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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.
Also Read: Metaverse Will Bring $15B Annually To Gulf Economies By 2030
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.
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Will Upcoming Changes Turn Instagram Into A TikTok Clone?
Updates are rolling out for the grid layout and Reels length, while new editing tools clearly imitate those of the rival Chinese platform.
Instagram recently faced backlash for swapping its iconic square grid for rectangles, disrupting the aesthetic of thousands of carefully curated profiles. However, the Meta-owned platform isn’t stopping there, after announcing more incoming TikTok-like changes designed to give users greater control over their profiles.
“We launched a new tall grid on profiles this week and I got a lot of feedback, both positive and quite negative,” Instagram head Adam Mosseri shared in an Instagram caption on Monday. “The goal is a simpler, cleaner place that maintains, and even increases, creator control”.
Here are some of the details about further changes we can expect:
- Customizable Grids: Users will soon be able to tweak how their posts appear on the grid, including adjusting image crops and reordering posts entirely.
- Direct-To-Grid Posts: A new option will allow users to post directly to their profile grid without automatically adding it to their main feed.
- Highlights Relocation: Instagram’s Highlights feature will move from above the grid into a dedicated tab, while also becoming part of the profile grid itself.
- Longer Reels: Reels are getting a significant upgrade, with the maximum video length jumping from 90 seconds to 3 minutes.
The updates are part of Instagram’s ongoing effort to compete with TikTok, which narrowly avoided a US ban following a 75-day delay granted by President Donald Trump. With the Chinese video platform’s future remaining uncertain, Instagram seems eager to capture disillusioned users by offering features that feel increasingly similar to those of its rival.
Also Read: How To Find & Cancel Pending Instagram Requests
In fact, Instagram’s recent changes go beyond just the app’s layout: On Sunday, parent company Meta launched the standalone Edits app, a clear imitation of TikTok’s popular video-editing tool, CapCut. Additionally, Meta has been enticing creators with cash bonuses to encourage them to post their videos on Instagram and Facebook.
It’s clear Instagram is shifting its strategy to appeal to the short-form video crowd. Whether these changes will win over users or continue to spark discontent remains to be seen.
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