Meeting the Saudi housing demand and tackling inflation
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Asharq Al-Awsat
31 minutes ago
- Asharq Al-Awsat
Cityscape Global 2025 in Riyadh to Showcase the Potential of AI and Real Estate Technology
Cityscape Global 2025 has announced that the events program will spotlight the pivotal role of AI and emerging technologies in shaping the future of the real estate sector. The exhibition is sponsored by the Saudi Ministry of Municipalities and Housing in partnership with the Real Estate General Authority (REGA) and the Housing Program, Vision 2030 initiative. It is organized by Tahaluf, and a joint venture between the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), the Events Investment Fund (EIF), and Informa. Hosted by the Kingdom for the third consecutive year, Cityscape Global 2025 will take place in Riyadh from November 17 to 20. Cityscape Global will serve as a vital platform that unites leaders from the real estate sector to explore business opportunities enabled by AI technologies. In 2024, the global real estate technology market exceeded $36.55 billion, with projections suggesting it will double to around $88.37 billion by 2032. Meanwhile, AI technologies have revolutionized all stages of the real estate value chain, as showcased at the Future of Living Summit, the flagship event of Cityscape Global. The lineup of prominent speakers set to shape the future of property technology and AI includes several ministers, global real estate leaders, CEOs, and investors from leading companies. The Cityscape organizing committee has officially opened registration for the 2025 Innovation Challenge, inviting startups to showcase their innovative solutions in the real estate and construction sectors. The Innovation Challenge will award two prizes totaling $100,000, along with speaking opportunities at the 2025 conference, complimentary exhibition pavilions, and a range of additional benefits.
Arab News
2 hours ago
- Arab News
Closing Bell: Saudi main index rises to close at 10,897
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Sunday, gaining 63.80 points, or 0.59 percent, to close at 10,897.39. The benchmark index recorded a total trading turnover of SR3.22 billion ($858 million), with 201 stocks advancing and 54 retreating. The parallel market Nomu added 17.42 points, or 0.07 percent, to close at 26,633.08, as 46 listed stocks gained and 42 declined. The MSCI Tadawul Index gained 7.82 points, or 0.56 percent, to end at 1,409.49. L'azurde Co. for Jewelry was the best-performing stock of the day, rising 9.40 percent to SR13.50. Other top performers included Halwani Bros. Co., which rose 7.70 percent to SR47.00, and Dar Alarkan Real Estate Development Co., which advanced 5.16 percent to SR19.35. Tamkeen Human Resource Co. recorded the steepest drop, falling 3 percent to SR54.95. Fawaz Abdulaziz Alhokair Co. slipped 2.12 percent to SR24.90, while Naseej International Trading Co. declined 1.89 percent to SR104. In corporate announcements, the offering of National Signage Industrial Co. shares on the Nomu began on Aug. 17 and will run until Aug. 24. It covers 1.5 million shares, with a price range set between SR12 and SR15, with Yaqeen Capital Co. acting as the lead manager. Yaqeen Capital also announced its interim financial results for the six months ending June 30. According to a Tadawul statement, the firm reported a net profit of SR12.83 million, up 43.5 percent year on year, driven mainly by a 19 percent increase in revenues. Its stock closed at SR11, up 4.05 percent. ASG Plastic Factory Co. also published its interim results for the first half of the year, posting a net profit of SR16.5 million, down 11.23 percent from a year earlier. The decline was attributed to weaker subsidiary performance, higher operating expenses, and increased selling and marketing costs. The stock ended the session at SR52.10, up 4 percent.
Arab News
4 hours ago
- Arab News
GCC non-oil sector adds $1.51tn to GDP, led by mining
RIYADH: The Gulf Cooperation Council's gross domestic product at current prices reached $2.14 trillion in 2023, down 2.7 percent from $2.2 trillion in 2022. Despite this moderation, the non-oil sector showed strong resilience, contributing $1.51 trillion to the bloc's GDP and underscoring the region's ongoing diversification efforts. Gross national income, which reflects the total earnings of citizens and companies after taxes and transfers, stood at $1.99 trillion, down 3 percent from the previous year, according to the GCC Statistical Center, Oman News Agency reported citing the latest available data. Meanwhile, the oil sector contributed $604 billion, highlighting the continued influence of energy price fluctuations on the region's economy. The non-oil sector's share of total GDP rose to 71.5 percent in 2023 from 65 percent in 2022, growing 6.4 percent year on year. Mining and quarrying remained the largest single contributor to the GCC economy over the past five years, averaging 28.3 percent of GDP, while manufacturing activities led the non-oil sector with an average contribution of 11.7 percent. Several non-oil industries recorded robust growth in 2023. Financial and insurance services led with an 11.7 percent increase, followed by transportation and storage at 11.6 percent. Real estate grew 8.1 percent, public administration and defense rose 7.9 percent, wholesale and retail trade expanded 7.6 percent, and education climbed 5.5 percent, demonstrating broad-based sectoral strength. Although mining and quarrying contracted by 18.8 percent and manufacturing experienced a slight decline of 0.7 percent, other sectors and investment activity provided strong support. Exports of goods and services totaled $1.26 trillion, accounting for nearly 60 percent of GDP, while final consumption expenditure—including household, government, and nonprofit spending—rose 7.5 percent to $1.25 trillion. Gross capital formation, which covers fixed asset investments, increased 5.5 percent to $601.8 billion, signaling sustained investment momentum despite macroeconomic pressures. Overall, 2023 highlighted the GCC's progress toward a more diversified, resilient, and non-oil-driven economy, positioning the region for sustainable growth in the years ahead.
