SR 2 tr investments spur KSA real estate business

March 2, 2013

KSA_real_estate_business

Jeddah, Mar 2: Total investments in real estates across Saudi Arabia have reached more than SR 2 trillion, making the country one of the top real estate markets in the world.

“The Kingdom’s housing need in 2020 is estimated at 4.5 million units at an estimated cost of SR 117 billion annually and it would need 110 million square meters of housing plots,” said Khaled Al-Ghamdi, chairman of Taifah Al-Aqar in Jeddah.

Housing is one of the major problems facing the Kingdom.

Al-Ghamdi put the housing needs of Jeddah at 1 million units by 2020. “There is demand for 100,000 residential units in the city every year,” he said.

Jeddah’s real estate business is growing fast with SR 21.5 billion worth of deals concluded over the past three months. He attributed the increasing investment in the sector in Saudi Arabia and other Gulf countries to the region’s security and stability.

The real estate market in the Kingdom has taken a giant stride in recent years especially in Jeddah where properties under construction are estimated at SR 200 billion. Al-Ghamdi stressed the need to set up a higher commission for real estate without further delay, adding that the Council of Saudi Chambers has recommended its formation. Such a commission, he said, is needed to regulate the Kingdom’s real estate sector and serve as a reference for all its disputes besides serving as a driver for the sector’s increased contributions to the GDP.

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KT
June 15,2020

Dubai, Jul 15: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, announced the launch of a 'New Media Academy in Dubai on Monday - a new institution that will train people on the science of digital media.

Taking to Twitter, Sheikh Mohammed said that new media is a new science that has its own set of special tools and secrets, and that the future cadres of UAE must be at the forefront of it.

"The academy will prepare new experts and managers in the field of communication in government and private institutions, as well as training professional social media influencers", Sheikh Mohammed tweeted, adding that the new media is providing new job opportunities and careers today, and will always be a main supporter in the journey of development.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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News Network
March 5,2020

Dubai, Mar 5: A 16-year-old Indian girl here has tested positive for the deadly coronavirus, bringing the total number of confirmed infection cases in the UAE to 28, according to media reports.

Health officials here confirmed on Wednesday that a new coronavirus case was detected in the girl who attended an Indian school in Dubai, Al-Arabiya website reported.

The girl tested positive for the COVID-19 after she contracted the infection from her father who travelled overseas, Dubai Health Authority (DHA) was quoted as saying by the report.

The Indian High School in Dubai will be closed from Thursday as a precautionary measure, the Gulf News reported.

"As a precautionary measure, Indian High School Group of schools is closed from Thursday, March 5. Detailed circular about exams will be mailed. Your well-being is important. Take care," the report said.

The father developed symptoms of the virus five days after returning to Dubai. Both the student and family members have been quarantined in hospital and are stable and recovering well. All other family members have also been quarantined, the Khaleej Times reported.

"Within the framework of comprehensive preventive measures against the spread of coronavirus, the DHA is conducting tests and monitoring the students, staff and workers of the school that may have interacted with the coronavirus patient," the DHA was quoted as saying by the Gulf News.

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