Saudi NHC closes $532m in sales, reveals new projects at Cityscape Global

The company’s expansive booth highlighted its latest real estate projects, showcasing cutting-edge architectural designs, smart housing solutions, and advanced technologies aimed at enhancing market regulation. SPA
The company’s expansive booth highlighted its latest real estate projects, showcasing cutting-edge architectural designs, smart housing solutions, and advanced technologies aimed at enhancing market regulation. SPA
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Updated 13 November 2024
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Saudi NHC closes $532m in sales, reveals new projects at Cityscape Global

Saudi NHC closes $532m in sales, reveals new projects at Cityscape Global
  • NHC announced three major new developments that reflect its commitment to sustainable urban growth
  • Ministry of Interior and Ministry of Municipal and Rural Affairs and Housing signed a significant Service Provision Agreement during the event

RIYADH: Saudi Arabia’s National Housing Co. marked a strong presence on the opening day of Cityscape Global 2024, securing over SR2 billion ($532.4 million) in sales.

The company’s expansive booth highlighted its latest real estate projects, showcasing cutting-edge architectural designs, smart housing solutions, and advanced technologies aimed at enhancing market regulation.

During its participation, NHC also announced three major new developments that reflect its commitment to sustainable urban growth, in line with Saudi Arabia’s Vision 2030.

The first of these projects, Khuzam Boulevard in Riyadh, is set to become the longest commercial boulevard in the Kingdom, stretching 3.5 km. Designed as a premier entertainment and retail destination, the boulevard will enhance the quality of life for residents and visitors in the capital by offering a mix of leisure, retail, and dining experiences.

In Jeddah, NHC unveiled the Jawhara Oasis project, a mixed-use development covering more than 94,000 sq. meters for office spaces, alongside an additional 15,000 sq. meters dedicated to hotel accommodations. The project will feature sports and entertainment centers, shopping complexes, and other amenities, creating a vibrant, integrated environment for both business and leisure.

In Madinah, NHC announced Wahat Al-Dar, a sustainable residential and entertainment development spanning 154,228 sq. meters. Designed to blend seamlessly with the city’s cultural and spiritual essence, this eco-friendly project will offer both comfort and sustainability, catering to the needs of residents and visitors alike.

NHC also highlighted its growing network of strategic partnerships with leading developers, solidifying its position as Saudi Arabia's largest real estate developer. These collaborations are central to NHC’s role in driving national economic growth and supporting local content within the housing and real estate sectors.

Major deals

Alongside NHC’s announcements, the Saudi Ministry of Interior and the Ministry of Municipal and Rural Affairs and Housing signed a significant Service Provision Agreement during the event. This agreement, aimed at streamlining project implementation via the Furas platform, will enhance investment opportunities, align with Saudi Vision 2030 objectives, and promote greater coordination between the two ministries.

The Ministry of Interior’s pavilion showcased its advancements in artificial intelligence, particularly in security operations, border protection, and crisis management. It also unveiled initiatives aimed at reducing road accident fatalities by 50 percent and extending payment periods for traffic fines.

The Eastern Province municipality secured investment agreements worth over SR800 million, with Mayor Fahd Al-Jubair signing multiple deals. These agreements include plans to upgrade the South Khobar Corniche, improve infrastructure in Dammam, and develop new recreational spaces in the Al-Khuzama district. Additional projects include revenue-sharing models for infrastructure upgrades, including enhancements to the North Dammam Corniche and the airport road.

King Abdullah Financial District also entered into a strategic partnership with IoT Squared, focusing on advancing the district’s smart city infrastructure. This collaboration will integrate Internet of Things solutions to optimize renewable energy usage, smart grids, and real-time incident management within the KAFD area.

Cityscape Global 2024 is being held at the Riyadh Exhibition and Conference Center in Mulham and runs through Nov. 14. The event, themed “The Future of Living,” serves as a platform for showcasing innovation and collaboration in the real estate and urban development sectors.


Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum to boost GDP by $3bn

Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum to boost GDP by $3bn
Updated 8 sec ago
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Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum to boost GDP by $3bn

Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum to boost GDP by $3bn

RIYADH: Saudi Arabia launched initiatives and signed 15 agreements at the Local Content Forum, boosting domestic industries with an estimated SR12.4 billion ($3.3 billion) impact on gross domestic product. 

The deals, signed on the first day of the three-day event in Riyadh, span multiple strategic sectors, including manufacturing, technology, and transportation. 

The Local Content and Government Procurement Authority launched several initiatives aimed at driving the localization of key industries, aligning with broader economic goals. 

The agreements include partnerships designed to localize manufacturing, transfer knowledge, and foster innovation, the Saudi Press Agency reported. 

Key deals included:  

  • Two agreements with Saudi National Automotive Manufacturing Co. to localize and transfer knowledge for multi-purpose vehicles and light transport vehicles. 
  • Five agreements with NAFFCO for the localization of firefighting products, including dry powder extinguishers, trailer-mounted pumps, complete personal breathing devices, various types of fire extinguishers, and fire hoses. 
  • Agreements with Alfanar and Hewlett Packard Enterprise to localize and transfer knowledge for data center servers. 
  • A deal with InnovEra to localize manufacturing and knowledge transfer of directional devices. 
  • An agreement with Al-Salah Arabia to localize the manufacturing of bridge expansion joints. 
  • A partnership with Saffen Co. for the localization of oxygen sensor production. 
  • A deal with SAJA Pharmaceutical Co. for the production of “Empagliflozin.” 
  • An agreement with Coastal Co. to localize stadium seat manufacturing. 

Wattenha program 

Sadara Chemical Co. launched its “Wattenha” program, highlighting its contribution to Saudi Arabia’s localization efforts. The program aims to support domestic suppliers, develop human capital, and enhance manufacturing capabilities. 

In the first half of 2024, Sadara reported a local content rate of 50.25 percent, surpassing industry benchmarks, with SR3 billion spent on Saudi procurement.

Locally manufactured products made up 43 percent of its offerings, and Saudization reached 77.8 percent, according to a press release. 

A notable achievement is Sadara’s pipeline system connecting its facilities to the PlasChem complex, which supplies critical raw materials like ethylene oxide and propylene oxide, reducing costs and reliance on imports. 

Logistics and transportation 

Saudi Arabia Railways, in partnership with LCGPA, launched a SR15 billion Saudization program in the sector. This initiative, unveiled by Minister of Transport and Logistics Saleh Al-Jasser, aims to localize manufacturing, boost operational efficiency, and create up to 3,000 jobs by 2030. 

The minister emphasized that this program reflects the partnership between SAR and the private sector, in collaboration with the LCGPA, according to SPA. 

Automotive manufacturing 

The forum also highlighted the Kingdom’s plans for the automotive industry, including the goal to produce 500,000 vehicles annually by 2030. 

Ongoing negotiations with Hyundai underline Saudi Arabia’s commitment to becoming a hub for automobile manufacturing. 

The Global Supply Chain Resilience Initiative, valued at SR100 billion, is driving 95 strategic projects, with a focus on value chain development and export promotion. Additionally, three automotive manufacturing complexes were announced, furthering the localization of this critical sector. 

Diverse initiatives 

The forum featured discussions on the future of local content in industries such as agriculture, energy, and industrial services. Programs introduced by the LCGPA aim to reduce reliance on imports, enhance local supply chain resilience, and foster innovation. 

The “Golden Category” of the Made in Saudi program was also launched, aimed at integrating local suppliers into global supply chains and highlighting Saudi-made products on the world stage. 

The initiative, overseen by the Saudi Export Development Authority, promotes local products and supports exports. 

Minister of Investment Khalid Al-Falih emphasized that local content is a crucial driver of the economy, impacting key industries such as energy, industry, and tourism, among others. 

He highlighted that achieving growth targets requires a highly competitive investment climate, with the private sector playing a vital role in boosting the Kingdom’s exports while meeting the demands of its growing economy. 

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef further emphasized the importance of locally produced products that offer high quality and competitive advantages as a key requirement for achieving local content goals and maximizing its economic impact. 

During his remarks at the forum, Alkhorayef stated that local content is one of the central pillars for achieving Saudi Arabia’s Vision 2030, as its development directly influences the execution of the initiative’s programs. 

Alkhorayef also discussed the significant role of the private sector in advancing local content development, noting that the LCGPA implements local content through fostering strategic partnerships and facilitating the Local Content Coordination Council. 

This council includes several major national companies, which have worked closely with the authority to increase local content in their operations and procurements.


Saudi’s Hail region welcomes over 1.1m tourists in H1

Saudi’s Hail region welcomes over 1.1m tourists in H1
Updated 25 min 28 sec ago
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Saudi’s Hail region welcomes over 1.1m tourists in H1

Saudi’s Hail region welcomes over 1.1m tourists in H1
  • Licensed hospitality facilities in Hail now offer around 2,600 rooms

RIYADH: Saudi Arabia’s Hail region welcomed over 1.1 million tourists in the first half of 2024, including 170,000 international visitors, reflecting the Kingdom’s growing appeal as a travel hub.

The Ministry of Tourism reported that over 907,000 visitors were domestic travelers, showcasing the region’s popularity among residents.

Licensed hospitality facilities in Hail now offer around 2,600 rooms, meeting growing demand.

The surge aligns with Saudi Arabia’s Vision 2030 goals to enhance tourism infrastructure and attract global travelers to the Kingdom.


Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry

Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry
Updated 53 min 46 sec ago
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Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry

Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry
  • Kingdom issued 34 investment licenses in the entertainment industry in the third quarter of the year
  • It also hosted 26,000 events in the past five years, attracting over 75 million attendees

RIYADH: Saudi Arabia’s entertainment sector is expected to create 450,000 jobs and could contribute 4.2 percent of the country’s gross domestic product by 2030, according to a new report. 

In its latest release, the Kingdom’s Ministry of Investment said that Saudi Arabia issued 34 investment licenses in the entertainment industry in the third quarter of the year, representing a rise of 13 percent compared to the previous three months. 

The ministry added that the total number of investment licenses issued in the entertainment sector from 2020 until the end of the third quarter reached 303. 

“In line with Saudi Vision 2030, Saudi Arabia aims to diversify its economy and enhance the quality of life by promoting tourism and Saudi culture internationally to attract visitors. The entertainment sector is a crucial pillar in achieving these ambitious goals, focusing on enhancing the quality of life through various cultural and entertainment activities,” said the Ministry of Investment. 

The rapid progress of the entertainment sector aligns with the Kingdom’s Vision 2030 goals, which are to reduce the country’s decades-long dependence on crude revenues. 

In 2016, Saudi Arabia established the General Entertainment Authority to boost the entertainment and leisure industry. Since then, the Kingdom has witnessed notable developments, including reopening cinema halls in 2018.

According to the report, Saudi Arabia issued 2,189 licenses in the entertainment sector over the past five years. 

The Kingdom also hosted 26,000 events in the past five years, attracting over 75 million attendees. 

The ministry added that the growing entertainment sector is also catalyzing the growth of the tourism sector in the Kingdom. 

The report said that the number of inbound tourists in the entertainment industry reached 6.2 million in 2023, representing a rise of 153.3 percent compared to 2022. 

Inbound tourist spending in the entertainment industry reached SR4 billion ($1.07 billion) in 2023, a 29.03 percent rise from the previous year. 

“The entertainment sector is a vital and dynamic part of the Kingdom, acting as a catalyst for the tourism sector. By hosting various events and activities, it boosts tourism and attracts visitors, resulting in higher tourism spending and strengthening the local economy,” said the Ministry of Investment.

In 2023, the entertainment sector attracted 35 million local tourists, up 17 percent compared to 2022. 
Local tourists’ spending in 2023 was SR4.7 million, representing a marginal decline of 8.5 percent from the previous year. 


IMF mission concludes visit to Egypt for the 4th review of loan program

IMF mission concludes visit to Egypt for the 4th review of loan program
Updated 21 November 2024
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IMF mission concludes visit to Egypt for the 4th review of loan program

IMF mission concludes visit to Egypt for the 4th review of loan program

CAIRO: The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan program.

The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt’s latest 46-month IMF loan program that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.

The IMF also said that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the exchange rate that eased imports, with its central bank reiterating its commitment to sustain a flexible exchange rate regime.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the program not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement. 


Oil Updates – prices edge up on geopolitical tensions; higher-than-expected US inventories cap gains

Oil Updates – prices edge up on geopolitical tensions; higher-than-expected US inventories cap gains
Updated 21 November 2024
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Oil Updates – prices edge up on geopolitical tensions; higher-than-expected US inventories cap gains

Oil Updates – prices edge up on geopolitical tensions; higher-than-expected US inventories cap gains

SINGAPORE: Oil prices rose marginally on Thursday as geopolitical concerns over escalating tensions between Russia and Ukraine countered the impact from a bigger-than-expected increase in US crude inventories.

Brent crude futures rose 16 cents, or 0.2 percent, to $72.97 as of 7:08 Saudi time. US West Texas Intermediate crude futures rose 16 cents, or 0.23 percent, to $68.91.

Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets a day after it fired US ATACMS missiles.

Moscow has said the use of Western weapons to strike Russian territory far from the border would be a major escalation in the conflict. Kyiv says it needs the capability to defend itself by hitting Russian rear bases used to support Moscow’s invasion, which entered its 1,000th day this week.

“For oil, the risk is if Ukraine targets Russian energy infrastructure, while the other risk is uncertainty over how Russia responds to these attacks,” said ING analysts in a note.

JPMorgan analysts said oil consumption recovered in the past week thanks to better travel demand in the US and India, and as the latter also showed a significant rise in industrial demand.

Global oil demand is estimated to reach 103.6 million barrels per day (bpd) during the first 19 days of November, up 1.7 million bpd on-year, the analysts said in a note.

But countering the gains was a rise in US crude inventories by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, exceeding analysts’ expectations in a Reuters poll for a 138,000-barrel rise.

Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, according to the Energy Information Administration data.

Adding to supply, Norway’s Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies led by Russia, the group known as OPEC+, may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions.

OPEC+, which pumps around half the world’s oil, had initially planned to gradually reverse production cuts with minor increases spread over several months in 2024 and 2025.

However, the International Energy Agency said in its report last week even if OPEC+ cuts remain in place, oil supply will exceed demand in 2025 as rising production from the US and other outside producers outpaces sluggish demand.