Economy

RIYADH: A national real estate funding strategy for Qatar is needed to boost the sector, according to proposals put forward at a dedicated event held in the country.  The Ministry of Municipality announced the recommendations following the Qatar Real Estate Forum, which saw the participation of 1,500 leaders, decision-makers, and executives from across the world. 

Official says destruction of Nova Kakhovka dam has 'very serious consequences' for essential services and environment.

RIYADH: Saudi Arabia’s Public Investment Fund-owned football club Newcastle United has extended its sleeve sponsorship agreement with the e-commerce platform Noon. According to a press release, the logo of Saudi-based Noon will continue to be displayed on the sleeve of Newcastle’s first-team kit across all competitions.  Newcastle United has been owned by a consortium led by Saudi Arabia’s sovereign wealth fund since 2021, with PIF holding 80 percent of the club’s shares, while RB Sports & Media and PCP Capital Partners hold a 10 percent stake each. 

RIYADH: Turkish decor group Serdur has finalized an agreement with Dubai-based real estate developer Andalusia Courtyard to establish an office in the UAE and a $10 million factory in Saudi Arabia.   The strategic partnership with Andalusia Courtyard will pave the way for the Turkish group’s expansion into the Middle East, with a primary focus on the UAE and Saudi markets.  

RIYADH: Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce. In one of the world’s largest public-private partnership deals for social infrastructure, NEOM signed up some of the leading Saudi developers to build 10 communities across the smart city that will accommodate an additional 95,000 occupants upon completion of the first phase. 

DAMMAM: More than 100 companies from 35 countries descended on the Dhahran Expo for an under-the-sea experience during the International Conference and Exhibition of Algae from June 4-6. The event, organized in conjunction with the International Fisheries Exhibition — known as SIMEC — played host to 16 workshops in a dedicated interactive space where seafood was offered to visitors, videos were on display, and experts were on hand to discuss everything related to algae and fish.

RIYADH: Kuwait’s non-oil growth is projected to increase to about 3.8 percent in 2023 on account of a robust expatriate community, the International Monetary Fund has forecast.    While overall growth is anticipated to drop to 0.1 percent this year, the non-oil economy will be strengthened on the back of the financial stimulus and partial recovery in the employment of expatriates, according to the IMF’s latest analysis of Kuwait.