Saudi Arabia unveiled investment projects worth more than SAR 68.7 billion ($18.3 billion) during the Cityscape Global exhibition, the largest real estate platform, which brought together more than 350 companies from 21 countries around the world to conclude major investment deals.

Speaking during the exhibition’s launch on Sunday, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail, said that the Kingdom has witnessed rapid urban growth that has surpassed the whole world.

He added that the coming years will see an expansion in the construction of residential suburbs throughout the Kingdom, with the participation of international real estate developers, amid an encouraging legislative environment that stimulates investments.

“We will together work on developing the housing sector in light of a legislative environment that stimulates investment and various financing options that have contributed to the highest ever percentage of real estate loans in the non-oil gross domestic product,” he stated.

The minister added that Cityscape Global will witness the launch of quality projects and the signing of many agreements to activate promising partnerships. He also noted that in light of the current and future project volumes, the focus will be on quality, shortening the time required to deliver units, and relying on modern construction methods.

For his part, Executive Vice President of Cityscape Global, Chris Speller, said that the current edition hosted by Riyadh was the largest in the history of the exhibition.

In turn, the CEO of Saudi NEOM, Nadhmi Al-Nasr, confirmed that the giant development embodied the vision of the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, for the new future of man and humanity.

Cityscape Global, held under the theme “The Future of Living,” will feature free seminars at the NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

The event will review real estate ideas and experiences in the fields of architecture, designs, and city planning. Participants will also discuss the best international practices in future development and construction techniques, in addition to shedding light on the real estate legislation system.

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Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”

Business

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
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Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.