News

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

1 year ago

December 12, 2022

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.

News

Abu Dhabi Developer To Build World’s First Healthy Living Island

The exclusive resort will be situated halfway between Abu Dhabi and Dubai, and will feature a helipad, 86 residential villas, and 49 apartments.

Published

2 hours ago

April 25, 2024

Nour Nasir

abu dhabi developer to build world's first healthy living island

Abu Dhabi-based real estate developer IMKAN has formed a partnership with the world-renowned SHA Wellness Clinic to construct a unique private island resort at Al Jurf, halfway between Abu Dhabi and Dubai.

The development is known as SHA Residences Emirates and will combine a holistic health resort with 86 residential villas and 49 apartments — two of which will be penthouses. The “healthy living island” will also offer easy beach access, a fantastic climate, and even a former royal palace.

Raed Al Hadad, chief of marketing and sales at IMKAN, explained why the idyllic location was chosen: “We have turquoise water here, cooler temperatures, and breezes. This is the place where the late Sheikh Zayed bin Sultan Al Nahyan used to come and reflect on key policies. This palace is where one of the first talks about the formation of the UAE took place”.

IMKAN is currently working alongside Abu Dhabi’s Department of Culture and Tourism to rejuvenate the historic palace and turn it into a tourist attraction.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

Construction of the resort will begin in July and should be finished by 2025. The island will eventually be home to a full staff of doctors, therapists, yoga instructors, personal trainers, and world-class chefs. Residents and visitors will benefit from a full suite of services, including wellness programs, detox treatments, spas, and blood tests.

“Al Jurf as a destination has all the potential to promote wellness tourism. People from Saudi Arabia, India, and Russia are just a few hours away from this place,” Raed Al Hadad added.

The exclusive healthy living island will be accessible by road and also feature a helipad. Meanwhile the developers plan to add connections by water from Abu Dhabi and Dubai.