Finance options enhance investment in Saudi real estate sector, say experts at Riyadh forum

Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing delivers a speech at the opening of the 2nd edition of Future of Real Estate Forum in Riyadh on Monday. (SPA)
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Updated 25 January 2023
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Finance options enhance investment in Saudi real estate sector, say experts at Riyadh forum

  • Specialists in Saudi housing at the three-day event underlined the necessity of investing in the sector through various financing alternatives, based on the capabilities and demands of customers

RIYADH: The second Real Estate Future Forum concluded in Riyadh on Wednesday following the participation of 30 states and 100 speakers representing public and private sectors, along with leading economics experts, investors, and decision-makers, both local and global.

Specialists in Saudi housing at the three-day event underlined the necessity of investing in the sector through various financing alternatives, based on the capabilities and demands of customers. 

Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said that in-kind registration was one of the main priorities of the real estate sector’s comprehensive strategy, adding: “It is directly linked to the reliability and investment attractiveness of the real estate sector.”

He noted that 2022 had witnessed radical developments and major transformations “as well as the launch of a single entity in charge of registration of property, which is the General Real Estate Authority, in addition to issuing the law of property registration and its implementing regulations.”

The forum addressed several themes, such as the role of the emirates, governorates, ministries and secretariats in aligning to empower the real estate sector, and regional efforts and their impact on the growth of the sector.

The forum also focused on the future of real estate investment, and regulations.

Mansour bin Madi, CEO of the Real Estate Development Fund, said that the individual real estate finance market grew significantly, reaching SR674 billion ($179.5 billion) from January to November 2022, up nearly 130 percent from SR287 billion in 2017.

This reflected the success of the housing plan, one of the Kingdom’s Vision 2030 programs.

Bin Madi added that the Real Estate Development Fund’s initiatives are supported by “best global standards” digital governance, citing the execution of more than 10 million digital operations through 43 e-services, as well as the fund’s programs and services with more than 103 e-services.

He noted that the private sector’s role in providing finance and land support to citizens had become more effective, citing the sustainability of the finance market and support programs as a result of the signing of more than 150 strategic agreements with the private sector, which contributed to providing solutions.

Noffel Al-Salama, CEO of the Housing Program, explained that the scheme had various problems and needed “a major overhaul of its system, whether related to the provision of real estate supply or essentially financial alternatives.”

According to Al-Salama, the housing sector accounts for more than 60 percent of the real estate industry and requires development in terms of developer empowerment, reorganization, and law to deliver the housing units demanded by citizens.

Al-Salama indicated that the program nevertheless provides housing solutions that meet the needs and aspirations of Saudi families and that “one of the most important of them is to facilitate the acquisition procedures with an immediate entitlement to direct access to finance through the pertinent regulation to reach the desired targets and achieve growth in terms of control of legislation and government directives.”

Entrustment and Liquidation Center CEO Hussein Al-Harbi said that the body is responsible for encouraging cooperation between government and judicial bodies, as well as working to empower and support the private sector involved in judicial and governmental liquidation operations.


KSrelief continues humanitarian efforts in Yemen, Sudan, and Lebanon

Updated 50 min 22 sec ago
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KSrelief continues humanitarian efforts in Yemen, Sudan, and Lebanon

RIYADH: Saudi aid agency, KSrelief, continued efforts to help vulnerable individuals and families this week in Yemen, Sudan and Lebanon, the Saudi Press Agency reported on Friday.

In Yemen, KSrelief distributed 90 food packages in Lahij Governorate, and 100 tents, 270 shelter bags and 618 food parcels in Marib.

In Sudan, the agency handed out 900 food packages to the displaced and neediest families in River Nile State, benefiting 5,177 individuals.

KSrelief continued implementing the Al-Amal Charitable Bakery project in Akkar Governorate and Al-Minieh District, north of Lebanon.

In its fourth phase, the project distributed from July 18-24 about 25,000 bags of bread daily to needy Syrians, Palestinians and the host community living in Northern Lebanon, benefiting 12,500 families.


Aqabat Shaar: Iconic Saudi mountain road a lifeline for Asir’s rugged beauty

Updated 27 July 2024
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Aqabat Shaar: Iconic Saudi mountain road a lifeline for Asir’s rugged beauty

  • The road through Aqabat Shaar connects the highlands of Sarat Asir with the coastal plain of Tihama
  • It is a vital conduit for travel, commerce, and tourism, connecting communities while showcasing the natural splendor of the region

RIYADH: Nestled in the heart of Saudi Arabia's southwestern region of Asir, Aqabat Shaar is one of the most iconic highways, celebrated for its breathtaking natural scenery and vital tourist attractions.
This mountainous area, known for its rugged terrain, used to pose significant challenges to access and mobility, which led to the creation of a road that has become indispensable to residents and visitors alike, linking the region to neighboring areas and governorates.

This monumental project involved cutting through solid rock, creating 11 tunnels, and erecting 32 bridges, resulting in a road approximately 14 kilometers long. (SPA)

A mere 23 kilometers from Abha city, the road through Aqabat Shaar connects the highlands of Sarat Asir with the coastal plain of Tihama. This crucial artery not only reduces travel time, but also plays a pivotal role in bolstering tourism in the region. Furthermore, it enhances the Kingdom’s standing as a global logistics hub by facilitating the seamless movement of trucks transporting a wide array of goods.
The construction of Aqabat Shaar began over 40 years ago, under the reign of the late King Fahd bin Abdulaziz. This monumental project involved cutting through solid rock, creating 11 tunnels, and erecting 32 bridges, resulting in a road approximately 14 kilometers long. The endeavor was a marvel of engineering at the time, designed to navigate the challenging topography and ensure reliable access.
The road recently underwent significant development to enhance its utility and safety. The Roads General Authority spearheaded a comprehensive maintenance project incorporating the latest international technologies and standards. This effort entailed a temporary closure of the road, which reopened last year to much acclaim.

Aqabat Shaar is not just a road, it is a testament to human ingenuity. (SPA)

The recent maintenance work on Aqabat Shaar focused on achieving the highest standards of quality and safety. Enhancements included the installation of modern lighting, clear road markings, informative signs, and warning vibrations. Additionally, concrete barriers were erected to improve road safety, ensuring that the road meets the increasing demands of the region’s expanding network.
Aqabat Shaar is not just a road; it is a testament to human ingenuity and determination carving a path through some of the most formidable terrain in Asir. It is a vital conduit for travel, commerce, and tourism that serves and connects communities while showcasing the natural splendor of the region.
As it evolves with ongoing developments, Aqabat Shaar remains a beacon of progress, illuminating the way forward for Asir's dynamic future.
 


ThePlace: Wadi Wajj, Taif’s historic water oasis

Updated 27 July 2024
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ThePlace: Wadi Wajj, Taif’s historic water oasis

  • Once a geographical divider splitting the city of Taif in two, it has evolved into a popular tourist destination

TAIF:  Wadi Wajj, a revered valley in Saudi Arabia's western governorate of Taif, boasts a rich tapestry of history and natural beauty.

Once a geographical divider splitting the city of Taif in two, it has evolved into a popular tourist destination renowned for its lush gardens, vibrant orchards, and breathtaking panoramas.
Professor Saleh Al-Khalif, an expert in Islamic history and civilization, said Wadi Wajj's has played a vital role in agriculture and its proximity to Makkah accounts for its historical significance.

Wadi Wajj's abundant springs provide a constant water supply throughout the year. (SPA)

The region's ancient irrigation systems, including hundreds of springs and wells, are a testament to its innovative water management practices.
Wadi Wajj's water resources have been instrumental in the area's development, fostering agriculture and infrastructure.

The valley's enduring springs continue to irrigate farms and support the local economy, underscoring its enduring importance to Taif.
 


Saudi Arabia joins 80 countries in historic deal on e-commerce

Updated 26 July 2024
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Saudi Arabia joins 80 countries in historic deal on e-commerce

  • First digital global rules include recognition of e-signatures and protection against online fraud
  • The agreement also includes a component providing preferential treatment to developing countries

JEDDAH: About 80 countries including Saudi Arabia reached a historic agreement on Friday on rules governing global digital commerce, including recognition of e-signatures and protection against online fraud.

“We negotiated the first global rules on digital trade,” EU trade chief Valdis Dombrovskis said after the deal in Geneva following five years of negotiations.“This will facilitate e-transactions, boost innovation, and integrate developing countries into the digital economy,” he said.

Britain said the agreement would commit all participants to making customs documents and processes digital and recognizing e-documents and e-signatures, and put in place legal safeguards against online fraudsters and misleading claims about products.

Once in place, the deal “will make trade faster, cheaper, fairer and more secure,” Britain said in a statement.

The text of the agreement says the parties will seek to limit spam and protect personal data, as well as offer support to least-developed countries.
Ninety-one of the World Trade Organization’s 166 members took part in the negotiations, including Saudi Arabia, China, Canada, Argentina and Nigeria.
Digital commerce is growing far faster than its traditional counterpart.
The OECD group of economically developed nations says it estimated that in 2020, e-commerce already made up a quarter of global trade, making it worth just under $5 trillion.
Despite its growing importance, “no common set of global rules exist,” said British Trade Secretary Jonathan Reynolds.
Finalizing the negotiations “is a huge step forward in correcting that and ensuring British businesses feel the benefit.”

The talks were launched in 2019, with around 90 negotiating countries — representing 90 percent of the WTO membership — including heavy-hitters like the United States, the European Union and China.
Australia, Japan and Singapore, which have jointly been leading the Initiative on Electronic Commerce talks, presented a joint statement during a closed-door meeting at the WTO confirming that “after five years of negotiations, participants had achieved a stabilized text.”
But actual implementation of a deal could still be years off.
A small number of negotiating countries have yet to sign on, including the United States, Brazil, Indonesia and Turkiye, the declaration said.
“The text released today ... represents an important step forward for the WTO in a sector of growing importance to the global economy,” US ambassador and Deputy US Trade Representative Maria Pagan said in a statement.
But the United States considers that “the current text falls short and more work is needed,” she said, pointing in particular to an “essential security exception.”
The co-conveners of the talks have in recent months stressed the importance of landing a deal, stressing it could facilitate electronic transactions, promote digital trade and foster an open and trusted digital economy.
“This would be the first-ever set of baseline digital trade rules,” Singapore’s ambassador to the WTO Tan Hung Seng said in April.
“It would contribute to the growing e-commerce in our countries by providing greater legal predictability and certainty, against the backdrop of increasing regulatory fragmentation,” he said.
In Friday’s statement, UK Science Secretary Peter Kyle said the agreement aimed “to help people use technology safely by protecting them from fraud, while driving economic growth through the digitalization of trade so it’s faster and more secure.”

Preferential treatment

The agreement also includes a component providing preferential treatment to developing countries.
In addition to paving the way for digitalising customs documents and processes, the text also seeks to make permanent a long-held moratorium exempting electronic transactions from customs duties.
The moratorium has been in place since 1998, and has been extended at each WTO ministerial meeting since. It is currently set to expire in 2026.
“Once in force the agreement will permanently ban customs duties on digital content,” the British statement said.
The aim is to incorporate the digital trade rules into the WTO legal framework, but that would require consensus backing from all members, including those not part of the deal.
That could be tricky at a time when countries like India and South Africa are balking at what they see as a proliferation of plurilateral agreements within the WTO rather than the all-but-impossible multilateral deals backed by all members.
One solution, observers say, could be for the signatories to move the agreement to another international body. But if they do that, they would not be able to rely on the WTO’s mechanism for resolving trade disputes.

(With Agencies)


Saudi ballet star, 18, dances to inspire dreams

Updated 27 July 2024
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Saudi ballet star, 18, dances to inspire dreams

  • Halaa Nagadi desires to represent Kingdom on world stage
  • Hopes others ‘embrace this beautiful and expressive art form’

RIYADH: Saudi Arabia ballet dancer Halaa Nagadi, 18, is captivating audiences with her unwavering passion and hopes others would be inspired to “embrace this beautiful and expressive art form.”

She is currently preparing for the 2024 Dubai International Dance Competition set to start on Nov. 17 that will have professional and amateur dancers participating from all over the world.

“I became interested in ballet when I was on a journey to find a dance form that truly resonated with me,” Nagadi told Arab News. “The way ballet dancers could convey such powerful emotions and narratives through their bodies was simply captivating.”

Halaa Nagadi is currently preparing for the 2024 Dubai International Dance Competition set to start on Nov. 17 that will have professional and amateur dancers participating. (Supplied)

From a young age, Nagadi was mesmerized by the graceful movements and emotive storytelling of ballet, and she has pursued her dream with determination.

“One of my greatest goals is to represent Saudi Arabia on the international ballet stage,” Nagadi said. “I want to showcase the talent and artistry that exists within our country, and inspire others to embrace this beautiful and expressive art form.”

FASTFACTS

• Though ballet may not have been a typical path for a young Saudi Arabia woman, Nagadi was undeterred.

• She immersed herself in studying ballet, first through online videos and then by seeking out local and international training opportunities.

Though ballet may not have been a typical path for a young Saudi Arabia woman, Nagadi was undeterred. She immersed herself in studying ballet, first through online videos and then by seeking out local and international training opportunities.

“Balancing my studies in tourism and event management at King Abdulaziz University with my rigorous ballet training has not been an easy task,” Nagadi revealed.

“But I’ve remained steadfast in my pursuit, spending four to eight hours each day honing my skills, whether it’s at the ballet studio or the gym, ensuring that I am constantly improving and pushing the boundaries of my craft.”

Nagadi’s journey has not been without its challenges, however. Finding suitable ballet facilities in Saudi Arabia has been a significant hurdle, and sourcing specialized equipment is proving to be an ongoing obstacle, she explained.

Undaunted, Nagadi has sought out opportunities abroad, including a summer program in Romania and a ballet performance opportunity in Turkiye.

“I also took a masterclass for professional dancers from the principal of the Royal Ballet in London,” she added.

Nagadi’s dedication and passion have not gone unnoticed locally. “I have received the support of the Saudi Ministry of Culture, who have provided me with opportunities to showcase my talents at local events, such as the Taif Rose Festival and a theatrical performance that fused Arabic music with ballet,” she said.

As Saudi Arabia’s arts and culture scene continues to evolve, the ballet talent envisions a future where the dance form will flourish and draw audiences from across the Kingdom.

“I believe the ballet scene in Saudi Arabia will only continue to grow and develop,” she said. “More and more people are becoming interested in learning and practicing this art form.”

Nagadi’s unwavering determination has not only earned her recognition within the Saudi Arabia arts community but has also inspired a new generation of young people to explore the world of ballet.

Her story is a reminder that with hard work, dedication, and a willingness to challenge societal norms, anything is possible.