JEDDAH: Saudi Arabia’s housing sector is currently in a transitional phase due to changes in the mortgage law and taxes, industry experts said at Jeddah Economic Forum (JEF) 2016 on Thursday.
Speakers at a panel discussion on housing at the forum said they are anticipating the market dynamics “to conclude shifting and become more clear during the first week of Ramadan, once the white land tax has been implemented”.
Basil Al-Ghalayini, chairman and CEO of BMG Financial Group, moderated the discussion, which featured Nidal Jamjoom, CEO of Kinan; Zuhair Hamzah, CEO of SEDCO Development; Alper Apaydin, senior adviser to AkarOne; and Ayman Mansi, director of Residential Development, King Abdullah Economic City.
The experts discussed and agreed that the primary goal of public-private partnership (PPP) in the housing sector is aimed at solving the supply shortage.
The developers noted that while they have substantial volumes of ongoing projects, the market includes several other private developers which impact the market dynamics as well.
Best practices from Turkey were discussed, with a case study on Emlak Konut, a real estate developer belonging to the Housing Development Administration of Turkey.
While the entity is state owned, it is a model example of PPP as it functions with minimal government influence.
The session also addressed that the primary challenge to PPP in housing is the fact that this direction is very new for the sector, with little precedent to follow.
On the second and final day of the forum, keynote speakers and participants in several discussion panels focused on the steps needed to implement PPP with foundational industries in Saudi Arabia.
Saudi Arabia needs to ensure that its youth are educated to global standards and employed in vital industries.
Arvind Mahajan, head of infrastructure, government and health care services at KPMG India, set the tone for the day.
He said technology has an impact on how we design infrastructure. This creates a real opportunity for countries like the Kingdom of Saudi Arabia to ‘leapfrog’ ahead of nations with older infrastructure, avoiding the legacy issues which hold many nations back. he said.
Saudi housing sector in transitional phase
Saudi housing sector in transitional phase
Balad Beast brings global beats to historic streets
- ‘MDLBEAST put us on the international map,’ say Saudi electronic duo Dish Dash
JEDDAH: The music festival Balad Beast concluded its fourth edition this weekend, having transformed Jeddah’s UNESCO World Heritage district of Al-Balad into an open-air celebration of music, culture and creativity that attracted thousands of music lovers over two nights.
The festival, organized by Saudi music platform MDLBEAST, featured more than 70 local, regional and international artists across four stages, offering audiences a diverse journey through electronic, hip-hop and global sounds.
Speaking to Arab News, MDLBEAST chief creative officer Ahmad Al-Ammary, also known as DJ Baloo, described Balad Beast as a “cultural takeover” adding that finding the right spaces for dance floors was a challenge, “but Balad is constantly evolving and we work with that change.”
Addressing the challenges of working in a heritage area, he said: “Balad is sensitive and condensed, so logistics can be complex. In our first year, heavy rain flooded one of the planned squares and we had to relocate the Souq Stage to a much smaller space, but it worked and it has remained there ever since.
HIGHLIGHT
Reggae superstar Shaggy noted that the reality of playing live in Saudi Arabia often surprises those who arrive with preconceptions.
“Yes, the alleys are narrow and the district is old, but they’re full of ideas, patterns, colors and visuals. Everything flows here,” he continued. “As a festival, it’s hard to define Balad, because it gives so much of itself creatively. It’s incredibly generous with its ideas and details, and inspiration comes from everywhere.”
Balad Beast featured performances from international artists including US rapper Playboi Carti, making his first appearance in Saudi Arabia; US rapper Destroy Lonely; Swedish DJ and producer Alesso; and Bosnian-German DJ Solomun on the opening night. The following night saw French-Haitian singer-songwriter Naïka, reggae superstar Shaggy, Dutch DJ Franky Rizardo, British DJ Pawsa, and US rapper Tyga, and more take the stage, while Saudi and regional artists including Cosmicat, TUL8TE, Zeina, Vinyl Mode, Moayed, Dish Dash, Musab, Varoo and HiFi appeared across the festival, offering audiences a mix of global and local talent.
Saudi electronic duo Dish Dash reflected on the festival organizer’s impact for local artists.
As a festival, it’s hard to define Balad, because it gives so much of itself creatively. It’s incredibly generous with its ideas and details, and inspiration comes from everywhere.
Ahmad Al-Ammary, MDLBEAST chief creative officer
“MDLBEAST put us on the international map,” the brothers told Arab News. “It helped us get recognized by festivals, promoters and event organizers abroad. When we travel, people don’t expect this level of talent coming from Saudi Arabia, especially considering we didn’t have this scene before.”
Shaggy, who performed a hit-filled set during the festival, told Arab News: “I’ve been blessed with some incredible songs, and I see music as a gift and a tool for service. When I go on stage, I’m there to entertain people, to make them smile and feel good, but that service also supports many livelihoods from the people working at this festival to those who work with me. These songs have become part of people’s lives, and I don’t take that lightly.”
Shaggy also noted that the reality of playing live in Saudi Arabia often surprises those who arrive with preconceptions.
“I’ve performed in Saudi Arabia more than once, and while there are certain rules that are different, it’s not an issue for me. My focus is always on delivering the hits and giving the audience a great time,” he said.
“There’s a big misconception. People have more freedom than (outsiders) think. Everyone has been extremely nice.”
Asked what advice he would offer to aspiring artists, Shaggy said: “Understand that what you’re given is a gift and a form of service. Stay humble, do the work, and remember why you’re doing it.”
As Al-Ammary noted, there are many such aspiring artists now making a name for themselves in the Kingdom.
“Talent is emerging everywhere, at different levels,” he said. “The scene is still in a mysterious and surprising phase. There’s a rawness to it.”









