meed-logo

line1 line2 line3
SIGN IN / REGISTER

GCC strives to reach real estate potential

27 June 2024

 

The real estate sector across the six states that make up the GCC has not yet achieved its full potential when it comes to attracting foreign investment.

This is best illustrated by the region’s largest economy, Saudi Arabia. The kingdom’s Vision 2030 economic diversification strategy includes ambitious targets to increase homeownership among citizens and attract international investors with its recently introduced Premium Residency Visa. The new visa is designed to open up the market to global investors, and while some gains are starting to be made, the market is still at the start of this journey.

Throughout the GCC, real estate markets have demonstrated a degree of resilience and stability following the Covid-19 pandemic, but challenges remain.

Rising borrowing costs and slow-paced reforms have affected the residential sector in the region, although the impact has not been universal. In Kuwait and Saudi Arabia, real estate sales have declined significantly, whereas in Dubai, sales continue apace.

For commercial real estate, the demand for high-quality, sustainable office spaces is a common trend. Businesses are increasingly favouring high-quality Grade A properties, leading to higher rental rates compared to mid- and low-end offices.

The retail sector has benefited from increased consumer activity, particularly during festive seasons. Malls and mixed-use developments have maintained stable rental rates, although some areas, like strip retail rentals, have seen slight declines. This reflects a broader trend of consumer preferences shifting towards more integrated and experiential shopping environments with a keen focus on entertainment.

Meanwhile, the industrial sector has shown robust demand, driven by manufacturing and logistics. High occupancy rates for large and medium-sized warehouses underline the sector’s resilience.

Bahrain 

Bahrain’s property market is performing steadily, driven by strategic homebuyers focusing on mid-range properties, as well as a growing demand for luxury waterfront homes. 

The market’s attractiveness has been enhanced by masterplanned developments such as Bahrain Bay and Diyar Al-Muharraq, which have achieved a critical mass that means they are now perceived as thriving communities rather than ongoing construction projects.

While project completions are important for confidence, in its Q1 2024 market report, property consultant Savills warns that key project completions such as Onyx Residences, Al-Nasseem Phase 2 Villas and Wadi Al-Riffa could lead to a short-term dip in capital values due to oversupply. 

Any possible fall could reverse recent gains. According to Savills, high-end apartment units registered modest 0.3% quarterly growth, averaging BD832 ($2,207.6) a square metre (sq m), while high-end villas have experienced a 4.5% year-on-year decline, averaging BD583/sq m.

Savills reports that the office sector has remained stable, with businesses favouring high-quality Grade A properties, leading to higher rental rates compared to mid- and low-end offices. Demand for Leed-certified spaces and co-working environments is increasing, reflecting environmental, social and governance (ESG) commitments. Grade A properties face mild value corrections due to new developments. 

Retail benefited from festive mall footfalls, keeping rental rates stable for malls and mixed-use developments, while strip retail rentals dropped slightly.

Kuwait

The Kuwait real estate sector continued its dismal performance in 2023 due to rising borrowing costs and the slow pace of ongoing reforms. The volume of transactions saw a significant downturn, according to a report by Marmore, a fully owned research subsidiary of Kuwait Financial Centre, Markaz.

Real estate sales dropped to KD2.1bn ($6.7bn) in the first nine months of 2023, reflecting a 26% year-on-year decline from KD2.8bn ($9.1bn). This downturn has affected all segments of the market.

In the residential sector, sales fell by 26% in Q3 2023, totalling KD1.1bn ($3.6bn), down from KD1.4bn ($4.7bn) in the same period of the previous year. The number of transactions also declined by 34% year-on-year. High house prices and borrowing costs have kept demand muted.

The residential rental segment also decreased by 20% year-on-year, reaching KD666m ($2.2bn) in Q3 2023, down from KD831m ($2.7bn) in Q3 2022. 

The commercial sector experienced a 37% year-on-year drop in sales, to KD321m ($1bn) in 2023, compared to KD511m ($1.6bn) in 2022. The number of transactions in this sector declined by 35% year-on-year. 

In July last year, Kuwait’s National Assembly approved the Housing Development Law and amendments to the Housing and Real Estate Affairs Law that enables private sector involvement – including foreign investment – in developing cities and residential areas, and aims to prevent land monopolies. These measures could positively influence the country’s real estate market this year.

Oman

After a couple of tough years during and immediately following the Covid-19 pandemic, Oman is again capitalising on its real estate potential, with new projects attracting interest from residents and investors.

The sultanate’s real estate market in 2024 is buoyed by a combination of increasing expatriate populations, attractive pricing and favourable government policies. 

A recent report by property consultancy Cavendish Maxwell highlights the contribution of the government’s strategic reforms and investments in infrastructure as critical drivers for the growth of the real estate sector in the country. These have included the easing of foreign ownership restrictions, the introduction of new real estate laws and enhanced regulatory frameworks that have created a more transparent and attractive market for investors.

Longer term, Muscat has set targets for the economy that will support the real estate sector. Under Oman’s Vision 2040 plan, the government aims to attract 11 million visitors annually by 2040, which will boost the tourism industry. Investments in economic zones, renewable energy, manufacturing and tourism projects will contribute to the growth of the construction industry, including the real estate sector.

Oman is developing new projects in response to the long-term opportunities that this growth will create. These include the Sultan Haitham City project to the west of Muscat and a masterplanned mountain development on Jebel Akhdar, launched earlier this year.

Qatar

Following a period of fluctuation around the 2022 Fifa World Cup, Qatar’s real estate market is showing signs of stability, according to Cushman & Wakefield. The number of real estate sales transactions surged by 17.3% in January and February this year compared to the same period in 2023, with an overall value increase of 4.1%.

The declining trend in residential sales transactions seen in 2023, when a drop of 16.2% was recorded compared to 2022, has been reversed in the first two months of this year. Residential sales transactions have increased by 30% compared to the same period last year, reflecting a significant 46% rise in transaction value.

In the rental segment, the early months of 2024 have highlighted a growing disparity between newly constructed residential projects and those built over a decade ago. Tenants are increasingly drawn to modern, well-managed serviced appartments.

Office leasing activity declined in the first quarter of 2024, following a good run at the end of 2023. Over the past six months, more than 70,000 sq m of Grade A office space has been reserved, leading to a decrease in availability in areas including Lusail and Msheireb.

In the first quarter of 2024, hotel room supply in Qatar reached 38,000, which marks a 45% increase in supply over the past five years.

Despite initial concerns of oversupply, Qatar’s hotel industry has experienced a significant boost due to a rise in tourist arrivals since January. Hotel occupancy rates also soared to 84% in January and 85% in February, reaching their highest levels since 2015.

Saudi Arabia

Saudi Arabia’s real estate sector is moving into a new phase as it aims to build on its recent successes and targets foreign investment more proactively.

Real estate forms a key part of the kingdom’s Vision 2030, which aims to increase homeownership by Saudi nationals to 70% by 2030, from 63.7% in 2023. 

The residential real estate market in Saudi Arabia is experiencing robust demand, especially in the major cities of Riyadh, Jeddah and Dammam. In Q1 2024, Riyadh recorded a 77% year-on-year increase in sales transactions, while Jeddah saw a 92.9% rise. This surge in activity underscores the strong appetite for residential properties in these urban centres.

Despite this growth, the market faces challenges such as affordability and a shortage of appropriately priced homes. 

Historically, foreign ownership restrictions have limited international investment in Saudi real estate. However, the new visa scheme signifies a pivotal shift, encouraging a diverse pool of global talents and investors to contribute to the local economy. This move is expected to drive up property values in premium segments and spur the development of luxury real estate projects.

“The real estate market in Saudi Arabia has long anticipated a change in the foreign ownership rules. A significant milestone was reached at the start of the year when a raft of new Premium Residency Visa options were unveiled, including a real estate ownership-linked visa, which is likely to pave the way for international buyers and investors,” says real estate consultancy Knight Frank in its recent Destination Saudi Report.

This move is expected to create supplemental demand from foreign investors that have been waiting for changes in the kingdom’s ownership laws.

Saudi Arabia’s new Premium Residency Visas include a real estate ownership-linked option that is designed to attract foreign investment by allowing non-Saudis to own property worth at least SR4m ($1.1m). 

This policy shift marks a strategic opening up of the market to international investors and affluent expatriates and could potentially boost high-value transactions and increase the demand for luxury residential properties in the kingdom.

One of the early focus areas for new investment inflows could be the holy cities of Mecca and Medina. 

The demand for real estate in Saudi Arabia is also being driven by high-net-worth individuals (HNWI), particularly those from Muslim-majority countries. Surveys indicate that 82% of international HNWI buyers are keen to own real estate in the kingdom, with significant interest in the two holy cities.

These buyers view Saudi Arabia as a good investment opportunity, with cultural and religious reasons also playing a crucial role in their decision-making, Knight Frank says in its Destination Saudi report.

UAE

The UAE’s real estate market started 2024 on a robust note, showing increased activity levels across all sectors during the first quarter, according to the latest report by property consultant CBRE.

The report shows that the total transaction volumes in Dubai’s residential market reached 35,310 in Q1 2024. This is the highest total ever recorded in the first quarter of the year, marking an increase of 20.5% from the previous year. 

Off-plan transactions in Dubai also increased by 23.9%, whereas secondary market transactions rose by 15.2% during the same period.

The CBRE report also outlined that in the first quarter of 2024, Dubai’s residential market witnessed an increase in average prices of 20.7% by March 2024 compared to the previous year.

In Abu Dhabi, average apartment prices rose by 4.3% and villa prices saw an increase of 2.3% during the same period. 

In the commercial sector, the total number of rental registrations in the office sector increased to 46,850, a hike of 35.8% compared to the previous year, according to data from Dubai Land Department.

In Abu Dhabi, an increased activity level in the commercial space sector has taken the occupancy rate to 94% in the first quarter of 2024, up from the 92.5% registered in the same period last year. The increased occupancy levels have led to a growth in rentals, where Prime, Grade A and Grade B rents posted average growth rates of 6.6%, 3.4% and 9.7%, respectively.

The hospitality sector also noted improvement. The number of international visitors to Dubai totalled 5.2 million in the period from January to March 2024, up by 10.2% from a year earlier. The total number of hotel guests in Abu Dhabi stood at 1.3 million, a growth of 22% compared to Q1 2023.

In the retail sector, leasing activity lagged in Abu Dhabi as 7,779 rental contracts were registered in the first quarter of 2024, marking a decline of 8.1% compared to Q1 2023. Dubai witnessed a marginal increase of 0.2% in retail registrations compared to same period last year, recording a total of 23,139.

Finally, the UAE’s industrial and logistics sector also recorded positive leasing activity, with the total number of rental registrations in Abu Dhabi and Dubai increasing by 4.7% and 3.2%, respectively, compared to the same period last year.

Additional reporting by Yasir Iqbal

https://image.digitalinsightresearch.in/uploads/NewsArticle/11985437/main.gif
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Acwa Power starts production at new Shuaibah plant

    3 April 2025

    The new seawater reverse osmosis (SWRO) technology-based plant in Shuaibah in Saudi Arabia has started water production following the decommissioning of the old plant there that ran on the older multi-stage flash (MSF) technology.

    The new plant will cater to the water demand of Jeddah and Makkah al-Mukarramah, especially during peak demand periods including the Ramadan and Hajj seasons.

    Saudi utility developer Acwa Power CEO, Marco Arcelli, said in a social media post that they have started production of "green" water from the new SWRO plant in Shuaibah following the decommissioning of the old MSF desalination plant there.

    "We bid farewell to the first ever Acwa Power plant to jump into the future with one of the most efficient and green plants in the world, reducing power consumption by 87%, integrating 65MW of locally produced solar power, and bringing 22 million barrels of oil and 9 million tonnes of carbon dioxide annually to zero," Arcelli said.

    The old MSF-based plant was part of the first IWPP to be developed in Saudi Arabia when the government opened the market for private investment. It became operational in 2010.

    Acwa Power, Shuaibah Water Electricity Company (Swec) and Saudi Water Partnership Company (SWPC) agreed to convert the water desalination component of the Shuaibah 3 independent water and power project (IWPP) into an SWRO plant in June 2022.

    At the time, the stakeholders announced that "operations of Shuaibah 3 IWPP will cease in 2025, saving nearly 45 million tonnes of carbon dioxide emissions and 22 million barrels of light crude oil annually".

    A consortium led by Acwa Power and Public Investment Fund (PIF)-owned Badeel is developing the new facility, known as Shuaibah 3 independent water project (IWP) at a cost of approximately SR3bn ($800m).

    It will produce 600,000 cubic metres of water a day once complete.

    The Acwa Power-led team agreed to have 40% local content in the construction phase and 50% in the operation and maintenance phase for the first five years, which will eventually increase to 70%.

    Swec is the project company that developed, financed and operated the Shuaibah 3 IWPP, which began commercial operation in 2010. It comprised Acwa Power (30%); a Malaysian consortium of Tenaga Nasional, Malakoff Berhad and Khazanah Nasional (30%); PIF (32%); and Saudi Electricity Company (8%).

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13610596/main.jpg
    Jennifer Aguinaldo
  • Read the April 2025 MEED Business Review

    3 April 2025

    Download / Subscribe / 14-day trial access

    Governments in the Middle East and North Africa (Mena) region are digging deep to find solutions to the challenges posed by booming populations and rapidly growing cities. It is hoped that by expanding their underground infrastructure, major urban
    centres such as Dubai, Riyadh and Doha can alleviate the mounting pressure that is being put on their existing transport and utility networks.

    Subterranean transport projects, such as the high-profile Dubai Loop scheme being planned by the Roads & Transport Authority in partnership with Elon Musk's The Boring Company, or the recently completed metro systems in Riyadh and Doha, promise to tackle urban congestion and slash commute times. Meanwhile, through large-scale underground utilities schemes like the Dubai Strategic Sewerage Tunnels project, the traditional wastewater network can be upgraded without disturbing the existing cityscape.

    As a result, while governments globally are curtailing public infrastructure spending to reduce public debt, GlobalData has revealed that the Mena region has a tunnel construction pipeline worth $128.6bn.

    In the April edition of MEED Business Review, we take an in-depth look at the various subterranean transport and utility projects that are in the pipeline in the Mena region, and examine the outlook for major tunnelling projects globally. 

    MEED's latest issue also includes a comprehensive report on the region's tourism and hospitality sector, as Saudi Arabia strives to join Qatar and the UAE as one of the GCC’s leading leisure tourism destinations. Indeed, the kingdom dominates when it comes to hospitality-linked project activity, with contracts worth a total of $4.4bn awarded last year.

    Saudi Arabia is also the focus of this month’s exclusive 21-page market report, which finds the kingdom looking forward to a positive year in 2025. As Riyadh takes the diplomatic initiative, particularly as an intermediary in the Ukraine conflict, the kingdom's non-oil economy is also going from strength to strength.

    Although lower oil prices are expected to slightly dent revenues this year, Saudi Aramco is planning sustained capital expenditure and remains intent on projects to expand the production of high-value petrochemicals. Meanwhile, 2025 is expected to be a year of stable profitability for Saudi Arabia’s banks, and is set to be the busiest year ever for the power sector. Construction awards also remain up as Riyadh shifts its focus to delivering the infrastructure and transport projects that are needed for the kingdom’s hosting of upcoming international events.

    This issue is also packed with analysis. We find out how BP’s planned $25bn investment in Iraqi oil fields will benefit Chinese contractors, round up the top five GCC data centre projects, look at why the rapid deployment of low-cost solar power is causing a surge in battery energy storage demand, and discover that Riyadh's need to diversify its sources of project financing has led to a sharp rise in the value of public-private partnerships in Saudi Arabia.

    In the April issue, the team also speaks exclusively to CEO of Edmond de Rothschild Asset Management UK and global head of infrastructure and structured finance, Jean-Francis Dusch, about Saudi infrastructure investment opportunities; and talks to Mark Thomas, group CEO of Bapco Energies, about how the state energy conglomerate plans to secure Bahrain’s hydrocarbons potential.

    We hope our valued subscribers enjoy the April 2025 issue of MEED Business Review. 

     

    Must-read sections in the April 2025 issue of MEED Business Review include:

    > AGENDA: 
    > Traffic drives construction underground
    > Muted public spending hinders global tunnelling

    > CURRENT AFFAIRS:
    > Chinese contractors to benefit from BP’s investment in Iraq

    INDUSTRY REPORT:
    Tourism and hospitality
    > Beaches and luxury drive regional tourism
    > Region’s hotel projects pipeline balloons

    > INTERVIEWS:
    > Investing in Saudi Arabia’s infrastructure opportunities
    > Securing Bahrain’s hydrocarbons potential

    > DATA CENTRES: GCC’s top five data centre projects

    > POWER: GCC battery storage pipeline hits over 55GWh

    > SAUDI PPPs: Rise in PPPs reflects Saudi budgetary pragmatism

    > SAUDI ARABIA MARKET REPORT: 
    > COMMENT: Riyadh enjoys buoyant fortunes
    > GOVERNMENT:     Riyadh takes the diplomatic initiative
    > ECONOMY: Saudi Arabia’s non-oil economy forges onward
    > BANKING:     Saudi banks work to keep pace with credit expansion
    > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
    > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
    > POWER: Saudi power sector enters busiest year
    > WATER: Saudi water contracts set another annual record
    > CONSTRUCTION: Reprioritisation underpins Saudi construction
    > TRANSPORT: Riyadh pushes ahead with infrastructure development
    > DATABANK: Saudi Arabia’s growth trend heads up

    > MEED COMMENTS: 
    > Saudi Arabia is high-rise capital of the world
    > Dubai needs to deliver more metro lines
    > US and UAE power play gains momentum
    > Libya’s new oil licensing round could be make or break

    > GULF PROJECTS INDEX: Gulf index sees minor correction

    > FEBRUARY 2025 CONTRACTS: Project awards slump notably in February

    > ECONOMIC DATA: Data drives regional projects

    > OPINION: Is this the end for Middle East studies?

    > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/13603159/main.gif
    MEED Editorial
  • Abu Dhabi balances AI and net-zero with $9.8bn infra spend

    3 April 2025

    Abu Dhabi National Energy Company (Taqa) and Emirates Water & Electricity Company (Ewec) have officially confirmed the scale of the power generation and grid infrastructure being planned to support the UAE capital's artificial intelligence (AI) strategy.

    The picture emerging from today's announcement indicates a total investment of AED36bn, or roughly $9.8bn.

    This is split between the round-the-clock solar photovoltaic plus battery energy storage system project, announced by Ewec and Abu Dhabi Future Energy Company (Masdar) in January, which will require an estimated $6bn.

    Today's announcement said an advanced grid infrastructure project will account for 25% of the total investment, which equates to about $2.45bn. This implies that the build, own and operate contract for the Al-Dhafra open-cycle gas turbine (OCGT), which Taqa will own 100%, will require roughly $1.35bn.

    The chosen energy infrastructure combination shows Abu Dhabi's resolve to address the high energy density of the nascent AI sector and its commitment to achieving net-zero emissions long term. 

    These major investments provide a glimpse into the scale and urgency of Abu Dhabi's AI ambitions.

    In January, for instance, the government said it plans to deploy AED13bn for a three-year digital strategy to make Abu Dhabi the first government globally to fully integrate AI into its digital services by 2027.

    The strategy includes achieving 100% adoption of sovereign cloud computing for government operations and digitising and automating 100% of processes to streamline procedures, enhance productivity and improve operational efficiency.

    The strategy is projected to contribute AED24bn to Abu Dhabi’s GDP by 2027 while creating more than 5,000 jobs to support emiratisation efforts.

    Abu Dhabi-owned data centre operator, Khazna Data Centres, is also preparing for a major capacity expansion. Construction is under way for the state's first 100MW data centre in Ajman.

    In addition, UAE AI and technology fund MGX and US-based private equity investor Silver Lake recently acquired a minority stake in Khazna, while Abu Dhabi AI firm G42 remains the company's majority shareholder.

    A meeting between US President Donald Trump and Abu Dhabi deputy ruler, Sheikh Tahnoon Bin Zayed Al-Nahyan, at the White House in March, also provides a key highlight to Abu Dhabi's unfolding AI pursuit.

    The formation of a $25bn joint venture between Abu Dhabi's ADQ and US-headquartered Energy Capital Partners (ECP) to build data centres in the US preceded that meeting.

    However, in the minds of some observers, the real diplomatic objective of the UAE is to gain easier access to US-made graphics processing units (GPUs), which are vital to the successful implementation of its AI strategy.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13609905/main.jpg
    Jennifer Aguinaldo
  • Taqa and Ewec sign Dhafra OCGT and grid contracts

    3 April 2025

    Abu Dhabi National Energy Company (Taqa) and state utility and offtaker Emirates Water & Electricity Company (Ewec) have signed a 24-year power-purchase agreement (PPA) to build, own and operate an open-cycle gas turbine (OCGT) project in Abu Dhabi.

    The Al-Dhafra OCGT project will have a capacity of 1,000MW.

    Taqa will own 100% of the project and undertake the operation and maintenance (O&M) of the plant, the firms said in a joint statement issued on 3 April.

    MEED previously reported that the Italian original equipment manufacturer, Ansaldo Energia, will supply gas turbines for the project.

    The project’s engineering, procurement and construction (EPC) contract is also expected to be formally awarded imminently to a team of South Korean and local contractors, according to industry sources. 

    In addition to the Dhafra OCGT project, Taqa Transmission, previously Transco, agreed to develop advanced power grid infrastructure to integrate the additional generation capacity to new sources of energy demand, enabling access to “reliable power with a low carbon footprint”.

    According to Taqa and Ewec, both schemes will support the round-the-clock solar and battery energy storage system (bess) project, which Abu Dhabi Future Energy Company (Masdar) and Ewec announced in January.

    Related read: Masdar meets renewable’s moonshot challenge

    That project, comprising a 5.2GW solar photovoltaic (PV) plant and 19 gigawatt-hours bess plant, aims to deliver up to 1GW of “baseload” power from renewable sources “24 hours a day, seven days a week”.

    These projects aim to advance the UAE National Strategy for Artificial Intelligence 2031 and the UAE Net Zero by 2050 initiative.

    “The collaboration between Ewec, Taqa and Masdar will drive investment of around AED36bn ($9.8bn) in energy supply infrastructure in Abu Dhabi with around 75% of that to be invested in renewable and conventional power generation.

    “The remaining 25% will be invested in grid infrastructure, which will be added to the regulated asset base and will receive the regulated return,” the firms said.

    The round-the-clock solar plus bess project is understood to require $6bn in investment, which implies that the BOO contract for the Dhafra OCGT is roughly $1.35bn.

    The advanced grid infrastructure will account for the remaining $2.45bn.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13609833/main.gif
    Jennifer Aguinaldo
  • Australian firm wins Trojena dams subcontract

    3 April 2025

    Australian firm Glaass has won a subcontract from Italian contractor Webuild for the Trojena dams project in Neom, Saudi Arabia.

    In an official statement, the firm said its contract scope covers providing comprehensive quality, health, safety and environmental services for the project, which involves around 2,800 field workers.

    Neom awarded Webuild a $5bn contract in late 2023. The deal covers the construction of three dams that will form a freshwater lake for the Trojena ski resort.

    The main dam will be 145 metres high and 475 metres long at its crest. It will be built using 2.7 million cubic metres of roller compact concrete (RCC).

    Some 650,000 cubic metres of RCC will be used to build a dam within the planned lake, creating an island below the water level.

    The kidney-shaped dam will be 38 metres high and 700 metres long. It will be connected to the nearby Lake Village by an underwater tunnel. The landscaping and other attractions within the dam are known as the Enchanted Forest.

    The third dam will be 65 metres high and 490 metres long at its crest. It will be constructed using 4.15 million cubic metres of rockfill. The works also include the lakebed line and the foundations for the Bow Building, a concrete structure at the end of the lake that will overhang the valley below and incorporate a hotel.

    Hear directly from the gigaproject owners at the biggest construction event—The Saudi Giga Projects 2025 Summit, happening in Riyadh from 12-14 May 2025. Click here to know more

    MEED’s April 2025 report on Saudi Arabia includes:

    > GOVERNMENT: Riyadh takes the diplomatic initiative
    > ECONOMY: Saudi Arabia’s non-oil economy forges onward
    > BANKING:     Saudi banks work to keep pace with credit expansion
    > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
    > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
    > POWER: Saudi power sector enters busiest year
    > WATER: Saudi water contracts set another annual record
    > CONSTRUCTION: Reprioritisation underpins Saudi construction
    > TRANSPORT: Riyadh pushes ahead with infrastructure development
    > DATABANK: Saudi Arabia’s growth trend heads up

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13609655/main.gif
    Yasir Iqbal