After a slower period for developers, 2017 saw a wave of new mega-projects announced in the Kingdom, with cities including Taif, Jeddah, Makkah and Medina set to host new large-scale developments. The emphasis was on providing needed homes for the growing Saudi population and driving further economic diversification, with projects aiming to...
After a period of stabilisation in which the government implemented a number of reforms, the real estate and construction sectors are preparing for the introduction of a range of projects under the Saudi Vision 2030 initiative. Lower oil prices and the resulting fiscal consolidation of the state cooled demand in 2016 and early 2017; however,...
The year 2017 emerged as a bumper year for new openings in the hotel and leisure segment, as investors prepared for growth in visitor arrivals. Additional building and higher occupancy rates will be driven by efforts to ensure that the Kingdom can host a large number of pilgrims safely, combined with rising business travel as the economy...
The long-term development plan Saudi Vision 2030 seeks to transform the economy from powerful but hydrocarbons-dependent to diversified, dynamic and knowledge intensive, with a high standard of living for all citizens. One of the most ambitious policy documents published by any country, it is already having an extensive impact on the...
Perhaps the most significant regulatory enactment for the Kingdom’s construction and real estate players in years, the white land tax is expected to have a wide-ranging impact on the market. Instituted to encourage sales of land to more active developers, the government began issuing its first bills for taxable land in late March 2017.
Although they benefitted from more than SR220bn ($58.7bn) per year in new contracts between 2011 and 2014, according to National Commercial Bank, many Saudi construction firms have seen their margins squeezed by escalating costs in recent years. One of the greatest challenges in balancing their books has been the impact of new labour...
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