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Saudi Arabia Plans to Unveil Over 500,000 New Homes by 2030

Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
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Saudi Arabia Plans to Unveil Over 500,000 New Homes by 2030

Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)
Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail speaks at the Real Estate Future Forum 2024. (Asharq Al-Awsat)

Saudi Arabia plans to introduce more than half a million new housing units by 2030, following recent legal changes that restructured the real estate sector. Over 15 supportive laws were enacted in the past five years to boost transparency and improve the investment climate.

Majid Al-Hogail, the Minister of Municipal and Rural Affairs and Housing, shared this information at the opening of the third edition of the Real Estate Future Forum in Riyadh on Monday.

The event brings together representatives from over 85 countries, including 300 speakers from the public and private sectors, along with experts in economics and investment.

Al-Hogail highlighted the substantial role of banks and financial institutions, providing over SAR 650 billion ($173 billion) in real estate loans. State-supported loans reached around 750,000 contracts.

Since the launch of the housing program in 2018, the ministry has actively increased the real estate supply by offering over 450,000 residential units and plots of land.

“We aim to continue this effort in collaboration with leading real estate development companies, reaching around one million housing units by 2030,” stated Al-Hogail, citing companies like the National Housing Company and ROSHN.

The real estate sector contributes 12.2% to the non-oil GDP, while the construction and building sector contributes 11.3% as of Q3 2023.

Al-Hogail emphasized the sector’s significance, linking it to over 120 economic industries, making the real estate market an attractive investment and growth hub that can sustain prosperity.

Investment opportunities

Saudi Arabia’s real estate sector is increasingly appealing to both local and global investors, stressed Al-Hogail.

He noted the signing of agreements, including a significant deal with China worth over SAR 5 billion ($1.3 billion).

The minister also confirmed that more international partnerships are in the pipeline.

Real estate transformation

The forum featured a panel discussion on leadership in the transformation of the real estate industry.

Participants included Al-Hogail, Minister of Human Resources and Social Development Ahmed Al-Rajhi, Minister of Tourism Ahmed Al-Khateeb, Minister of Justice Walid Al-Samaani, and Chairman of the Capital Market Authority Mohammed bin Abdullah El-Kuwaiz.

Al-Rajhi highlighted a record increase in Saudis working in the private sector, rising from 1.7 million in 2019 to 2.3 million last year. Saudization efforts successfully brought in 361,000 new workers.

“We didn't have specific Saudization plans for professions and real estate activities. The number of Saudis in the sector was just 12,000,” Al-Rajhi remarked.

He noted a 200% increase in citizen employment across various professions like brokerage, sustainable construction, and arbitration.

On his part, Al-Khateeb shared that the tourism sector contributed 4.5% to the GDP last year, up from 3% in 2019.

He announced the arrival of five “Four Seasons” hotels in Saudi in the next three years, along with significant global resorts.

The Tourism Development Fund supported projects worth about SAR 25 billion riyals ($6.6 billion) for housing and entertainment, and more incentives will be revealed soon.

The minister emphasized Saudi Arabia’s appeal to tourists. The Kingdom is aiming to attract 150 million visitors by 2030 and for tourism to contribute SAR 750 billion ($200 billion) to the national economy.

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Business

US Refiners Can Still Absorb More Venezuelan Oil, Energy Secretary Wright Says

US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
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US Refiners Can Still Absorb More Venezuelan Oil, Energy Secretary Wright Says

US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)

US refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said on Friday, as the South American country's output bounces following the US capture of President Nicolas Maduro in January and facilities on the Gulf Coast make adjustments to process higher volumes of heavy oil.

Venezuela is sending about half of its total exports of 1.25 million barrels a day to the US, with the remaining volumes going mainly to India and Europe, according to figures based on tanker monitoring. Wright said the exports are expected to increase in the coming months.

The country's oil ministry forecast crude output of 1.37 million bpd by year-end, which ‌would imply a ‌22% increase from the 1.12 million bpd produced in late 2025.

"It ‌takes ⁠time because you ⁠buy your crude mixes by month from slates. It's a blend from everywhere. So you don't just flip on a switch, but you'll see more and more Venezuelan crude demanded by US refineries," Wright said at an event in Port Houston, Texas.

US oil output also is expected to continue rising, with production of shale oil and gas growing modestly and stronger crude growth off the US Gulf Coast and in Alaska, according to Wright.

US crude production increased 3% last year, setting a new annual record of 13.6 million ⁠bpd. The country has become the world's largest exporter of oil and ‌fuel, sending out 10.5 million bpd.

STRAIT OF HORMUZ FLOWS

Earlier in ‌the day, Wright said 7 million bpd of oil were getting out of the Gulf with ‌US military help. Flows through the Strait of Hormuz have been largely choked off since the US-Israeli ‌war on Iran began in late February.

Asked about those comments, Wright said Iran is not currently exporting any oil or products and that the US is stepping up to fill the oil export void amid the Middle East conflict.

The International Energy Agency had estimated that Gulf supply was down by 14 million bpd, around ‌14% of world supply. But the figure could be closer to 5 million to 6 million bpd as producers find ways to keep cargoes ⁠moving.

Some 136 million barrels ⁠of non-Iranian crude moved through the Strait of Hormuz and the Gulf of Oman between early April and June 10, or about 1.9 million bpd, shipping data firm Kpler estimates.

"We have had days where we've exported well above the number I gave," Wright said when asked about the 7 million bpd passing through. "If you look at our trend right now, we'll be past replacing more than half of the lost oil."

Flows passing through Hormuz are coming from all oil exporters in the Arabian Gulf except Iran, Wright said.

Asked about gasoline prices in the US, which have climbed since the start of the Middle East conflict, Wright said President Donald Trump has been a champion of low energy prices.

"He has not changed that desire for low energy prices across the board, but he was simply unwilling to kick a 47-year conflict and a nuclear-armed Iran down to the next administration," Wright said, adding that allowing Iran to obtain nuclear weapons would lead to "massively higher" energy prices in future.

Business

Saudi Industry Minister Discusses Mining Investment Opportunities with Kazakh Companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
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Saudi Industry Minister Discusses Mining Investment Opportunities with Kazakh Companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies, in the presence of Vice Minister for Mining Affairs Eng. Khalid Almudaifer, the Saudi Press Agency reported.

Discussions focused on opportunities for cooperation in the mining sector, particularly in strategic minerals and rare earth elements. The talks also covered mineral exploration, geological surveying, and sustainable mining.

Participants included representatives of Tau-Ken Samruk National Mining Company, KAZ Minerals, and Kazatomprom.

The meetings are part of the Kingdom’s efforts to strengthen international partnerships and attract high-quality investments in the mining and minerals sector, in line with the goals of Saudi Vision 2030.

Business

SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
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SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration

Asset managers eager to roll out leveraged exchange-traded funds tied to SpaceX on its first trading day have been told to delay the launch until Monday, four sources familiar with the matter said.

The setback denies speculators and traders a chance to capture what many expect could be a strong first-day pop in the shares of the blockbuster IPO, while managers will have to wait for the influx of capital into their products, Reuters said.

"We had really wanted to be out on Friday," said Matt Markiewicz, head ‌of product and ‌capital markets at Tradr ETFs, declining to comment on the ‌delay. ⁠The firm's 2x ⁠long and 2x short ETFs will now debut Monday on Cboe Global Markets .

"There is a lot at stake; these products could end up holding a total of more than $10 billion" in assets, Markiewicz added.

Asset managers seeking SEC approval to launch the ETFs had hoped to trade in lockstep with SpaceX's market debut, several of the issuers said.

Instead, exchanges told them on Wednesday the listings would need to be pushed to the first trading day following ⁠the IPO, according to four sources. The exchanges cited SEC concerns ‌that coupling the ETF launches with leveraged products could complicate ‌the SpaceX debut, three sources said.

The SEC did not respond to requests for comment. ‌A spokesman for the Nasdaq Stock Market, which will be home to the SpaceX IPO ‌as well as some of the ETFs, declined comment. Cboe Global Markets and the New York Stock Exchange could not immediately be reached for comment.

While there is no precedent for leveraged funds - introduced in the US less than four years ago and surging in number over the past ‌12 months - to launch alongside an underlying stock, asset managers had hoped to gain an edge in what analysts say could be ⁠a multibillion-dollar race ⁠for assets in the first weeks of trading.

"There are billions at stake in the first few weeks alone," said Todd Sohn, an ETF analyst at Strategas.

Major players in the leveraged stock arena, including Direxion, GraniteShares, ProShares and Defiance, plan to roll out 2x leveraged long ETFs as soon as they are permitted to do so, according to their filings and advertisements on investment forums and social media sites.

"Investors will have multiple options; they will be able to get SpaceX exposure because of early entry on the part of passive index providers, or through the stock itself, or through the leveraged (ETF) ecosystem, which adds up to a pretty robust mechanism for price discovery," said Simeon Hyman, global investment strategist at ProShares.

He said his firm had no plans to launch early and was comfortable waiting until Monday. "The intent of everybody is to have this (IPO) work smoothly."