Although growth in Saudi’s real estate sector has softened since 2016, government-led initiatives to increase access to affordable housing, in addition to wider economic diversification plans focused on tourism and industrial output, look set to turn its fortunes around. All eyes have been on the impact of the government’s white land tax on unused plots, which was introduced in 2017, with...
Saudi Arabia Construction
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Chapter | Real Estate & Construction from The Report: Saudi Arabia 2019
Home to an estimated 15% of the world’s proven oil reserves and the single-largest economy in MENA, Saudi Arabia is a key regional and global player. The Vision 2030 blueprint sets out regulatory, budget and social reforms that will be implemented over the coming decade as the nation sets about curbing its reliance on crude oil production and export, which accounted for 43.5% of GDP in 2018.
Articles & Analysis | Tourism in Saudi Arabia increases hotel supply from The Report: Saudi Arabia 2018
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...
Articles & Analysis | Development plans for West Saudi Arabian cities unveiled from The Report: Saudi Arabia 2018
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...
Articles & Analysis | Building activity in Saudi Arabia picks up as government launches new projects from The Report: Saudi Arabia 2018
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,...
Interviews & Viewpoints | Khalid S Aljasser, CEO, Arabian Centres: Interview from The Report: Saudi Arabia 2018
How will economic diversification impact the growth of real estate projects within and beyond the Kingdom’s main urban centres?