Saudi Arabia’s real estate exchange generates $4.5bn in transactions 

In its initial week, the real estate exchange served over 500,000 visitors. (Shutterstock)
Short Url
Updated 04 September 2023
Follow

Saudi Arabia’s real estate exchange generates $4.5bn in transactions 

RIYADH: In a significant development, the Saudi Ministry of Justice’s recently launched real estate exchange recorded SR17 billion ($4.53 billion) in transactions during its first week of operation. 

Launched on Aug. 28, the platform aims to simplify real estate deals and offer e-services for property owners and buyers. 

Within this inaugural week, a total of 17,000 transactions were conducted, covering approximately 61 million sq. meters of real estate across diverse regions in the Kingdom, the Saudi Press Agency reported. 

The real estate exchange is part of the Real Estate Wealth Digitization initiative, a ministry project under Saudi Arabia’s National Transformation Program. 

In its initial week, the real estate exchange served over 500,000 visitors, illustrating its rapid impact on the Kingdom’s real estate sector. 


Kuwait’s Jazeera Airways introduces ‘fly now, pay later’ option

Updated 7 sec ago
Follow

Kuwait’s Jazeera Airways introduces ‘fly now, pay later’ option

RIYADH: Kuwaiti low-cost carrier Jazeera Airways has introduced a “fly now, pay later” payment option, partnering with local fintech firm deema to offer interest-free installment payments.

The airline said the new payment solution allows passengers to split flight costs into two to four installments through deema, Kuwait’s first licensed buy-now, pay-later platform, providing greater flexibility for travelers amid rising demand for digital payment options. 

The integration is embedded into Jazeera Airways’ booking platform, enabling instant eligibility checks at checkout and allowing customers to complete purchases without additional financing steps, according to a press release.

The launch highlights increasing collaboration between airlines and financial technology firms in the Gulf, as carriers introduce more flexible payment options within their booking platforms. 

Barathan Pasupathi, CEO of Jazeera Airways, said: “At Jazeera Airways, we are committed to lowering the barriers to travel through agile digital innovation. By achieving our fastest-ever payment integration with deema, we are not just adding a payment method; we are providing a seamless, Kuwaiti homegrown financial solution.”  

He added: “This partnership empowers our passengers to ‘fly now and pay later’ with absolute ease, reinforcing our mission to make travel accessible to everyone.” 

The system currently supports transactions in Kuwaiti dinars, with the airline receiving the full booking amount upfront while deema handles customer repayments. 

“We are very excited to partner with Jazeera Airways as the first airline in Kuwait to introduce the deema solution. This was one of the quickest integrations achieved - thanks to the fast moving and talented team at Jazeera Airways,” said Bader Al-Ghanim, head of innovation and partnerships at deema.  

He added: “This project truly demonstrates the airline’s ability to rapidly deploy customer-centric solutions to meet the evolving needs of its tech-savvy travelers.” 

Jazeera Airways said the partnership forms part of a wider effort to expand its digital ecosystem and support Kuwait’s growing fintech sector by working with local technology providers. 

The airline added that the “fly now, pay later” offering is among several planned digital initiatives aimed at improving customer experience across its expanding route network.