ASAS Makeen, TSH sign MoU for real estate projects
Asas Makeen Real Estate Development and Investment Co. (ASAS Makeen) signed today, June 22, a memorandum of understanding (MoU) with The Securities House Co. (TSH), a Kuwait-based listed shareholding company.
The MoU aims to explore cooperation in real estate development across Saudi Arabia, the company said in a statement on Tadawul.
The agreement focuses on identifying and executing investment opportunities in strategic projects. It also involves developing real estate products that meet market needs and align with modern industry trends.
The MoU is valid for one year and will renew automatically, ASAS Makeen noted, adding that there are no related parties to the deal.
The company confirmed that it will disclose any material developments regarding the deal in due course.
The MoU is part of ASAS Makeen's strategy to expand its operations and supports Vision 2030 goals for enhancing the real estate sector and improving development quality.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
Leveraging African capital for African needs
Like many other multilateral forums, the upcoming Fourth International Conference on Financing for Development may well produce impressive declarations and laudable promises. But will lofty rhetoric be translated into concrete progress in lowering the structural and systemic barriers to financing development in Africa, including deteriorating debt sustainability, dwindling concessional finance and declining access to affordable capital? Africa's debt crisis did not emerge overnight. It is the result of years of chronic underfinancing, which forced countries to borrow for even the most basic investments. Between 2010 and 2021, the share of Africa's public external debt owed to private creditors rose from 30 percent to more than 44 percent. And private loans mean very high interest rates, which run in the 7 percent to 10 percent range, on average, with some countries, such as Ghana and Zambia, facing rates above 12 percent. The problem lies partly with credit ratings agencies, which tend to take a pro-cyclical approach, downgrading countries — and driving up borrowing costs — precisely when they are most vulnerable. Between 2021 and 2023, for example, Moody's downgraded Ethiopia, Ghana and Tunisia to 'deep junk' status, despite their fiscal consolidation efforts. Such decisions are not only opaque — they reflect external risk perceptions, rather than empirical criteria. According to the UN Development Programme, credit rating agencies' inflated risk perceptions cost the 16 African countries that issued bonds an estimated $74.5 billion by 2020. Global banking regulations, which were tightened in the wake of the 2008 global financial crisis, further constrain Africa's access to finance. The Basel III framework, introduced in 2011 under the auspices of the Bank for International Settlements, increased minimum capital-adequacy ratios, introduced a minimum leverage ratio and raised liquidity coverage requirements. Such changes diminished international lenders' appetite for risk — and, thus, their willingness to work with African borrowers. By 2020, many African countries' debt burden was so heavy that any unexpected crisis would plunge them into severe debt distress. And then the COVID-19 pandemic arrived. To be sure, the G20 devised interventions to help debt-distressed countries: the Debt Service Suspension Initiative and the Common Framework for Debt Treatments. But the results were mixed. When Chad, Ethiopia, Ghana and Zambia sought relief through the Common Framework, they faced protracted negotiations, uncertain timelines and tightened conditionality — all of which heightened perceived risk and deterred market reentry. Profit-shifting by multinationals to low- or no-tax jurisdictions, together with illicit financial flows, are an additional drain on African countries' resources. According to UN Trade and Development, Africa loses more than $88.6 billion to illicit financial flows each year — nearly equivalent to the continent's annual infrastructure financing gap. Rather than fight for incremental global reforms, Africa should focus on building robust regional and continental financing mechanisms. Carlos Lopes Meanwhile, the promise of official development assistance continues to unravel. According to the Organisation for Economic Co-operation and Development, total net assistance to Africa in 2024 was just $42 billion, representing a 1 percent decline in real terms from the previous year. At the same time, donor countries reported $27.8 billion in 'in-donor refugee costs' — up from $12.8 billion in 2021 — which is counted toward their official development assistance contributions. Today, high-income countries are cutting their aid budgets further, with the US the most extreme example. Many argue that the key to closing the development financing gap lies in strengthening African representation at institutions like the International Monetary Fund and broadening access to existing debt relief and development financing mechanisms. But such reforms can achieve only so much in a system that is structurally misaligned with Africa's needs. Rather than fight for incremental global reforms, Africa should focus on building robust regional and continental financing mechanisms that leverage African capital for African needs. The African Development Bank, with its clear development mandate and ability to catalyze broad-based action, can act as the cornerstone of such an African financing system. The African Export-Import Bank, with its trade finance instruments and growing influence, would also have a role to play, as would sovereign wealth funds, national development banks, pension funds and others. These institutions should pool resources, co-invest in strategic sectors and devise new instruments to mitigate risk and enhance credit provision. For example, African-based guarantee schemes that reduce the cost of capital for investments in infrastructure and the green transition would create incentives for lending to small and medium-size enterprises and support the establishment of shared standards — vital to facilitate regional financial integration. At the same time, African countries must boost revenue by strengthening tax administration, closing loopholes and reducing exemptions. Regional cooperation, together with new digital tools, can go a long way toward measuring companies' profits, tracking cross-border flows and identifying systemic tax evasion. Multilateral financial institutions still have an important role to play in delivering financing to Africa, but their approach must change fundamentally. For starters, far more lending should take place in local currencies, thereby reducing countries' vulnerability to exchange rate volatility. Longer repayment periods and respect for national policy priorities are also essential. Africa has a young population, vast natural resources and fast-growing digital networks. But it lacks the financial sovereignty to make the most of these and other assets. African leaders must stop lobbying for access to frameworks that do not serve their countries' interests and start asserting control over their own financial future. This means mobilizing capital, building institutions and defining their own criteria for development success. The Fourth International Conference on Financing for Development can help to kick-start this process, but only if participants recognize that closing the development financing gap is a political problem, not a technical one.
Arab News
an hour ago
- Arab News
The GCC could emerge as a winner from the remapping of the global order
Global linkages are shifting amid geopolitical tensions, the growing influence of national economic and security considerations in policymaking, and a fractured global trade landscape. Despite some easing of recent trade tensions, investors continue to face economic ambiguity and policy unpredictability. New tariff structures are compelling businesses to rethink their strategies and major trade blocs are diversifying their trade and investment partnerships. In this unsettled climate, the demand for stability and predictability is high. The Gulf countries are well equipped to provide global investors with clarity, policy stability and predictability. The economies of the Gulf are thriving despite global headwinds, regional conflicts and uncertainty. Sound policies, solid reform momentum and the steadfast implementation of ambitious diversification plans are reshaping the region's economic landscape. Investments in state-of-the art infrastructure, including logistics, alongside accelerated digitalization strategies and growing business efficiency have positioned Gulf Cooperation Council countries as among the top performers in global competitiveness rankings. Spearheading the transformation are the region's sovereign wealth funds, which are among the world's largest — with assets under management expected to reach about $7 trillion by 2030. The funds have adopted a calculated approach to ensure that their domestic and global investments are in line with the strategic objectives of output diversification and intergenerational equity. At the same time, the GCC countries are emerging as constructive global actors, demonstrating leadership in advancing both regional stability and global cooperation — further strengthening their appeal to global investors. Milestones include the launch of the G20 Common Framework — a coordinated debt relief scheme for low-income countries — under Saudi Arabia's presidency; the UAE-hosted COP28, which saw parties reach a historic agreement to transition away from fossil fuels; and the instrumental role played by Saudi Finance Minister Mohammed Al-Jadaan, as chair of the International Monetary and Financial Committee, in fostering global dialogue and cooperation during a period of global turbulence. The Gulf countries are well equipped to provide global investors with stability and policy predictability amid global fragmentation and the remapping of the international order. Hazar Caracalla This is an opportune moment to build on the progress made and enhance the GCC countries' growing strategic role by advancing regional coordination and deepening integration. The foundations — policy maturity, ample capital and global leadership — are already in place. However, closer collaboration across national agendas could help further unlock their potential, particularly in light of the structural shifts underway in the global order. Rather than pursue overlapping objectives, aligning efforts based on complementarity, country-specific niches and global changes can deepen the bloc's integration into global supply and investment chains. Since its founding in 1981, the GCC has become a mature and successful trade and economic bloc and has made important strides toward integration. The customs union agreement eliminated intra-GCC tariffs, unified external tariffs and eased trade restrictions. More recently, the removal of local content requirements has supported intraregional trade and value chain integration. However, as the global system is being reconfigured, with trade increasingly occurring within geopolitical blocs rather than between them — a trend highlighted by a recent International Monetary Fund analysis — the case for deepening regional integration has never been stronger. Investing in regional infrastructure and accelerating the implementation of the Gulf Railway — a strategic connectivity project — would further boost cross-border trade and investment and strengthen the Gulf's supply chains. At the same time, advancing policies to facilitate the movement of nonnationals within the bloc, including rolling out the unified visa for tourists, would support services-driven growth, notably boosting tourism activities in line with the 2022 GCC Tourism Strategy. Deepening integration and advancing coordination within the GCC would reinforce the bloc's growing strategic role in global trade and investment. Hazar Caracalla Together, these steps would enable the Gulf countries to better leverage their geostrategic location and emerging trade corridors with the EU, Africa and Asia, positioning the GCC as a vital connector across the three continents. The GCC countries have pursued multiple bilateral free trade and comprehensive economic partnership agreements in recent years. These frameworks serve national priorities and offer many benefits. They advance integration in global value chains and trade networks, expand market access, attract foreign direct investment and support export diversification and knowledge transfer in the Gulf. Yet there is growing value in negotiating trade agreements together as a bloc. While bilateral agreements can complement regional priorities, the benefits of a unified trade strategy are greater — particularly with large economies and trading blocs. Collectively pursuing free trade agreements with India, Indonesia, Japan, China, the UK and the EU would enhance the Gulf's global position and bargaining leverage. It would reinforce coherence within the bloc and create synergies between industrial policies and trade diversification objectives. US President Donald Trump's recent visit to Saudi Arabia, Qatar and the UAE underscored the growing strategic role of GCC countries in global business and investment. The bloc can capitalize on this momentum by reinforcing coherence through deeper integration and closer coordination. This would enable the GCC to reroute trade and investment flows through the region, better harness the economic opportunities brought about by a changing global order, and channel these into more sustainable and impactful domestic transformations.
Argaam
2 hours ago
- Argaam
MEWA: New regs for livestock sales to come into force on June 26
Saudi Arabia's Ministry of Environment, Water and Agriculture (MEWA) is slated to enforce its decision to introduce a new set of regulations in its livestock markets as of June 26, mandating sale by weight rather than size. The new rules are aimed at clamping down on the longstanding profiteering of livestock sales across public markets nationwide, ensuring fair pricing for both producers and consumers, according to a ministerial statement picked up by Argaam. The decision supports the Kingdom's drive towards environmental and economic sustainability as well as aligns with the Saudi Vision 2030 goals. The ministry set out guidelines to standardize the weighing and selling of slaughter-ready animals, while preserving animal wealth and eliminating market monopoly. The framework seeks to maximize benefits, promote fairness and transparency, and enhance service quality and sustainability in public markets. The rules cover livestock inside and outside pens. For pen sales, livestock cannot be sold without a pre-recorded weight. Weights must be measured using approved scales that meet official standards, and pen operators must supply the scales. Sellers must ensure accuracy, regularly maintain and clean weighing equipment to prevent diseases, besides providing safe conditions that avoid harming or stressing animals. All weight transactions must be logged with the respective date, animal type, recorded weight, and any additional data required by authorities. Weighing must be visible to both parties, and buyers must be allowed to dispute and request a reweigh. Fraud, scale tampering, or any misleading practices are banned. Ministry inspectors can suspend any non-compliant scale until compliance with the set standards. Operators must also cooperate with inspectors and provide requested information. Staff must be trained in proper weighing procedures to ensure accuracy and efficiency. Outside the pens, in public market areas, sales must also follow certified weighing procedures.
