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Saudi Arabia Set To Invest $1 Trillion In The Real Estate Sector
Backed by a young population and expanding urbanization, the property sector has impressive future growth potential.
S&P Global Ratings, a major US credit rating agency, has forecast sustained market growth for the Kingdom of Saudi Arabia, as $1 trillion is set to be pumped into infrastructure and real estate projects over the coming decade.
As well as a young and growing population, expanding urbanization is a significant reason for S&P’s promising predictions, with at least eight new cities being planned along the Red Sea coast by 2030. During the Distinguished Cities Projects Exhibition in Riyadh, nine agreements worth $533 million were signed by the National Housing Company and other national strategic partners.
Saudi Arabia’s large-scale real estate programs will provide 1.3 million new homes overall, invigorating the business and financial sectors, and pumping money into both commercial and residential building via investments.
Saudi Arabia’s economy has also benefited from government initiatives to attract multinational companies, with tech startups, in particular, gravitating to the Kingdom and boosting the occupancy rates of commercial and office real estate across the region.
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S&P also noted that many new programs had been initiated to scale up local housing and revitalize the financial sector, potentially benefiting commercial real estate across the country. As the tourism sector continues to grow rapidly, even more real estate investment opportunities will present themselves as companies and private individuals seek to relocate to Saudi Arabia.
As well as experiencing a dramatic flourishing of the commercial and residential real estate sectors, Saudi Arabia’s 2030 vision is also bringing a boost to energy, healthcare and the wider digital economy.
News
Joby To Establish All-Electric Air Taxi Ecosystem Across The UAE
The comprehensive agreement with Abu Dhabi’s government includes a training program, infrastructure development, and a manufacturing presence.
All-electric aircraft company Joby Aviation has secured three separate agreements with departments of Abu Dhabi’s government that lay the groundwork to develop and scale air taxi services in the Emirate and beyond.
The deal was signed at the recent DRIFTx thought-leadership and exhibition platform and gave Joby exclusive rights to not only operate air taxi services in Dubai but also unlock inter-emirate services between Abu Dhabi.
Joe Ben Bevirt, founder and CEO of Joby Aviation, said: “Today’s agreement demonstrates the incredible momentum behind the adoption of clean flight across the UAE. We’re looking forward to delivering a fantastic experience for our future customers in Abu Dhabi and we’re excited to be unlocking the potential for zero-emissions flight between Abu Dhabi and Dubai. We’re grateful for the support and collaboration of our governmental partners and the entire ecosystem in Abu Dhabi and we remain deeply impressed by their commitment to building out a world-class aviation ecosystem in the Emirate”.
Joby’s all-electric aircraft went on display for the first time in Abu Dhabi’s Yas Marina at the DRIFTx event. The air taxi is designed to carry a pilot and four passengers and can reach speeds of 200 miles per hour (321 km/h). The zero-emission craft is said to have an extremely low acoustic footprint and can travel a maximum of 100 miles (161 km) on a single charge.
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Once operational, Joby’s air taxi fleet would enable fast, clean travel across the UAE, with journeys between Abu Dhabi to Dubai taking just 30 minutes compared with two hours by car during peak times.
Joby continues to work closely with the UAE’s General Civil Aviation Authority (GCAA) to help the Emirates become a world leader in the introduction of air taxis. Additional testing and analysis will be required before inter-emirate travel becomes a reality, but the cutting-edge technology already appears to have great potential.
Joby To Establish All-Electric Air Taxi Ecosystem Across The UAE
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