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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)

Economic and architectural experts have described Crown Prince Mohammed bin Salman’s launch of the “Saudi Architecture Characters Map” as a strategic shift, transforming architecture into an economic asset for investment.

In statements to Asharq Al-Awsat, they emphasized that the initiative will enhance Saudi Arabia's competitive edge in the tourism and cultural real estate development sectors.

Additionally, it is expected to boost the sustainability of the tourism economy and stimulate the manufacturing industries, from local stone production to carpentry, traditional carvings, and decorative arts.

The move could also lead to the creation of specialized companies focused on reviving traditional crafts, gradually transforming them into export industries.

Featuring 19 distinct architectural styles inspired by the Kingdom’s diverse geographical and cultural characteristics, the initiative is expected to contribute over 8 billion riyals ($2.13 billion) to the cumulative GDP and create more than 34,000 jobs in engineering, construction, and urban development sectors by 2030.

This move is part of a broader effort to transform and develop Saudi cities.

As Chairman of the Supreme Committee for Saudi Architectural Design Guidelines, the Crown Prince said that Saudi architecture reflects the cultural and geographical diversity of the Kingdom.

“Saudi architecture blends our rich heritage with contemporary design thinking. We are enhancing urban landscapes and quality of life as well as building an architectural framework that balances the past and the present. This model will serve as a global source of inspiration for innovation in architectural design,” he said.

Dr. Mohammed Al-Qahtani, an economics professor at King Faisal University, told Asharq Al-Awsat that the launch of the Map by the Crown Prince is more than just a cultural or architectural announcement.

It represents a move with deep economic implications that redefines the investment and real estate landscape in Saudi Arabia, in line with a developmental vision that transcends traditional urban growth.

He emphasized that “the architectural identity of any country is one of the pillars of soft power, and when this identity becomes a standard for developmental projects, we are witnessing a strategic shift. Architecture becomes an economic asset to be invested in, extending beyond just aesthetic value.”

Al-Qahtani added that the unification of architectural identity means both local and international investors will reassess their plans in light of new requirements that demand higher quality, thereby increasing real estate market value and attracting capital seeking authentic and sustainable projects.

 

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Business

Many in Egypt Struggle as the Costs of a Distant War Drive up Prices in Local Markets

Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
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Many in Egypt Struggle as the Costs of a Distant War Drive up Prices in Local Markets

Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany

Sayyed Ragheb was already struggling to keep his family afloat, earning less than $100 a month. Now he fears it will get even worse after Egypt hiked fuel prices because of the Iran war.

The father of four school-age children works day-to-day in cafes and sometimes in construction. With prices of meat and produce jumping just the past week, he worries about meeting his family’s basic needs, The AP news reported.

“This means a price increase for everything,” said Ragheb, as he served hot drinks at a cafe on a recent evening in Cairo. “This is catastrophic for someone like me.”

Egypt is one of the few countries in the Middle East not directly affected by the war, now in its third week with no sign of abating. It’s not part of the US-Israeli campaign against Iran, and it hasn’t been targeted by Iranian missile and drone fire, like Arab Gulf nations, or by Israeli bombardment, like Lebanon.

But the nation of over 108 million people is feeling the conflict’s repercussions. Soaring energy prices forced the government to implement a steep hike in the prices of subsidized fuel and cooking gas.

That is having a domino effect on the prices of other goods and services in Egypt's struggling economy. Moreover, it comes during the Muslim holy month of Ramadan, when families traditionally hold large dinner gatherings, and ahead of the holiday of Eid al-Fitr, a major shopping season when people buy new clothes, especially for children.

Egypt is vulnerable to fuel price hikes World energy prices have surged since the US and Israel launched the war on Feb. 28. Iran retaliated by attacking oil and gas infrastructure across the Persian Gulf and effectively blocking traffic through the Strait of Hormuz, where a fifth of the world's traded oil passes.

Brent crude, the international benchmark, soared from less than $70 a barrel on Feb. 27 to a peak of nearly $120 early March 9. It was hovering around $104 on Wednesday.

The jump is particularly painful for Egypt because the government dedicates a large part of its already strained budget to subsidizing gasoline, fuel and electricity.

Energy prices aren’t its only vulnerability.

Traffic through the Suez Canal, a major source of government income, had started to recover after two years of attacks on Red Sea shipping by Yemen's Houthis. Now some shipping companies are again routing traffic away from the Middle East because of the latest turmoil, and the government says it expects more losses.

Egypt, home to the ancient pyramids, also earns considerable foreign income from tourism. But arrivals are expected to plunge as travelers steer clear of the region.

If the conflict is prolonged and continues to drive up prices and reduce government revenues, the short-term economic pain could become a broader political and economic crisis, said Alexandra Blackman, an expert in Mideast politics at Cornell University.

“That will be more challenging for the regime to manage and control,” she said.

Egypt's president says the price hikes were ‘inevitable’ On March 10, the government announced a 15% hike in the price of gasoline, a 22% hike in cooking gas and a 17% hike in diesel, widely used in commercial and public transport.

President Abdel-Fattah el-Sissi acknowledged the pressure on people but said the increases are “inevitable” and “the least expensive” option to protect the economy.

“The requirements of the reality sometimes necessitate taking difficult measures ... to avert harsher options and more serious consequences,” he said over the weekend at an Iftar event, breaking the daily sunrise-to-sunset Ramadan fast.

He said Egypt’s consumption of oil products costs $20 billion annually, including fuel used to operate power plants.

The government imports 28% of its gasoline needs and 45% of its diesel needs, which puts pressure on the budget, said Petroleum Minister Karim Badawy.

The government announced a series of measures aimed at mitigating the impact, including reducing official overseas trips and tightening fuel consumption across the public sector. It also announced salary increases starting in July.

Egypt’s poor and middle class have already seen their purchasing power shrink over the past decade under government austerity measures. The measures included the slashing of subsidies and devaluation of Egypt’s currency as part of an ambitious reform program in 2016.

Inflation jumped from 10% in January to 11.5% in February of this year, according to official figures. The price increases are rippling across the economy in a country where a third of the population is below the poverty line, according to government statistics.

Since the new fuel prices took effect, the cost of meat has jumped 25% and fruit and vegetables rose 15-30%, according to merchants at three markets in Cairo.

Hussein Rashad, a grocer in a poorer district, said customers have become more selective, and most have reduced the amount of vegetables they buy. Some have stopped buying fruit altogether, he said.

“Many things have become out of their reach,” he said.

Ragheb, the cafe worker, said his family has tightened its budget, including resorting to the cheapest food staples. He won't be buying new clothes for his children for the upcoming Eid.

“One has no other option,” he said.

Business

Gold Falls 2% as Inflation Fears Bolster Hawkish Fed Bets

Gold bars after being inspected and polished at a refinery in Sydney (AFP)
Gold bars after being inspected and polished at a refinery in Sydney (AFP)
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Gold Falls 2% as Inflation Fears Bolster Hawkish Fed Bets

Gold bars after being inspected and polished at a refinery in Sydney (AFP)
Gold bars after being inspected and polished at a refinery in Sydney (AFP)

Gold prices fell to a one-month low on Wednesday as investors weighed the risk of a more hawkish US Federal Reserve policy stance, with high oil prices fuelling concerns about inflation.

Spot gold fell 2% to $4,903.19 per ounce as of 1216 GMT, its lowest level since February 18. US gold futures for April delivery also dropped 2% to $4,907.40, according to Reuters.

"Investors are worried about rates staying 'higher-for-longer' due to elevated energy prices ... the longer the Iran conflict goes on, the more likely that scenario," said Jamie Dutta, market analyst at Nemo.money.

While gold is viewed as a hedge against inflation and uncertainty, high interest rates curb its appeal by raising the cost of holding bullion and boosting returns on yield-bearing assets.
The Middle East conflict, in its third week, saw Iran target Tel Aviv with missiles in retaliation for Israel's assassination of its security chief, Ali Larijani, Iranian state television reported on Wednesday.

Benchmark Brent futures prices have been above $100 per barrel for the past four sessions.

Meanwhile, the Fed is widely expected to hold rates steady later in the day.

Investors will parse Fed Chair Jerome Powell's remarks to assess the central bank's policy view for the rest of 2026, with futures markets seeing only one quarter-percentage-point rate cut this year, in September, and another cut in late 2027.

"Long-term drivers like central bank buying, stagflation risks and diversification demand remain. That should mean higher (gold) prices by end of 2026," Dutta said.

Spot silver fell 1.2% to $78.29 per ounce, spot platinum was down 2.9% at $2,063.69, and palladium lost 2.6% to $1,560.50.

Business

UAE Bank Stocks Jump after Central Bank Launches Resilience Package

A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
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UAE Bank Stocks Jump after Central Bank Launches Resilience Package

A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana

The United Arab Emirates central bank (CBUAE) on Tuesday unveiled a package to help bolster banks' liquidity, marking its most significant policy move since the pandemic, as Gulf economies move to weather the impact of the Iran crisis.

UAE banks, whose stocks have seen double-digit losses since the war began last month, jumped on Wednesday morning, with Dubai's Emirates NBD and Abu Dhabi Islamic Bank gaining over 6%, and Abu Dhabi Commercial Bank up over 5%.

First Abu Dhabi Bank was losing around 1% by 0825 GMT.

The war, now in its third week and without tan end in sight, has thrown global energy markets and transport into chaos as the conflict has spread.

The UAE's financial system "has demonstrated resilience during the current extraordinary circumstances affecting the global and regional markets without any material impact on the banking sector's health and payment systems," the CBUAE board said in a statement.

Under the package approved on Tuesday, banks will gain enhanced access to ⁠reserve balances of up to 30% of the cash reserve requirement and term liquidity facilities in both UAE dirhams and US dollars, the CBUAE said.

Other measures include stopgap relief in liquidity and stable funding ratios as well as the temporary release of the countercyclical capital buffer (CCyB) and capital conservation buffer (CCB), it said.

While the measures introduced on Tuesday are larger than a similar package introduced to withstand the impact of the COVID-19 pandemic, "asset quality pressures could still emerge should the conflict persist and its economic effects deepen," the bank said.

Gulf banks could face domestic deposit outflows of $307 billion if the Middle East conflict deepens, S&P Global Ratings said in a report on Monday. The ratings agency said, however, that it had seen no evidence of major outflows of foreign or local funding from banks.

The CBUAE said in Tuesday's statement that the overall stock of liquidity held by UAE banks at the regulator, combined with their net eligible assets for central bank operations, had reached close to $250 billion, of which banks' reserve balances exceed $109 billion.