logo
Saudi Arabia's annual inflation accelerates to 2.3% in June

Saudi Arabia's annual inflation accelerates to 2.3% in June

Khaleej Times15-07-2025
Inflation in Saudi Arabia accelerated to 2.3% in June compared to the same month last year and was also up slightly from 2.2% in May, government data showed on Tuesday.
Inflation has hovered between 2% and 2.3% since the beginning of this year, mainly driven by rises in housing rents. It stood at 1.5% in June last year.
Rents for housing increased by 7.6% due to villa prices rising by 7.1%, the General Authority for Statistics said.
Housing was the primary reason for prices in the combined housing, water, electricity, gas and other fuels category climbing to 6.5%.
The Saudi government last month announced steps to balance Riyadh's real estate market, including setting aside some price-capped plots for Saudi citizens.
Saudi Arabia also recently approved a new Real Estate Ownership and Investment Law, which will ease property purchases by foreigners when it takes effect next year.
Saudi Arabia is in the process of building several massive new developments around Riyadh as part of its Vision 2030 program of diversifying the economy away from oil and boosting both tourism and the private sector.
The new law is expected to balance out supply and demand in the long term, but is dependent on the success of the city's real estate projects getting completed on schedule.
The International Monetary Fund expects Saudi inflation to remain steady at around 2%, supported by the riyal's peg to the U.S. dollar, domestic subsidies and "an elastic supply of expatriate labor".
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sheraa launches the new edition of S3: A launchpad for startups scaling from Sharjah
Sheraa launches the new edition of S3: A launchpad for startups scaling from Sharjah

Zawya

time3 minutes ago

  • Zawya

Sheraa launches the new edition of S3: A launchpad for startups scaling from Sharjah

RELATED TOPICS UAE RELATED COMPANIES Alsheraa Air Con Deadline for applications is September 7, 2025 A four-month journey of working side by side with founders to shape their growth strategies, create customized playbooks, and accelerate their path to scale. S3 Enables Access to Funding and Helping Startups Expand into New Markets Sharjah, The Sharjah Entrepreneurship Center (Sheraa) is inviting early-stage UAE-based startups to apply for the latest edition of its flagship Sharjah Startup Studio (S3) program. Designed to empower founders to scale their businesses, the program offers an array of benefits and services, including access industry expert advisory, funding opportunities, essential resources, specialized mentorship, and software tools valued at over AED 3 million Applications are open until September 7, 2025, with 20 selected startups embarking on an intensive four-month journey. Participants will gain practical experience, tailored guidance, and access to Sheraa's extensive network of investors and strategic partners. S3 provides a holistic environment that equips startups to shape their growth strategies, create customized playbooks, and accelerate their path to scale. The program welcomes applications from UAE-based startups operating across Sheraa's four priority sectors: EdTech, Sustainability, Advanced Manufacturing, and Creative Industries. Startups looking to join can apply through: HE Sara Abdelaziz Al Nuaimi, CEO of Sheraa, said: 'Sharjah Startup Studio S3 is a continuation of our commitment to backing entrepreneurs, equipping them with the tools, resources, and confidence to scale their businesses. Through this program, we support startups in advancing their current business models and expanding their operations to become key contributors to local, regional, and global economies. By empowering founders, we're reinforcing Sharjah's and the UAE's position as leading hubs for entrepreneurship and innovation on the global stage.' The program is structured around three core pillars: Scaling, Supporting, and Securing. Under the Scaling pillar, startups gain access to Sheraa's 'Centers of Excellence' network and warm partner introductions, established to drive innovation-led economic growth in the region. This access helps founders strengthen internal operations, scale their teams, and manage growth with efficiency and confidence. The Supporting pillar focuses on honing founders' skills in investor relations, pitch preparation, and securing strategic investments that enable long-term growth. Meanwhile, the Securing pillar offers a practical roadmap for building strong business networks, complemented by workspace solutions and credits for essential services to help startups thrive. S3 also connects founders with seasoned entrepreneurs and industry leaders in an environment designed for collaboration and knowledge exchange. This exposure helps startups align their products with market needs and accelerates their journey toward sustainable growth. Recognizing that access to capital remains one of the biggest challenges for early-stage companies, S3 prioritizes facilitating connections with investors and providing strategic guidance to help startups secure funding and expand into new markets. Previous cohorts have already demonstrated significant impact, with alumni successfully scaling their operations and entering new markets through the comprehensive support ecosystem. Sharjah Startup Studio received over 2,300 applications for its 2024 cohort. This strong demand underscores the studio's rising stature as a catalyst for innovation and entrepreneurship, and its ability to attract high-quality ventures that are shaping Sharjah's and the UAE's knowledge economy.

SelfDrive Mobility launches ‘Rent to Own' in the UAE with cars directly from the dealership
SelfDrive Mobility launches ‘Rent to Own' in the UAE with cars directly from the dealership

Zawya

time3 minutes ago

  • Zawya

SelfDrive Mobility launches ‘Rent to Own' in the UAE with cars directly from the dealership

Latest service offers flexibility and customer control as customers can now move from rental to full ownership at any time within first 12 months from their rentals Dubai, United Arab Emirates – SelfDrive Mobility, a leading mobility tech company, has launched a disruptive 'Rent to Own' service, enabling UAE customers to seamlessly transition from renting to owning through fixed monthly payments, with zero hidden costs, no interest, and absolutely no paperwork hassles or security checks. Customers also have the flexibility to return or buy the car before their contract ends. Under this game-changing model, customers have the flexibility to drive a vehicle for a month before deciding whether to purchase it, offering a seamless transition from rental to ownership. Existing SelfDrive customers also have the option to upgrade their monthly rental plan to the Rent-to-Own model on select car models. All SelfDrive vehicles are dealer-maintained, and the purchase price includes insurance, replacements, servicing, and maintenance. Additionally, participation in the program does not impact the customer's credit history. According to a recent Global Media Insight report, 85 per cent of the UAE's 10 million-plus population is expatriates, with many residents maintaining lifestyles and work arrangements that do not align with traditional car ownership models. With more residents freelancing, working on short-term contracts, or enjoying flexible employment, creating new mobility solutions that meet evolving demands for flexible car ownership is key. Data from Dubai's Roads and Transport Authority (RTA) shows commercial vehicle registrations surged by 43 per cent in 2024 compared to the previous year. The number of registered rental companies also increased by 33 per cent, while rental fleets expanded from 49,725 vehicles to more than 71,000. High-end rentals increased by 73 per cent and the number of EVs grew by 50 per cent. These changes indicate a clear shift toward premium and sustainable mobility options. SelfDrive Mobility's Rent-to-Own service directly responds to these trends, offering a new route to car ownership that combines the convenience of a rental with the security of purchase. Through the company's mobile application, customers can choose from 2024 and 2025 models, including popular sedans and SUVs from brands like Geely, Skoda, and Bestune. All with transparent pricing inclusive of insurance, maintenance, and customer support. Meeting UAE Residents' Evolving Mobility Needs The latest service enables customers to initiate a rental but have the option to purchase it at any point within the first 12 months, offsetting their monthly payments against the purchase price. Unlike traditional lease-to-own options, which often involve interest charges and unclear terms, SelfDrive Mobility's model is transparent and interest-free. The only non-refundable payment is the initial downpayment, which ensures commitment without penalising flexibility. 'The UAE's mobility landscape is rapidly changing,' said Soham Shah, Founder and CEO of SelfDrive Mobility. 'More than three million people in the UAE work in freelance or contracted roles, according to recent government employment statistics. These professionals need transportation solutions tailored to their unique requirements. 'Rent to own' provides customer control, clarity, and flexibility, with no hidden surprises.' The service also makes car ownership more accessible to younger demographics and new residents. According to a recent YouGov survey, nearly 60 per cent of UAE residents between the ages of 25-40 prefer flexibility. They want the ability to switch between short-term use and ownership without long-term financial commitments. Furthermore, the UAE Central Bank reported that more than 40 per cent of personal car loan applications were declined in the past two years due to strict credit checks and income verification. SelfDrive Mobility addresses this gap by eliminating financing requirements. To help customers evaluate their options, the company has launched a Rent-to-Own calculator exclusively on the website, allowing customers the opportunity to compare long-term rental costs with ownership, factoring in bundled services such as insurance and maintenance to help make informed decisions. Unlocking Car Ownership for a Wider Audience in the UAE Currently available exclusively in the UAE and with plans for regional expansion, SelfDrive is lowering traditional barriers to car ownership and empowering the country's diverse population to choose mobility on their terms. 'Rent to own' represents a forward-looking solution that supports the UAE's vision of tech-driven, accessible urban mobility for all. About SelfDrive Mobility: SelfDrive Mobility, established in 2017 in the UAE, has rapidly grown into a leading mobility tech company, offering smart mobility solutions with maximum flexibility. With operations across the UAE, Oman, Qatar, Bahrain, Kuwait, KSA, the UK, Ireland, and Turkey, SelfDrive Mobility has served more than 1.5 million customers from 95 different nationalities. The platform provides unique access to more than 100 car models from 50+ renowned brands directly from dealerships, ensuring a perfect match for every customer's needs. Media Contact: Selfdrive@

More than 51,000 homes sold in Dubai in 'record' second quarter
More than 51,000 homes sold in Dubai in 'record' second quarter

The National

time3 minutes ago

  • The National

More than 51,000 homes sold in Dubai in 'record' second quarter

More than 51,000 homes were sold in Dubai in the second quarter of this year, marking a quarterly record amid strong demand from buyers, a report has shown. The figures are up 22.8 per cent year-on-year, property consultancy Knight Frank said in its report on Wednesday. In the first half of the year, total home sales reached more than 94,000, putting the market firmly "on track to exceed" 169,000 transactions recorded in 2024, it added. The total value of residential sales in the January to June period also surged to Dh268 billion ($73 billion), a 41 per cent increase compared to the same period last year. The market is poised to surpass the Dh367 billion in home sales reached last year, the consultancy said. Residential prices grew by an average of 13.7 per cent annually in second quarter, with villa prices rising by 16 per cent year-on-year. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' Faisal Durrani, partner and head of research, Mena, at Knight Frank, said. 'Knight Frank's forecasts for 2025 remain unchanged, with 8 per cent growth expected in the mainstream market and 5 per cent in the prime segment.' Dubai's property market has been booming in recent years, having benefited from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy on diversification efforts. This month, a new scheme was also launched to help Emiratis and UAE residents who do not own any freehold residential property in the emirate get on the property ladder. In the first half of 2025, the volume and value of all real estate transactions in Dubai rose sharply amid the entry of more than 59,000 new investors into the booming market, the Dubai Media Office said on Sunday, quoting Dubai Land Department (DLD) data. The number of transactions reached 125,538, up nearly 26 per cent from 99,947 during the first six months of last year, it said. The value of these transactions rose about 25 per cent to about Dh431 billion, 'highlighting the strong growth momentum in the market', the report said. Luxury driving growth The luxury segment recorded strong growth in the second quarter, with prime residential values across 10 key communities rising by 16 per cent over the past 12 months, according to Knight Frank. The average prime transacted price now stands at Dh3,850 per square foot. Villas continued to outperform the broader market in the second quarter, with values climbing to Dh2,172 per square foot, marking a 4 per cent quarterly increase. Prime residential areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate remained the most sought-after locations, particularly among international high-net-worth individuals, it said. Sales of homes priced above $10 million reached Dh9.5 billion in second quarter of 2025, 'the highest quarterly figure on record", according to the consultancy. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5 per cent, compared to 25 per cent in 2008,' Will McKintosh, regional partner and head of residential - Mena, at Knight Frank, said. 'This shift toward end-user activity is a positive indicator of the market's growing maturity and long-term sustainability.' Knight Frank's report also highlighted the emergence of "accidental millionaires" - homeowners whose properties have appreciated beyond $1 million due to market trends. As of the second quarter, there are 110,000 such homes in Dubai, with 37,000 owned by individuals who originally purchased below the million-dollar threshold.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store