Latest news with #SaudiCabinet
Arab News
2 days ago
- Business
- Arab News
Education spending drives Saudi POS transactions to $3.16bn
RIYADH: Education spending in Saudi Arabia increased by 3.6 percent in the week ending July 26, driving total point-of-sale transactions to SR11.87 billion ($3.16 billion), even as most other sectors saw declines. Total POS value remained above the $3 billion mark for the fifth consecutive week despite a 2.7 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. The education sector recorded SR111.18 million in transaction value, with the number of transactions slipping 4.1 percent to 140,000, while overall POS transactions across all sectors declined 2.9 percent to 206.46 million. The hotels sector saw a 1.3 percent increase to SR291.07 million. On July 29, the Saudi Cabinet approved the new statistics law, enhancing the Kingdom's POS reporting with more detailed retail market insights. This update introduces refined subcategories in POS data, improving transparency and supporting data-driven decision-making in line with Vision 2030. According to SAMA's bulletin, the subcategory of books and stationery saw the largest decrease, dropping by 5.8 percent to SR98.11 million. Spending on airlines ranked next, dropping 5.6 percent to SR65.20 million. Food and beverages, the sector with the biggest share of total POS value, recorded a 1.8 percent decrease to SR1.70 billion, while the restaurants and cafes sector saw a 2.4 percent decrease, totaling SR1.55 billion and claiming the second-biggest share of this week's POS. Spending on transportation ranked third despite a 2.2 percent decline to SR945.76 million. The top three categories accounted for approximately 35.3 percent of the week's total spending, amounting to SR4.19 billion. The smallest decline was seen in spending on freight transport, postal and courier services which decreased by 0.9 percent to SR36.13 million, followed by expenditure on telecommunication, which saw a 1 percent dip to SR131.86 million. Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.1 billion, a 2.7 percent decrease from the previous week. Jeddah followed closely with a 3.1 percent dip to SR1.70 billion, while Dammam ranked third, down 2.8 percent to SR566.81 million. Al-Jubail saw the smallest increase, inching up 0.6 percent to SR123.04 million, followed by Al-Baha with a 0.7 percent increase to SR76.12 million. Hail recorded 3.54 million deals in transaction volume, down 3.2 percent from the previous week, while Tabuk reached 3.93 million transactions, dropping 4.3 percent.
Arab News
10-07-2025
- Business
- Arab News
Saudi Arabia new property law opens real estate market to foreigners
MAKKAH: The Saudi Cabinet recently approved an updated system that will allow non-Saudis to own property in the Kingdom, effective from January 2026. Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail praised the leadership's support for the initiative, describing the updated framework as a natural progression of real estate reforms designed to stimulate sector growth and encourage foreign direct investment, which will increase property supply by drawing investors and development firms to Saudi markets, the Saudi Press Agency reported. The new regulations balance foreign investment opportunities with citizen protections through controlled market mechanisms and compliance procedures aimed at maintaining real estate equilibrium. Property ownership will be permitted in specific geographical zones, particularly Riyadh and Jeddah, while special conditions apply to ownership in Makkah and Madinah. The General Authority for Real Estate will identify which geographic areas are open to foreign ownership. Implementation guidelines will be published on the Istitlaa platform within 180 days of the law's publication in the official gazette, with full system activation scheduled for January 2026. The comprehensive regulations will outline acquisition procedures for foreign nationals, enforcement requirements, and detailed application processes that consider both economic and social implications across all sectors. The new system also aligns with the Premium Residency Programme, or Iqama, and the regulation of real estate ownership by Gulf Cooperation Council citizens, which permits cross-border property ownership for investment and residential purposes. Hamad Al-Shuwaier, chairman of the National Valuation Committee at the Saudi Chambers Federation, told Arab News that the Cabinet's approval signals strong support for real estate development initiatives. 'Foreign capital influx and international developer participation will enhance supply quality and market availability, creating the balanced marketplace we have been working toward,' said Al-Shuwaier, who also serves as the chairman of the Saudi-Qatari Business Council, noting the sector's role as an economic cornerstone supporting over 80 related industries. The Saudi market offers compelling investment fundamentals backed by adaptable regulations and profitable opportunities for domestic and international investors alike, positioning the Kingdom to capitalize on Vision 2030 momentum. Real estate specialist and certified marketer Badr Al-Sulaimani emphasized the strategic importance of utilizing Saudi Arabia's extensive territory, noting that current development covers just 0.36 percent of the Kingdom. 'These regulations demonstrate the government's commitment to maximizing natural and geographical assets to achieve Vision 2030 targets, while preparing infrastructure for major international events including Expo 2030 and the 2034 World Cup,' Al-Sulaimani explained. Real estate expert Fawaz Assiri highlighted the updated system's role in enhancing market attractiveness through increased foreign direct investment flows that will diversify property offerings and improve supply dynamics. Precise geographical boundaries and specialized requirements for holy cities, especially in Makkah and Madinah, ensure market stability while protecting citizen interests, he noted.
Argaam
28-05-2025
- Business
- Argaam
Learn about key amendments of housing subsidy regulation
Logo of Sakani program The Sakani program announced today, May 28, the key amendments to the housing subsidy regulations, approved by the Cabinet on May 27. The amendments include lowering the minimum eligibility age for housing subsidy applicants to 20 years from 25 and removing the dependency requirement for wives and divorced mothers to qualify for housing support, the program said on X. The amendments also include revising the condition related to the duration since divorce, delegating the determination of this period to the executive regulations. Divorced mothers were eligible for housing support after two years since divorce. Providing misleading information or documents will now result in the revocation of the housing subsidy. Previously, the subsidy was reclaimed only if it was a residential land or a housing unit. Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail stated that the Cabinet's approval of the amendments will enable more families to benefit from various financing and housing options, adding that this aligns with the goals of the Housing Program and Saudi Vision 2030, which aims to increase the home ownership rate to 70%. The Saudi Cabinet, in a meeting chaired by Crown Prince Mohammed bin Salman on May 27, approved a number of decisions, including the amendment of the housing subsidy regulation, Argaam earlier reported.
Asharq Al-Awsat
28-05-2025
- General
- Asharq Al-Awsat
Saudi Arabia Underscores its Continued Efforts to Support Palestinian Cause
The Saudi government underlined on Tuesday its ongoing efforts with members of the international community to support the Palestinian cause, end the war on Gaza, allow the flow of humanitarian aid and cease the Israeli violations against international laws and norms. Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, chaired the cabinet meeting that was held in Jeddah. The ministers reviewed the latest regional and international developments and Saudi Arabia's contacts and meetings with world countries over the past week that are aimed at bolstering cooperation and coordination on global affairs. The cabinet was briefed on the Kingdom's preparations to organize the Hajj pilgrimage, which begins next week. The pilgrimage will be held according to the highest standards and greatest levels of coordination and integration between the relevant entities to allow the pilgrims to perform the holy rituals with ease. Saudi Arabia has dedicated mega development projects and infrastructure to serve pilgrims from across the globe. The cabinet expressed the Saudi leadership and people's honor in serving the visitors of the two holy mosques in Makkah and Madinah, in continuation of its pioneering role in the Islamic world. It asked God Almighty that the pilgrims perform their rituals safely and at ease. The cabinet reviewed Saudi Arabia's participation at the ASEAN-Gulf Cooperation Council and Gulf-ASEAN-China meetings in Malaysia. The Kingdom stressed its support to international initiatives aimed at achieving sustainable development and regional stability and that will help build a prosperous future for the world. The cabinet also highlighted Saudi Arabia and Kuwait's new oil discovery in the Neutral Zone, saying it was a positive step that will bolster bilateral cooperation in the energy sector.
Arab News
27-05-2025
- Business
- Arab News
Cabinet reviews Hajj 2025 plans as Dhul Hijjah begins
RIYADH: Saudi Arabia's Cabinet on Tuesday reviewed plans for this year's Hajj season as the Supreme Court announced that Dhul Hijjah will start on Wednesday. Hajj takes place during Dhul Hijjah and the pilgrimage will start on June 4 with pilgrims gathering in the Tent City of Mina. The Cabinet said relevant authorities were operating with the highest standards of efficiency, quality, coordination, and integration, the Saudi Press Agency reported. These efforts aim to ensure the comfort and safety of pilgrims, supported by the Kingdom's extensive development projects and advanced infrastructure, which enhance all aspects of service and facilitate the performance of Hajj rituals for pilgrims from around the world, the Cabinet said. The Cabinet said the Kingdom takes pride in serving the Two Holy Mosques and receiving millions of pilgrims for Hajj, Umrah, and visits. This reflects the Kingdom's pioneering Islamic role and longstanding commitment since its unification by the late King Abdulaziz bin Abdulrahman Al-Saud. The Cabinet also discussed the Kingdom's participation in the recent summits between the Gulf Cooperation Council, the Association of Southeast Asian Nations (ASEAN), and China. These engagements reaffirm the Kingdom's support for international initiatives promoting sustainable development and regional stability, contributing to a prosperous future for all nations, it said. The Cabinet welcomed the announcement of a new oil discovery in the neutral zone between Saudi Arabia and Kuwait. It described the development as a positive step that enhances cooperation in the energy sector and reflects the success of joint exploration and development efforts. The Cabinet also reviewed regional and international developments, reiterating the Kingdom's ongoing efforts to support the Palestinian cause. It called for an end to the war on the Gaza Strip, the facilitation of humanitarian aid, and the cessation of violations by Israeli authorities of international laws and norms. The Cabinet praised the launch of the Islamic Military Counter Terrorism Coalition's regional program for Sahel countries, inaugurated in Mali. The initiative aims to strengthen cooperation among member states in combatting terrorism and its financing through joint action and the exchange of expertise. The Cabinet lauded initiatives launched as part of the Health Sector Transformation Program which have enhanced the quality and comprehensiveness of healthcare, improved preventive and traffic safety measures, and advanced digital health services in line with the objectives of Vision 2030. The Cabinet affirmed that the Kingdom remains committed to comprehensive and sustainable development through economic diversification, optimization of its competitive advantages, stimulation of local and foreign investment, empowerment of Saudi citizens, and the creation of job opportunities across various sectors.
