Finance options enhance investment in Saudi real estate sector, say experts at Riyadh forum

Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing delivers a speech at the opening of the 2nd edition of Future of Real Estate Forum in Riyadh on Monday. (SPA)
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Updated 25 January 2023
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Finance options enhance investment in Saudi real estate sector, say experts at Riyadh forum

  • Specialists in Saudi housing at the three-day event underlined the necessity of investing in the sector through various financing alternatives, based on the capabilities and demands of customers

RIYADH: The second Real Estate Future Forum concluded in Riyadh on Wednesday following the participation of 30 states and 100 speakers representing public and private sectors, along with leading economics experts, investors, and decision-makers, both local and global.

Specialists in Saudi housing at the three-day event underlined the necessity of investing in the sector through various financing alternatives, based on the capabilities and demands of customers. 

Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said that in-kind registration was one of the main priorities of the real estate sector’s comprehensive strategy, adding: “It is directly linked to the reliability and investment attractiveness of the real estate sector.”

He noted that 2022 had witnessed radical developments and major transformations “as well as the launch of a single entity in charge of registration of property, which is the General Real Estate Authority, in addition to issuing the law of property registration and its implementing regulations.”

The forum addressed several themes, such as the role of the emirates, governorates, ministries and secretariats in aligning to empower the real estate sector, and regional efforts and their impact on the growth of the sector.

The forum also focused on the future of real estate investment, and regulations.

Mansour bin Madi, CEO of the Real Estate Development Fund, said that the individual real estate finance market grew significantly, reaching SR674 billion ($179.5 billion) from January to November 2022, up nearly 130 percent from SR287 billion in 2017.

This reflected the success of the housing plan, one of the Kingdom’s Vision 2030 programs.

Bin Madi added that the Real Estate Development Fund’s initiatives are supported by “best global standards” digital governance, citing the execution of more than 10 million digital operations through 43 e-services, as well as the fund’s programs and services with more than 103 e-services.

He noted that the private sector’s role in providing finance and land support to citizens had become more effective, citing the sustainability of the finance market and support programs as a result of the signing of more than 150 strategic agreements with the private sector, which contributed to providing solutions.

Noffel Al-Salama, CEO of the Housing Program, explained that the scheme had various problems and needed “a major overhaul of its system, whether related to the provision of real estate supply or essentially financial alternatives.”

According to Al-Salama, the housing sector accounts for more than 60 percent of the real estate industry and requires development in terms of developer empowerment, reorganization, and law to deliver the housing units demanded by citizens.

Al-Salama indicated that the program nevertheless provides housing solutions that meet the needs and aspirations of Saudi families and that “one of the most important of them is to facilitate the acquisition procedures with an immediate entitlement to direct access to finance through the pertinent regulation to reach the desired targets and achieve growth in terms of control of legislation and government directives.”

Entrustment and Liquidation Center CEO Hussein Al-Harbi said that the body is responsible for encouraging cooperation between government and judicial bodies, as well as working to empower and support the private sector involved in judicial and governmental liquidation operations.


Red Cross and Red Crescent Day marked across Saudi Arabia with various events

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Red Cross and Red Crescent Day marked across Saudi Arabia with various events

  • The event is celebrated worldwide every May 8 to highlight the life-saving role played by Red Cross and Red Crescent societies 

RIYADH: The Saudi Red Crescent Authority marked International Red Cross and Crescent Day on Wednesday with various events, exhibitions and conferences in all its branches around the Kingdom. 

The activities included marches on the main roads of the regions and governorates as well as educational lectures and training courses to raise community awareness. 

Others participated in exhibitions to introduce the public to the role of the Red Crescent in society, particularly humanitarian and relief work. 

The World Red Crescent and International Red Cross Day is celebrated to emphasize the importance of the principles of the international movement to preserve human dignity and alleviate the suffering of people through humanitarian actions, especially in light of conflicts, disasters and crises.

In the Eastern Province, the SRCA in collaboration with Alasala College held a series of informative and educational events at Alasala campus in Dammam, focusing on the vital humanitarian work carried out by both organizations.

Those attending had the opportunity to observe a display of ambulance vehicles used by the authority, showcasing their capabilities to respond to emergencies in various environmental conditions and terrains. The interactive showcase aimed to raise awareness about the essential services provided by the authority.

There was also an exhibition featuring the latest emergency medical equipment and informing those attending of the emergency hotline number 997. 

Lectures were delivered on topics such as the risks associated with overcrowding, the importance of allowing unimpeded access for ambulance vehicles, and guidelines for handling different emergency situations.

Visitors were also introduced to the humanitarian services provided by the authority, volunteering opportunities, training programs, and the Family Links initiative. 

In the northwestern province of Tabuk, SRCA general director Nawaf bin Mayah Al-Anazi led the celebration, with health and educational activities carried out in awareness corners at Tabuk Park Mall. 

The activities showcased first aid skills trainings as their role in reducing the complications of injury. 
 


Saudi Ministry of Tourism closes 40 facilities in Asir region for various violations

Updated 10 May 2024
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Saudi Ministry of Tourism closes 40 facilities in Asir region for various violations

  • Tourism operators had been warned of heavy penalties if they do business before obtaining the necessary licenses.

ABHA: The Saudi Ministry of Tourism recorded more than 350 violations during its inspection tours of hospitality facilities in the Asir region, closing 40 of them.
It addressed about 270 complaints regarding the services provided in facilities such as hotels and serviced apartments, as part of the Our Guests Are A Priority campaign during the first quarter of 2024.
The ministry’s supervisory teams conducted about 650 supervisory and inspection tours of hospitality facilities.
The tours were part of ongoing efforts to enhance the tourism sector in all regions of the Kingdom, in addition to ensuring the quality of services provided by various types of hospitality facilities to visitors and tourists.
The ministry said it would impose the strictest penalties on those who engaged in activities before obtaining the necessary licenses. It also said it would not be lenient in imposing regulatory penalties on violators, the closure of the facility in question, or both penalties in some cases.


KSRelief mission performs free eye examinations, surgeries in Sri Lankan town

Updated 10 May 2024
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KSRelief mission performs free eye examinations, surgeries in Sri Lankan town

  • 8-day mission being carried out in cooperation with the International Sight Foundation

COLOMBO: The King Salman Center for Relief and Humanitarian Aid has successfully carried out at least 200 eye surgeries in its ongoing anti-blindness campaign in the Sri Lankan town of Kattankudy, the Saudi Press Agency reported on Thursday.

Dubbed Saudi Noor Volunteer Program to Combat Blindness, the campaign has also examined at least 2,000 individuals so far.

The campaign, which is being carried out in cooperation with the International Sight Foundation, started May 4 and will conclude on May 11, SPA said.

The Kattankudy mission is just one of the humanitarian and relief projects being carried out by Saudi Arabia's aid agency in various friendly countries worldwide. 

 

 


2 Saudi students among top coding winners in Apple’s Swift Student Challenge

Updated 58 min 4 sec ago
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2 Saudi students among top coding winners in Apple’s Swift Student Challenge

  • Afrah bin Jubeir “Fin’s Adventure” app is not just an entertaining game but also an educational tool to promote awareness of maritime environment
  • Jawaher Al-Anzi's "My Child” app aims to help children with speech impediments and was inspired by her own story

RIYADH: Two Saudi students have used their skills in coding and app creation to put social issues under the spotlight.

Afrah bin Jubeir and Jawaher Al-Anzi recently showcased their abilities in Apple’s Swift Student Challenge, where they were named among the top coding winners.

“This challenge offers us a platform to acquire skills that are applicable in the real world, and I am very excited to share the solutions and innovations I developed,” said Jubeir. “It is an opportunity not only to boost my knowledge and skills but also to make a positive impact in the tech community.”

Passionate about the sea and marine life, the 26-year-old created an app called “Fin’s Adventure.” It was developed not only as an entertaining game but also an educational tool to promote awareness of maritime environment matters and the importance of preserving the oceans.

“The game revolves around a fish character named ‘Fin’ who tries to survive in an ocean filled with plastic pieces,” Jubeir told Arab News. “The player will have to help Fin avoid these threats and promote awareness of the importance of keeping the oceans clean.”

The inspiration behind “Fin’s Adventure” came after Jubeir attended a conference where she noticed games had significant capabilities to convey educational messages and raise awareness. 

Afrah bin Jubeir's “Fin’s Adventur.” was developed not only as an entertaining game but also an educational tool to promote awareness of maritime environment matters.

She designed the game to be exciting and educational, introducing players to the negative impacts of plastic pollution and encouraging them to take small steps towards a more sustainable lifestyle.

“Owing to its fun and interactive delivery method, the game attracts both kids and adults, making it an effective tool that contributes to changing behaviors in the long run,” she said.

Jubeir began her vocational training in September 2023 when she joined the Apple Developer Academy. A nine-month program enhanced her software skills and understanding of advanced technologies, before she decided to apply to the Swift Student Challenge.

She said other students considering an application should ensure they understood the necessary requirements first. They should start with a unique idea addressing a specific problem, before going on to develop a seamless design and attractive user experience.

“Ask for feedback from your friends and acquaintances to improve your project and remember that any challenge you face is an opportunity to learn and progress. Even if you don’t win, the opportunity itself adds to your experiences and teaches you,” she said.

Al-Anzi, a 27-year-old from Riyadh, competed against 350 other students from 35 countries and was named one of 50 Distinguished Winners in the challenge.

Her app, “My Child,” aims to help children with speech impediments and was inspired by her own story.

Jawaher Al-Anzi's app, “My Child,” aims to help children with speech impediments. 

As a child, following the death of her grandfather, she developed a stutter. She eventually overcame it and, years later, began training at the Apple Developer Academy in Riyadh.

“It took around a month to build the application, from coming up with the idea to executing it,” she told Arab News.

“The application will contribute to solving stuttering among all members of the community of different ages. Hopefully, in the near future, it will be available for download on the App Store.”

She said her experience of participating in the Apple competition paved the way for her app creation.

“It’s an opportunity to create an application and learn how to build projects and new techniques, in addition to creating an application that contributes to helping society as a whole.”

Asked what advice she would give others hoping to follow in her footsteps, she said it would be the same advice that was given in the Apple academy: “Everyone can code.”
 


EU ambassador holds Europe Day celebration in Riyadh 

Updated 09 May 2024
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EU ambassador holds Europe Day celebration in Riyadh 

  • Attending as guest of honor was Saudi Vice Minister of Foreign Affairs Waleed El Khereiji

RIYADH: Christophe Farnaud, the EU ambassador to Saudi Arabia, Bahrain, and Oman, marked his first Europe Day celebration in the Kingdom, inviting fellow European nation ambassadors, Saudi foreign affairs officials, and friends of the embassy to celebrate the occasion in his residence in the diplomatic quarter.  

“There is a very dynamic partnership between Saudi Arabia and the European Union,” Farnaud told Arab News.

He added: “It’s political, economic, and it’s also cultural, and since the Kingdom is in the process of this very impressive, this very spectacular transformation, it is important for us as Europeans to be present because we have strong relationships.” 

Attending as guest of honor was Saudi Vice Minister of Foreign Affairs Waleed El Khereiji.

Discussing Saudi-EU ties, Farnaud said: “I think it is important that we do more, and I think that the challenges of the world now, which are pandemics, economic transitions ... but also the globalization which is going on, it needs countries to have partners, reliable partners people that you know, that you can trust, and which whom you can bring solutions.

“For me as European ambassador, it is key to build on that with Saudi Arabia because I think the potential of this country is enormous and I am glad that people enjoyed tonight because it’s a good sign for the relations.” 

To open the Europe Day celebration, the ambassador gave his opening remarks highlighting the bilateral ties between not only Saudi Arabia and the EU but also the wider GCC region. 

Farnaud noted the multiple visits of EU officials to the region, including Josep Borrell, the EU high representative for foreign affairs and security policy, and vice president of the European Commission to the Kingdom.

“Regular exchanges foster a useful dialogue. Last January, the European Union and the GCC held their first regional security dialogue followed by a high-level forum on regional security and cooperation at a ministerial level last month in Luxembourg.  

“These exchanges reflecting common views and interests for the most part are indispensable. We must work together to contribute to lasting solutions,” he said. 

Europe Day is celebrated annually on May 9 in all EU member states to mark the Schuman Declaration of May 9, 1950, by French Foreign Minister Robert Schuman which laid the foundations for the modern-day EU. 

Saudi Arabia and the EU have maintained strong relations over the decades, and developed cooperation in key strategic areas and sectors. 

Farnaud also highlighted Saudi Arabia and the EU’s strong trade relations, saying that the EU is Saudi Arabia’s second-largest trading partner.

Within the same day of the national day celebrations, the European Chamber of Commerce in Saudi Arabia held its inauguration with guests including Ibrahim Al-Mubarak, assistant minister of investment; and Luigi Di Maio, EU special representative for the Gulf.