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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.

Published

2 years ago

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saudi arabia set to invest $1 trillion in the real estate sector

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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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

1 week ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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