Saudi Arabia’s real estate brokerage contracts surge 97% YoY in Q1
Updated 1 min 29 sec ago
REEM WALID
RIYADH: More than 96,000 real estate brokerage contracts were documented in Saudi Arabia in the first quarter of 2025 — a 97 percent annual rise, according to new figures.
Released by the Kingdom’s Real Estate General Authority, the data indicated that this worked out at a rate of 44 per hour and 1,066 per day.
This brings the total number of contracts documented since the launch of the real estate brokerage system in 2023 to more than 1.4 million.
The statement highlighted that the almost double growth rate reflects “customer awareness and commitment to implementing real estate laws and regulations that regulate contractual relationships, preserve rights, and create a reliable and organized real estate environment.”
The recorded numbers correlate with the authority’s aim to enhance the real estate investment ecosystem by streamlining procedures, creating more opportunities for investors, and fostering a competitive sector through the provision of accurate, transparent data via the Saudi Real Estate Indicators.
They also align with Saudi Arabia’s Vision 2030 goal of increasing homeownership to 70 percent by 2030.
The figures further showed that during the first quarter of 2025 REGA issued over 7,875 licenses across various sectors, including brokerage and marketing, consulting and analysis, property and facility management, as well as auctions.
Over 105,000 licenses were granted for real estate advertising, along with the approval of 10 new electronic real estate platforms, raising the total number of licensed platforms to 71 since the real estate brokerage system was introduced.
“This contributes to achieving the efficiency and quality of real estate transactions within a regulated environment that ensures the preservation of rights and enhances the reliability of the sector,” the authority’s statement said.
During the first quarter of 2025, REGA also processed 1,745 real estate reports and conducted over 23,746 electronic scanning operations, utilizing digital monitoring tools to review online channels and real estate platforms.
Real estate brokerage is defined as facilitating real estate transactions between parties in exchange for a commission, including through electronic means such as websites, social media platforms, and other digital tools.
Established in 2017, REGA works on regulating, supervising, and advancing non-governmental real estate activities, with a core objective of attracting investment to the sector in line with its overarching strategic vision.
The Kingdom’s real estate sector continues to draw international attention, with high-net-worth individuals from nine Muslim-majority countries preparing to commit $2 billion toward property purchases in Makkah and Madinah, according to a report released by Knight Frank earlier this month.
The findings showed that 84 percent of global HNWIs surveyed expressed interest in acquiring property in Saudi Arabia — with a clear preference for its two holy cities.
Nearly half, or 48 percent, of those respondents said they plan to use homes in Makkah as their main residence, pointing to a shift toward long-term occupancy rather than seasonal or purely investment-driven holdings.
NEW DELHI: Oil prices inched higher on Monday though remained dogged by uncertainty over trade talks between the US and China, clouding the outlook for global growth and fuel demand, while the prospect of OPEC+ raising supply cast more gloom.
Brent crude futures were up 4 cents, or 0.06 percent, at $66.91 a barrel, as of 11:12 a.m. Saudi time. US West Texas Intermediate crude gained 0.09 cents, or 0.14 percent, to $63.11 a barrel.
Both benchmarks nudged higher for a third session.
“Absence of news is pushing oil prices modestly higher as traders are positioned short ahead of potential increased OPEC+ supply from the May 5 meeting and a significant production boost in the USA,” Michael McCarthy, chief executive officer of online trading platform Moomoo Australia.
Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to suggest that the group accelerates oil output hikes for a second consecutive month when they meet on May 5.
Expectations of oversupply and concerns about the impact of tariffs on the global economy caused Brent and WTI to fall by more than 1 percent last week.
The market has been rocked by conflicting signals from US President Donald Trump and Beijing over what progress was being made to de-escalate a trade war that threatens to sap global growth.
“Market players will remain on the lookout for a thaw in the US-China trade war as an opportunity to buy,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
In the latest comment from Washington, US Treasury Secretary Scott Bessent on Sunday did not back Trump’s assertion that negotiations with China were under way. Earlier, Beijing denied any talks were taking place.
Many participants in the International Monetary Fund and World Bank Spring Meetings said Trump’s administration was still conflicted in its demands from trading partners hit with his sweeping tariffs.
Investors are also watching nuclear talks between Iran and the United States in Oman which continue this week. Iranian Foreign Minister Abbas Araqchi said he remained “extremely cautious” about the success of the negotiations.
In Iran, a powerful explosion at its biggest port of Bandar Abbas has killed at least 40, with more than 1,200 people injured, state media reported on Sunday.
On Sunday, top officials in the Trump administration pressed Russia and Ukraine to make headway on a peace deal following a one-on-one meeting between Trump and Ukrainian President Volodymyr Zelensky at the Vatican a day earlier.
Saudi Arabia to power data platforms with AI to drive Vision 2030 goals
Officials pledge major upgrades in statistical systems to enhance decision-making and global competitiveness
Updated 27 April 2025
Nadin Hassan
RIYADH: Saudi Arabia plans to enhance its data platforms, strengthen digital transformation, and use artificial intelligence and modern technologies to improve statistical operations and data accuracy, according to a minister.
In his opening remarks at the first Saudi Statistics Forum held from April 27–28 in Riyadh, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom aims to build a modern, accessible, and globally competitive data ecosystem to support decision-making aligned with Vision 2030.
“In the coming phase, we will continue to develop data platforms, strengthen the digital transformation journey, and leverage administrative data, artificial intelligence, and modern technologies to further improve statistical operations, enhance data accuracy, and facilitate easier access to information,” Al-Ibrahim said.
He added: “Today, Saudi Arabia stands as an international platform for showcasing achievements, sharing success stories with the global community, accelerating the pace of development, and maximizing positive impact both locally and internationally in the field of statistics.”
The minister emphasized that the country will continue to develop administrative data systems and adopt modern technologies to improve the accuracy and accessibility of information across sectors.
The forum coincides with the 65th anniversary of establishing official statistical work in the Kingdom. This journey has witnessed the sector undergo transformative shifts toward higher quality and greater transparency.
“Transparency is crucial in supporting evidence-based decisions, especially given international challenges that highlight the need to develop statistical systems, adopt high-performance standards, and enhance the speed and efficiency of decision-making,” Al-Ibrahim.
He continued: “Today, many national and international statistical agencies and organizations are participating in this forum with the aim of transferring expertise, sharing pioneering experiences in statistical methodologies and best practices, and showcasing modern approaches to innovation and statistical development.”
The minister emphasized the crucial role of accurate, timely data in enabling evidence-based policymaking, particularly in the face of global challenges, and highlighted the need for resilient and agile statistical systems.
“Saudi Arabia today stands as an international platform for showcasing achievements, sharing success stories, and accelerating positive impact both locally and globally in the field of statistics,” Al-Ibrahim added.
The forum comes as Saudi Arabia prepares to host the Sixth UN World Data Forum in Riyadh in November 2026.
During the event, Fahad Al-Dossari, president of GASTAT, reiterated the authority’s commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards.
“Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,” Al-Dossari said.
He noted that the authority has recently launched a number of strategic initiatives aimed at achieving full digital transformation in statistical operations, including promoting statistical innovation, enhancing the use of AI technologies, analyzing big data, and updating methodologies to align with best global practices.
As part of its efforts to meet rising demands for data in a rapidly evolving economy, GASTAT introduced around 39 new statistical products in 2023.
These products aim to deliver greater detail, broaden sector coverage, and enhance regional statistics to better inform both public policies and private sector investments.
Al-Dossari stressed that continuous collaboration between GASTAT and its partners in the government, private sector, and academic institutions is key to ensuring the success of Saudi Arabia’s broader data agenda.
He also highlighted the importance of national surveys as critical tools for expanding statistical coverage and providing timely indicators.
Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the event. AN photo
During a panel discussion, the role of data as a foundation for industrial development and economic diversification was further emphasized by Minister of Industry and Mineral Resources Bandar Alkhorayef.
“In the industrial sector, we cannot imagine that industry could thrive without infrastructure — whether in the form of industrial cities, energy supply, or other essential elements. Without this infrastructure, neither industry can grow nor investment be attracted,” Alkhorayef said
The minister underlined that Saudi Vision 2030 targets specific sectors that require precise, regularly updated data, allowing investors to accurately assess market conditions, identify opportunities, and anticipate trends.
Recognizing this, Saudi Arabia has taken proactive steps to institutionalize early technology adoption across sectors.
“Today, there is a massive abundance of data, and the key question is how we can harness it to serve decision-making processes and reduce associated risks,” Alkhorayef said.
He continued: “One of the risks we must be cautious about is relying on modern technologies without having accurate and trustworthy data sources, which can lead to misleading results despite the strength of the tools used.”
Therefore, here in the Kingdom, “we consider the early integration of technology as an essential part of all sectors.”
As technology reshapes the world of statistics, the nation is positioning itself at the forefront of innovation in data management.
Alkhorayef emphasized the growing global opportunity to harness AI and big data analytics to drive smarter decision-making.
However, he warned that relying on modern technologies without ensuring the accuracy and reliability of data can lead to misleading outcomes.
The Saudi Data and Artificial Intelligence Authority also plays a key role in regulating and accelerating the use of data technologies, striking a balance between strong legislative frameworks and rapid digital transformation efforts.
“SDAIA combines regulation and ensuring the proper development of technologies with accelerating their use to serve our national goals, whether to achieve the objectives of Vision 2030 or to support investors in accessing data quickly and mitigating investment risks,” Alkhorayef said.
He continued: “Thus, I believe the integrated system we see today positions the Kingdom as one of the best countries for attracting investments, thanks to the high level of reliability regarding opportunities and how to capitalize on them.”
During the forum, GATSTAT signed memorandums of understanding with four countries, including the UAE’s Federal Competitiveness and Statistics Centre, Qatar’s National Planning Council, Statistics Estonia, and Finland.
The MoUs aim to foster cooperation and facilitate the exchange of expertise in the field of statistics.
Saudi Arabia, Qatar to clear Syria’s $15m World Bank debt
Updated 27 April 2025
Nour El-Shaeri
RIYADH: Saudi Arabia and Qatar have agreed to jointly pay approximately $15 million to settle Syria’s arrears to the World Bank, a move set to unlock renewed development funding for the war-torn country.
The announcement came during the Syria Roundtable Meeting, held on the sidelines of the International Monetary Fund and World Bank Spring Meetings in Washington from April 21 to 26, according to the Saudi Press Agency.
The settlement will allow Syria to regain access to World Bank resources to support critical sectors and rebuild key institutions, the finance ministries of Saudi Arabia and Qatar said in a joint statement.
“This payment will enable the resumption of the World Bank Group’s support and activities for Syria, after an interruption that lasted for more than fourteen years,” the SPA report stated.
The renewed engagement will also facilitate technical assistance programs focused on capacity building and policy reforms to stimulate long-term economic growth.
Syria’s economy has been devastated by over a decade of civil war, with its gross domestic product contracting by 84 percent between 2010 and 2023, according to World Bank estimates. Inflation has soared, the currency has plummeted, and over 90 percent of Syrians now live below the poverty line.
International sanctions, particularly the US Caesar Syria Civilian Protection Act of 2020, have further isolated Syria from global financial systems, compounding its economic collapse.
Syria’s ties with the World Bank had frayed since the mid-1990s, when debt repayment disputes led to a suspension of support. The prolonged lack of access to international funding severely hampered reconstruction efforts during the conflict.
However, following the ousting of Bashar Al-Assad in December and the formation of a transitional government, Syria has begun re-engaging with the global community.
During the Washington meetings, Saudi Arabia and Qatar urged international and regional financial institutions to swiftly resume and expand their development activities in Syria. They emphasized the need for a collective effort to help the Syrian people achieve a future marked by stability, dignity, and shared regional prosperity.
Saudi Arabia’s non-oil exports surge 113% since Vision 2030 launch
Updated 27 April 2025
SPA
RIYADH: Saudi Arabia’s non-oil exports reached an unprecedented SR515 billion ($137 billion) in 2024, marking the highest value in the Kingdom’s history.
This achievement represents a significant 13 percent increase compared to the previous year and an impressive growth of over 113 percent since the launch of Vision 2030.
The robust growth spanned all export sectors. Merchandise exports climbed to SR217 billion (+4 percent), fueled by respective increases of 2 percent and 9 percent in petrochemical and non-petrochemical exports.
Notably, re-exports surged to SR90 billion, demonstrating a remarkable 205 percent growth since the inception of Vision 2030. Services exports also reached an all-time high of SR207 billion, exhibiting a 14 percent year-on-year increase and a substantial 220 percent rise since Vision 2030’s announcement.
Saudi Export Development Authority CEO Abdulrahman Al-Thukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.
He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030’s goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.
In 2024, petrochemical commodity exports amounted to SR149 billion, constituting 68 percent of total commodity exports, and registered a 2 percent increase in value and weight compared to the previous year.
Non-petrochemical commodity exports achieved a remarkable SR69 billion (32 percent of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5 percent year on year, and more than fivefold in value since the launch of Vision 2030.
The Kingdom’s re-export sector also delivered a historic performance in 2024, reaching SR90 billion, a 205 percent increase compared to 2016, a 42 percent rise year on year, and a 114 percent increase compared to 2019.
This was primarily driven by the re-export of mobile phones, which reached a record value of SR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.
Machinery, automated devices, transportation equipment, and parts thereof constituted 84 percent of total re-exports in 2024. Notably, re-exports of aircraft parts also experienced substantial growth, increasing from SR1.6 billion in 2022 to over SR2 billion in 2024.
In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.
Services exports reached a record SR207 billion in 2024, marking a 14 percent year-on-year increase and a 220 percent rise since 2016. The travel and tourism sector was a key driver, increasing by 270 percent since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150 percent increase in travel exports compared to 2019, representing 74 percent of total service exports.
The Kingdom also recorded a 69 percent increase in international tourist numbers compared to pre-pandemic levels and a 148 percent increase in tourism revenues compared to 2019.
Saudi Arabia led the G20 in tourist number growth, with a 73 percent growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12 percent of total service exports, achieving a 5 percent year-on-year growth.
Saudi Arabia proposes lower bank guarantee requirements for finance licenses
Updated 27 April 2025
Nirmal Narayanan
RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom’s financial sector.
In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center’s “Istitlaa” platform. The draft proposes regulatory changes aimed at supporting sector growth and stability.
The draft update highlights SAMA’s ongoing efforts to support the financial sector’s stability and growth by increasing the aggregate financing amount offered by a company.
“The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,” said SAMA.
It added: “The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.”
Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News.
This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia’s gross domestic product.
The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards.
It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations.
The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations.
Strengthening the financial sector is a key priority under Saudi Arabia’s Vision 2030.
As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform.
In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments.
SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses.
