Saudi Arabia Launches Real Estate Registry, Indicators Platforms

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
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Saudi Arabia Launches Real Estate Registry, Indicators Platforms

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail launched on Monday the Real Estate Registry platform and the Real Estate Indicators platform on the sidelines of the Saudi Proptech Summit.

Proptech Summit is the first conference specialized in real estate technologies aiming to digitize the sector to achieve Vision 2030 goals.

The event, which kicked off on Monday, will encompass a comprehensive review of the key technical advancements in the real estate sector, sharing beneficiaries' experiences, and engaging in discussion sessions and workshops with over 25 speakers representing 20 countries.

The summit will be complemented by a real estate technical exhibition featuring the involvement of local and international real estate and technical companies and platforms.

Speaking at the inauguration, Hogail stressed the importance of real estate technology and its role in developing the sector's future to reach a prosperous economy by providing an appropriate environment for growth, creating job opportunities, developing investments, and seizing great potential in the Kingdom.

The minister pointed out that real estate technologies support the culture of innovation, provide distinctive opportunities for the sector's growth, and help attract the best international expertise to be a platform that supports real estate technology.

He stressed that the launch of Proptech benefits from the promising potential of real estate empowers the private sector, and contributes to the development of projects and infrastructure.

The Real Estate General Authority enables real estate technology projects through legislation and regulations to open new markets that contribute to diversifying the income locals of the local economy and supporting the non-oil domestic product.

Digital transformation

CEO of the Real Estate General Authority, Abdullah al-Hammad, confirmed that real estate technologies are among the capabilities to boost real estate efficiency and effectiveness, enhancing its role in diversifying sources of income and maximizing the benefits from digital transformation in various fields.

Hammad noted that mega Saudi real estate projects, which are constantly being announced, prove real estate technology is the future, which ensures the application of sustainability standards and enhances the quality of life.

Data bank

CEO of Real Estate Registry Mohammad al-Sulaiman confirmed that launching the platform aims to attract investments by enhancing user experience with qualitative and accurate information.

Sulaiman told Asharq Al-Awsat that the Real Estate Registry platform is expected to cover Riyadh city in 2024 and will gradually include all regions.

The commercial registry platform covers all relevant services that include changing ownership and selling and real estate management services such as sorting and merging.

Sulaiman explained that the registry also covers rights management services such as mortgage, endowment, and management services for correcting data.

The platform provides quick and effective access to the primary information related to real estate and transactions through a digital data bank, enabling investors and owners to complete real estate transactions in a safe and reliable environment.



Honda and Nissan Start Merger Talks in Historic Pivot

Makoto Uchida, Director, Representative Executive Officer, President and CEO of Nissan Motor Corporation, Toshihiro Mibe, Director, President and Representative Executive Officer of Honda and Takao Kato, Director, Representative Executive Officer, President & CEO of Mitsubishi Motors, attend a joint press conference on their merger talks, in Tokyo, Japan, December 23, 2024. REUTERS/Kim Kyung-Hoon
Makoto Uchida, Director, Representative Executive Officer, President and CEO of Nissan Motor Corporation, Toshihiro Mibe, Director, President and Representative Executive Officer of Honda and Takao Kato, Director, Representative Executive Officer, President & CEO of Mitsubishi Motors, attend a joint press conference on their merger talks, in Tokyo, Japan, December 23, 2024. REUTERS/Kim Kyung-Hoon
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Honda and Nissan Start Merger Talks in Historic Pivot

Makoto Uchida, Director, Representative Executive Officer, President and CEO of Nissan Motor Corporation, Toshihiro Mibe, Director, President and Representative Executive Officer of Honda and Takao Kato, Director, Representative Executive Officer, President & CEO of Mitsubishi Motors, attend a joint press conference on their merger talks, in Tokyo, Japan, December 23, 2024. REUTERS/Kim Kyung-Hoon
Makoto Uchida, Director, Representative Executive Officer, President and CEO of Nissan Motor Corporation, Toshihiro Mibe, Director, President and Representative Executive Officer of Honda and Takao Kato, Director, Representative Executive Officer, President & CEO of Mitsubishi Motors, attend a joint press conference on their merger talks, in Tokyo, Japan, December 23, 2024. REUTERS/Kim Kyung-Hoon

Honda and Nissan have started talks toward a potential merger, they said on Monday, a historic pivot for Japan's auto industry that underlines the threat Chinese EV makers now pose to some of the world's best known car makers, Reuters said.
The integration would create the world's third-largest auto group by vehicle sales after Toyota and Volkswagen. It would also give the two companies scale and a chance to share resources in the face of intense competition from Tesla and more nimble Chinese rivals, such as BYD.
The merger of the two storied Japanese brands - Honda is Japan's second-largest automaker and Nissan its no. 3 - would mark the biggest reshaping in the global auto industry since Fiat Chrysler Automobiles and PSA merged in 2021 to create Stellantis in a $52 billion deal.
Smaller Mitsubishi Motors, in which Nissan is top shareholder, was also considering joining, the companies said. The chief executives of all three companies held a joint press conference in Tokyo.
"The rise of Chinese automakers and new players has changed the car industry quite a lot," Honda CEO Toshihiro Mibe told the press conference.
"We have to build up capabilities to fight with them by 2030, otherwise we'll be beaten," he said.
The two companies would aim for combined sales of 30 trillion yen ($191 billion) and operating profit of more than 3 trillion yen through the potential merger, they said.
They aimed to wrap up talks around June 2025 and then set up a holding company by August 2026, at which time both companies' shares would be delisted.
Honda has a market capitalisation of more than $40 billion, while Nissan is valued at about $10 billion.
Honda will appoint the majority of the holding company's board, it said.
Combining with Mitsubishi Motors would take the Japanese group's global sales to more than 8 million cars. The current No. 3 group is South Korea's Hyundai and Kia .
Honda and Nissan have been exploring ways to bolster their partnership, including a merger, Reuters reported last week.
The two companies said in March they were considering cooperation on electrification and software development. They agreed to conduct joint research and widened the collaboration to Mitsubishi Motors in August.
Last month, Nissan announced a plan to cut 9,000 jobs and 20% of its global production capacity after sales plunged in the key China and U.S. markets. Honda also reported worse-than-expected earnings due to declining sales in China.
Like other foreign carmakers, Honda and Nissan have lost ground in the world's biggest market China to BYD and other local brands that make electric and hybrid cars loaded with innovative software.
In a separate online press conference with the Foreign Correspondents Club of Japan on Monday, former Nissan chairman Carlos Ghosn said he did not believe the Honda-Nissan alliance would be successful, saying the two automakers were not complementary.
Ghosn is wanted as a fugitive in Japan for jumping bail and fleeing to Lebanon. His 2018 arrest for financial wrongdoing pitched Nissan into a crisis.
French automaker Renault, Nissan's largest shareholder, is open in principle to a deal and would examine all the implications of a tie-up, sources have said.
Taiwan's Foxconn, seeking to expand its nascent EV contract manufacturing business, approached Nissan about a bid but the Japanese company rejected it, sources have told Reuters.
Foxconn decided to pause the approach after it sent a delegation to meet with Renault in France, Bloomberg News reported on Friday.
Shares in Honda ended the day up 3.8%, Nissan rose 1.6% and Mitsubishi Motors gained 5.3% after the news reports on the details of the planned merger, while the benchmark Nikkei closed up 1.2%.