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Arab News
16-04-2025
- Business
- Arab News
Education drives weekly POS spending in Saudi Arabia to over $3bn
RIYADH: Saudi Arabia's point-of-sale transactions rose to SR12.3 billion ($3.2 billion) in the week ending April 12, driven by a sharp 2412.9 percent surge in spending on education. Following Eid Al-Fitr, POS transactions in this sector reached SR256.8 million, up from SR10.2 million in the previous week, according to the latest figures from the Saudi Central Bank, also known as SAMA. During that seven-day period, spending on transportation saw the second-largest increase at 115 percent to reach SR693.9 million, with the number of transactions surging by 26.9 percent to 2.7 million. Spending on construction and building materials followed with a 109.3 percent uptick to SR311.5 million. Spending on electronics reached SR154.9 million, as transaction volume in the sector rose by 23.2 percent. Health and furniture also saw notable increases, up 63.4 percent to SR778 million and 62 percent to SR228.5 million, respectively. Among the top three categories by overall value, food and beverages led with SR1.8 billion, marking a 10.3 percent week-on-week increase. Despite a 21.4 percent decline, restaurants and cafes came second at SR1.7 billion. Miscellaneous goods and services accounted for SR1.51 billion in POS spending, a 34.5 percent rise, making it the third-largest category. Combined, these three segments represented approximately SR5 billion, or 41.3 percent, of total POS activity during the week. Meanwhile, spending in recreation and culture declined by 5.5 percent to SR250.5 million, and hotel transactions dropped 21.9 percent to SR288.6 million. Geographically, Riyadh dominated POS transactions, representing around 34.9 percent of the total, with expenses in the capital reaching SR4.3 billion — a 34.5 percent increase from the previous week. Jeddah followed with a 17.9 percent increase to SR1.7 billion; Dammam came in third at SR635.3 million, up 32.8 percent. Makkah experienced the most significant decrease in spending, dropping by 5.8 percent to SR485.5 million. Madinah followed with a 4.3 percent reduction to SR494.3 million. Tabuk and Dammam saw the largest increases in terms of number of transactions, surging by 25.8 percent and 19.8 percent, respectively, to 4.5 million and 8.7 million transactions.
Gulf Insider
15-04-2025
- Business
- Gulf Insider
Dubai Property: Trump Tower Buzz Builds After Burj Azizi
The first Trump tower is launching soon in Dubai – and estate agents have already been sending the smartphones buzzing and telling potential buyers to keep funds ready. The build up to the project launch has already taken on epic proportions even with all the super-luxury launches that's taken place in Dubai in the 3 months and over of 2025. Whenever the actual launch takes place, the project, estimated to cost Dh2 billion and with Dar Global as developer, is set to be the signature event in Q2-2025 for Dubai's property market. Its location will be somewhere off Sheikh Zayed Road and in the 'wider' Downtown area. 'Thus, two landmark skyscraper launches will define Dubai property in the first six months of 2025 – the Burj Azizi and (when it happens) Trump International Tower,' said an estate agent. 'Whatever be the state of global markets with Trump tariffs, the Trump tower already has created high anticipation for more signature projects in Dubai.' A penthouse at Burj Azizi sold for Dh71 million, the priciest one in the development to date. A 47-storey Trump tower was launched recently in Jeddah, with completion set for 2029. Unit prices start from SR1.7 million. There are other Trump-branded projects in Dubai, but this will be the first tower. Offplan launches by the day There have already been quite a few in Dubai already this year, with March, when this year's Ramadan was observed, seeing another rush of new offplan launches vying for investors' eyes and funds. According to Reidin-GCP data, there were 23 new residential projects launched in Dubai March – and a further 49 announced. It's clear that there was to be now launch slow down during Ramadan. 'Emaar led the activity with the highest number of launches, while developers such as Imtiaz and Sobha also contributed,' says the Reidin-GCP report. The March stats also show Dubai Islands as being the most prominent location for new launches – four projects seeing start of sales and another eight announced. 'Dubai Islands is gaining prominence as a coastal extension of 'Old Dubai' with more than 7,000 residential units under construction. 'Other notable launch clusters include Satwa, Al Furjan and Emaar South.' A higher volume of sales at Dubai Islands – and Palm Jebel Ali – in the coming months should offer evidence that demand for luxury homes in the city is holding its own. 'Based on Land Department data, the Burj Azizi and some of the homes near the Dubai Canal are doing fine,' said an estate agent. 'Once the Trump Tower gets into the sales mix, that too will provide clarity on where the Dubai property market is heading. Throw in a few record deals in Jumeira Bay – whether it's a home or plot – and it's all good. 'Even if property prices stabilize at current levels, that's still a plus for the market.' Also read: UAE Reports Success of Unlicensed Weapons Campaign
