RIYADH: Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year on year in November to reach 12,503, according to new figures.
The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the Saudi Press Agency reported.
This falls in line with the Gulf country’s plans and strategies to launch several extensive residential projects in order to achieve a balance between population growth and rapid urban expansion.
This also comes as the rise in population density has led to increased demand for housing, meaning the Kingdom is working to boost the real estate supply to meet this need, aligning with a sustainable urban approach.
This rapid increase in reservations is mainly attributed to the launch of a number of residential projects in various regions, the most prominent of which is the inauguration of the Al-Fursan Suburb in Riyadh which aims to provide the largest real estate supply with a high level of quality and luxury. Other projects include the Sadayem Suburb which was launched in Jeddah along with many housing schemes in distinctive locations within the main cities.
In fact, the number of residential projects reached 46 during 2023, thereby cementing Saudi Arabia’s innovative model for real estate development.
National Housing Co. is the leader and enabler of the real estate development sector and the largest major developer of suburbs and residential communities in the Kingdom characterized by quality of life. The company pumps more than 300,000 housing units into eight suburbs and six residential communities on an area of more than 120 million sq. meters, accommodating more than 1 million citizens.
It seeks to find solutions to secure supply chains with high quality and more sustainable construction materials, as part of the company’s keenness to increase the real estate supply with residential options according to international standards.
All the firm’s efforts are directed to achieving the goals of the housing program by raising the percentage of residential ownership for Saudi families to 70 percent by 2030.
Saudi Arabia’s real estate supply reservations more than double
https://arab.news/4jyq9
Saudi Arabia’s real estate supply reservations more than double
Islamic finance in Oman poised for 25% growth: Fitch
RIYADH: Oman’s Islamic finance sector is on track to reach $45 billion this year, rising from $36 billion at the end of 2025, supported by a favorable macroeconomic environment, according to a report by Fitch Ratings.
The rating agency said the anticipated 25 percent year-on-year growth will be underpinned by increasing demand for sukuk as both a funding mechanism and a public policy tool, alongside government-led initiatives and growing grassroots demand for Shariah-compliant financial products.
Sukuk accounted for around 60 percent of US dollar-denominated debt issuance in 2025, a sharp decline from 94.3 percent previously, with the remaining share comprising conventional bonds. Despite this progress, Fitch highlighted ongoing structural challenges, including the absence of Islamic treasury bills and derivatives, an underdeveloped Omani rial sukuk and bond market, and the limited role of Islamic non-bank financial institutions.
The performance of Oman’s banking sector continues to reflect steady advancement toward Vision 2040, the country’s long-term development strategy focused on economic diversification, private sector expansion, and enhanced financial resilience.
Operating conditions remain supportive for both Islamic and conventional banks in Oman, buoyed by elevated, though gradually moderating, oil prices, the report noted.
Expanding credit flows — particularly to non-financial corporates and households — are helping drive the growth of small and medium-sized enterprises and boost domestic investment. These trends are reinforcing Oman’s efforts to reduce dependence on hydrocarbons and build a more diversified economic base.
Fitch projects loan growth of 6 to 7 percent in 2026, fueled by rising demand across both retail and corporate segments. In addition, the proposed 5 percent personal income tax, scheduled for implementation from 2028, is expected to have only a limited overall impact on banks, according to the agency.
Islamic banking in Oman was introduced following the Central Bank of Oman’s preliminary licensing guidelines issued in May 2011, which allowed the establishment of full-fledged Islamic banks and Islamic banking windows operating alongside conventional institutions.
This regulatory framework was formally entrenched in December 2012 through a royal decree amending the Banking Law, requiring the creation of Shariah supervisory boards and granting the central bank authority to establish a High Shariah Supervisory Authority.
