KING ABDULLAH ECONOMIC CITY: Fahd Al-Rasheed, chief executive of King Abdullah Economic City (KAEC), believes that the Saudi business community is in for a challenging time.
But he said it has no alternative but to adapt to the transformation underway in the Kingdom’s economy and society.
Speaking at the opening plenary session of the Top CEO Conference in KAEC, Al-Rasheed told delegates: “The next three or four years will be challenging for all of us but there is only one way.”
He added: “We will have to change and adapt to the two big shifts that have taken place: the change that has overtaken the oil economy as a result of the decline in energy prices; and the economic restructuring and transformation that is taking place.
“No government in the world has successfully attempted such an ambitious thing. I know some people are in despair, and are hoping that the government will change its mind, or that the oil price will recover. But the Vision 2030 strategy is the blueprint for the next 15 years,” he added.
Al-Rasheed, who since 2007 has led the KAEC development in partnership with the Dubai real estate giant Emaar Properties, gave a realistic assessment of the impact the transformation would have on many businesses in Saudi Arabia as the government pushes through the National Transformation Program 2020 to reduce dependence on oil and increase the contribution of the private sector in what he called “Saudi Inc.”
“As subsidies are reduced, your costs will increase, for labour, electricity and land. All will be changed. And small to medium enterprises (SMEs) will be challenged too. But infrastructure investment and privatization will produce growth across the entire economy.
Privatization has increased growth in most countries where it has been introduced, especially in certain sectors, like telecoms and airlines.”
He said that KAEC was “proof of concept” that the formula would work. “We have come through two crises, in 2008 and in 2014. Now our port is among the top 100 in the world, the industrial zone is expanding, and foreign businesses are coming to KAEC.”
He added: “I think Vision 2030 is going to be hard to implement, both for the government side and for the private sector. But it unifies economic development in Saudi Arabia, and it also inspires. It is not just a government job to see it through, but for all of us,” he added.
A panel on the subject of “challenges of slow growth” heard from Dr. Irene Mia, global editorial director for thought leadership at The Economist group, that the economy was expected to grow at 2.4 percent this year, based on an assumed oil price of $58 per barrel.
Dr. Lama Al-Sulaiman, vice chair of the Jeddah Chamber of Commerce, said that lower growth would have an impact on all of the Saudi economy, but that SMEs would face a big challenge.
Dr. Fahad Al-Turki, chief economist at Jadwa Investment, said the transformation program was designed to protect Saudi financial reserves, and the exchange rate of the dollar-pegged currency regime of the country.
Saudi businesses face ‘challenging’ few years
Saudi businesses face ‘challenging’ few years
Real Estate Registry signs 10 agreements at forum in Riyadh
RIYADH: The Real Estate Registry concluded its participation in the Real Estate Future 2026, as a partner of the forum, with a distinguished presence that included the launch of its business portal, the signing of 10 agreements and memoranda of understanding with entities from the public and private sectors, the organization of specialized workshops, and the awarding of the Gold Award at the Real Estate Excellence Awards.
During his participation in the forum, the CEO of the firm, Mohammed Al-Sulaiman, reviewed the latest developments in real estate registration in the Kingdom in a keynote speech, highlighting the pivotal role of the Real Estate Registry in building a unified and reliable system for data. He also announced the launch of the national blockchain infrastructure, which aims to enable the microcoding of real estate assets, enhance transparency, expand investment opportunities, and support innovative ownership models within a reliable regulatory framework.
On the sidelines of the forum, Al-Sulaiman met with Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa. During the meeting, they discussed areas of joint cooperation, exchanged experiences and advice on shaping the future of the real estate sector, and reviewed best practices in implementing real estate registration systems that enhance reliability and improve the efficiency of property registration.
efficiency of property registration systems.
The Real Estate Registry’s participation included organizing three specialized workshops that focused on the role of geospatial technologies in identifying ownership, enhancing transparency, and improving the quality of real estate data.
The workshop “Empowering the Real Estate Registry for the Business Sector” reviewed digital solutions that enable the business sector to manage its real estate assets more efficiently and enhance governance and technical integration. The workshop “From Off-Plan Sales to Title Deed” focused on the journey of documenting real estate ownership and the role of the registry in linking the stages of development and documentation within an integrated digital system.
On the sidelines of the forum, the Real Estate Registry signed 10 agreements and memorandums of understanding, including a deal with Yasmina Information Technology Co. to utilize real estate data in developing smarter insurance solutions that support the real estate sector and enhance service reliability.
Partnerships were also signed with Haseel, NewTech, and Sahl, as well as HissaTech and Droub, to develop innovative digital solutions in property ownership, fractional ownership, and asset tokenization, as well as real estate finance and investment within a trusted regulatory framework.
Further collaborations included an MoU with ROSHN Group, an agreement with the Saudi Water Authority to enable data integration and quality enhancement, an agreement with the Saudi National Bank, and a partnership with Saudi Post to link the national address with the property registry as a unified geospatial identifier supporting data accuracy and integration.
The registry’s participation was crowned with the Golden Award at the Real Estate Excellence Awards in the category of Excellence in Property Documentation, in recognition of its role in building a model based on transparency, accuracy, and speed, as well as advanced digital technologies and specialized legal expertise, contributing to rights protection and increasing the sector’s attractiveness.
The Real Estate Registry emphasized that its participation reflects its continued role as a key enabler of the real estate sector, a trusted data source, and an active partner in driving digital transformation, enhancing market efficiency, and building investor and financier confidence, in line with Saudi Arabia’s Vision 2030 objectives for a fully integrated and sustainable digital real estate ecosystem.
