In a decisive move to address soaring real estate prices and improve housing accessibility, Saudi Arabia has enacted a five-year rent freeze across Riyadh’s residential and commercial properties, effective September 25, 2025. This sweeping reform, enforced via royal decree, aims to bring stability to the rental market, ensure equitable relations between landlords and tenants, and support the Kingdom’s broader urban development goals.

The landmark policy follows an earlier directive by Crown Prince and Prime Minister Mohammed bin Salman, who in March 2025 ordered a comprehensive strategy to stabilise land and rental prices in the capital after sharp market hikes raised concerns about affordability and sustainable growth, a Saudi Gazette report said.

The new regulations, approved by the Council of Ministers, prohibit any increase in rental value, regardless of whether the contract is new or existing, for a period of five years within Riyadh’s urban boundary. This rule applies to all residential and commercial properties, and is viewed as a critical step to improve affordability, rein in inflationary pressures, and offer tenants long-term financial stability.

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Importantly, the framework may be extended to other cities and governorates, subject to assessment by the Real Estate General Authority and approval from the Council of Economic and Development Affairs.

In addition, vacant rental units will be priced at the most recent registered rent. For properties that have never been rented before, landlords and tenants are free to mutually agree on the initial rent. This gives flexibility for new property entries while ensuring price controls for existing stock.

To improve transparency, the reform mandates that all rental contracts be registered via the Ejar platform, a government-run digital system, either by the landlord or tenant. A 60-day window is provided for either party to file objections or amendments. If no dispute is raised within that period, the recorded contract data becomes final and enforceable.

This centralised registration system is expected to significantly reduce informal agreements, close loopholes, and support data-driven policymaking through accurate tracking of market dynamics.

Automatic lease renewals and tenant protection rules

A key aspect of the reform package is the introduction of standardized automatic renewal protocols across the Kingdom. Unless one party notifies the other at least 60 days before lease expiration, the contract will automatically renew under the same terms.

However, Riyadh introduces stricter tenant protections: landlords in the capital cannot deny renewal requests unless in the following cases:

• Tenant fails to pay rent
• The property has structural or safety defects
• The landlord or their first-degree relative intends to personally use the property

These provisions are designed to strengthen tenant rights and reduce forced evictions, especially in a market where rents have spiked in recent years.

Appeals and penalties for violations

Landlords may appeal fixed rents only in limited, defined scenarios, such as:

• Significant structural renovations
• Contracts signed before 2024

Violations of the rent control rules will carry fines of up to the equivalent of 12 months’ rent, with affected tenants also entitled to compensation. In a move to incentivise compliance, the government will award up to 20 per cent of any fine collected to whistleblowers who report illegal practices.

The Real Estate General Authority, in cooperation with other agencies, is tasked with enforcement and monitoring. It will also submit regular updates to the Crown Prince, tracking rent levels, regulatory compliance, and overall impact on the housing market.

Public awareness and policy alignment

Officials emphasised that the changes are part of a larger, long-term strategy to bring balance, transparency, and fairness to Saudi Arabia’s rapidly evolving real estate sector. The Crown Prince’s directives also stress the need for regular reporting and public awareness campaigns, ensuring that citizens and market participants understand their rights and responsibilities under the new regulations.

The goal, authorities said, is to safeguard the rights of both landlords and tenants, maintain market stability, and create a predictable regulatory environment that fosters sustainable urban development.

Foundations laid in March 2025: Land development and supply reforms

The five-year rent freeze is the latest in a series of reforms that began earlier this year. In March 2025, the Crown Prince issued wide-ranging directives following an in-depth market study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs. These early measures were designed to:

• Curb surging land and rental prices
• Expand land availability
• Increase access to affordable housing

The reforms targeted two major undeveloped northern areas of Riyadh, lifting restrictions on land sales, purchases, subdivisions, and construction permits.

New development zones opened

The first newly opened zone spans 17 square kilometers, bordered by:

• King Khalid Road and Prince Mohammed bin Saad Road (West)
• Prince Saud bin Abdullah bin Jalawi Road (South)
• Asmaa bint Malik Street (North)
• Al-Arid District (East)

The second covers 16.2 square kilometers north of King Salman Road, between:

• Abi Bakr Al-Siddiq Road and Al-Arid District (East)
• Prince Khalid bin Bandar Road (North)
• Al-Qirawan District (West)

With these additions, total area released for development now stands at 81.48 square kilometres, including previously freed land totaling 48.28 square kilometres.

10,000–40,000 plots annually to boost supply

To further address housing demand, the Royal Commission for Riyadh City has been tasked with providing between 10,000 and 40,000 fully planned and developed residential plots annually over the next five years, based on actual market needs.

These plots will be offered to eligible Saudi citizens, specifically married individuals or those aged 25 and above with no previous property ownership, at prices not exceeding SAR1,500 per square metre.

Key conditions include:

• A 10-year restriction on selling, renting, or mortgaging the property (except for construction loans)
• If the buyer fails to construct a home within 10 years, the land will be reclaimed, and the purchase amount refunded

This measure is designed to ensure that land goes to end-users, not speculators, and is developed into actual housing stock within a reasonable timeframe.

Tax and regulatory reforms to follow

The March reform package also included fast-track deadlines for:

• Amending the White Land Tax Law within 60 days to encourage development
• Introducing regulations governing landlord-tenant relationships within 90 days to ensure fairness

Both the General Real Estate Authority and the Royal Commission for Riyadh City will oversee implementation and submit recurring progress reports, ensuring the market remains transparent and in alignment with national housing goals.

Paving the way for Vision 2030 housing goals

Combined, these measures mark one of the most aggressive and coordinated housing reform strategies in the Kingdom’s history. With a focus on:

• Price stability
• Increased housing supply
• Stronger tenant protections
• Transparent regulatory frameworks

Saudi Arabia is laying the groundwork for a more inclusive and sustainable real estate market, especially in Riyadh, which continues to play a central role in Vision 2030 and the country’s drive toward economic diversification.

Dubai has officially cemented its place among the top four global FinTech hubs, according to the latest Global Financial Centres Index (GFCI) released on September 25. The achievement marks a significant leap in Dubai’s journey toward becoming one of the world’s leading financial capitals, and underscores the strategic role of the Dubai International Financial Centre (DIFC) as a catalyst for innovation and growth in the region.

This prestigious recognition reaffirms Dubai’s leadership in the Middle East, Africa and South Asia (MEASA) region, elevating its profile on the global financial stage and reinforcing investor confidence in the city’s FinTech ecosystem, a WAM report said.

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Commenting on the GFCI announcement, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, credited the emirate’s rise to the forward-looking vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Dubai’s rise as one of the world’s pre-eminent FinTech hubs is a testament to the vision of Sheikh Mohammed bin Rashid Al Maktoum, to shape the future of diverse sectors,” Sheikh Maktoum said.

He emphasised that this progress reflects the ambitious objectives outlined in the Dubai Economic Agenda D33, which aims to position the city among the top four global financial hubs. Sheikh Maktoum also highlighted the importance of trust from the global financial community, stating that Dubai’s robust infrastructure, business environment, and DIFC-led initiatives have created an optimal platform for financial growth.

“With our clear aspirations for the future, we continue to strengthen Dubai’s role as a force for innovation and a platform for opportunity,” he added.

FinTech, AI, and innovation ecosystem hits new milestones

Coinciding with the GFCI announcement, DIFC revealed new milestones that further solidify its standing as a regional innovation powerhouse. The Centre now hosts more than 1,500 AI, FinTech, and innovation-focused companies, making it the largest cluster of its kind in the region.

These firms have collectively attracted over $4.2bn in investment, showcasing the strength of DIFC’s ecosystem in supporting growth-stage technology firms and entrepreneurs. This makes DIFC not only a regional leader, but a globally competitive environment for forward-looking financial and tech enterprises.

Dubai climbs to 11th in overall global rankings

Beyond FinTech, Dubai also made a notable advancement in the overall GFCI rankings, climbing to 11th position globally. The city’s higher placement is a clear indicator of growing international confidence in Dubai’s comprehensive financial services framework.

This upward movement in global rankings aligns with the broader objectives of the Dubai Economic Agenda D33, aimed at transforming Dubai into one of the top global financial centres across all sectors. The GFCI also identified Dubai as the only financial centre in the region to be recognized as a global leader with both broad and deep capabilities, a clear differentiator in an increasingly competitive international market.

Furthermore, Dubai was ranked number one globally among financial centres expected to become more significant in the future, indicating its fast-rising trajectory and strategic importance to the global financial system.

DIFC leadership reaffirms commitment to innovation

Reflecting on Dubai’s recognition, Essa Kazim, Governor of DIFC, pointed to the emirate’s long-standing commitment to shaping the future of finance.

“Through DIFC, we are enabling innovation, creating opportunities for growth, and ensuring Dubai continues to play a leading role in defining the future of the global economy,” Kazim said.

Adding to this, Arif Amiri, CEO of DIFC Authority, emphasised the centre’s focus on fostering innovation, talent, and technology as core drivers of success.

“Dubai has become one of the world’s four most influential FinTech hubs because of DIFC’s unwavering focus,” Amiri noted. “This achievement demonstrates the confidence the global financial community has in Dubai’s role as a catalyst for growth.”

As Dubai continues to deepen its capabilities and expand its global influence, DIFC remains at the heart of its transformation, propelling the city toward its goal of becoming a future-ready financial capital.

MAAIA, the global real estate developer renowned for its European-inspired craftsmanship, has officially broken ground on La Clé, its boutique residential development in Al Furjan. Scheduled for completion in Q1 2027, the milestone marks a major step forward in bringing the premium project to life.

La Clé will comprise 56 premium residences, including one-, two- and three-bedroom apartments, alongside a limited number of units with private pools—an exclusive feature in the Al Furjan community. Designed to integrate nature into everyday living, the project combines modern layouts, premium finishes and a community-focused lifestyle.

“Our ambition is to contribute to the growth and development goals of the UAE. The groundbreaking of La Clé represents more than the start of construction, it marks the realisation of MAAIA’s vision to craft homes that merge modern design with nature, offering a unique lifestyle to the Al Furjan community,” said Mohammed Imran, founder and chairman of MAAIA. “With Ashiyana Group and Emsquare Engineering Consultants as our trusted partners, we are confident that La Clé will redefine boutique luxury living in Dubai.”

Construction will be led by Ashiyana Group as the main contractor, with Emsquare Engineering Consultants serving as design and supervision partner. Both firms bring decades of experience in delivering high-quality residential developments across the UAE and wider region.

“We are proud to partner with MAAIA on La Clé, a project that reflects both ambition and attention to detail,” said Hasinul Haque Mohammad, Founder & Managing Director of Ashiyana Group. “Our proven track record of delivering projects on time and to the highest quality standards ensures that La Clé will be brought to life with precision, care, and a commitment to excellence.”

The launch of La Clé reflects MAAIA’s ethos of developing projects that embody conscious design and set new standards for the future. The project builds on the developer’s philosophy of human-centered design, creating homes that promote wellness, community and long-term value.

As wealth transitions across generations and global markets face rising volatility, art is emerging as both a cultural pursuit and a strategic store of value. For Beaumont Nathan, the independent art advisory that is formally entering the Middle East this autumn with a new office in Abu Dhabi, the region is fast becoming a focal point of this transformation.

The firm has been active in the Gulf for over a decade, but its decision to establish a physical presence reflects a deeper commitment to the market. “Beaumont Nathan has been active in the Middle East for the last ten years, having maintained a number of committed, long-term relationships in which we have advised on both acquisitions and sales,” said co-founder Hugo Nathan. “Embedding ourselves in the region, in close partnership with Lateefa, will allow us to better serve collectors, while positioning the firm at the heart of the UAE’s economic hub.”

Art as resilience in volatile markets

With inflation and portfolio volatility pushing investors to look beyond traditional assets, art has attracted increasing attention. Nathan cautioned, however, against treating it purely as an investment. “While we advise caution when treating art as an investment, collectors are increasingly attuned to commercial profile when making decisions, and often rely on trusted, independent advice to navigate these complexities,” he noted. “We have found that our clients are shifting their focus toward long-term enjoyment and value, with greater appetite for professional advice to ensure their collections are resilient in volatile times.”

This perspective aligns with the UAE’s ambition to be both a financial hub and a cultural powerhouse. According to co-founder Wentworth Beaumont, that dual positioning creates unique opportunities. “We view these ambitions as being very much complementary. The opportunity lies in advising collectors and institutions who want to participate at the highest levels, ensuring total transparency and clarity in decision-making,” he said. “The challenge is in marrying curatorial excellence with commercial rigor, which lies at the core of what we do.”

The next generation reshapes collecting

The “great wealth transfer” is changing collector behaviour globally — and the Middle East is no exception. Beaumont observed that younger collectors are adopting a more pragmatic approach. “The next generation is approaching collecting through a more commercial lens, moving away from speculation and towards long-term durability,” he explained. “With broad and varied tastes, they are shaping demand across a range of categories, with many families needing to reconcile the legacy of their collection with the realities of the future.”

To address this, Beaumont Nathan has launched a family-focused service designed to support cross-generational transitions. “This is why we are formally launching a service tailored specifically to families, which will equip them with informed curatorial opinions, differentiated insights and commercial strategies to enhance, reduce, evolve or divide their collections, and to ensure they retain value into the future,” Beaumont added.

Corporate and institutional demand

At the same time, corporations in the region are increasingly curating art collections as part of brand-building and legacy strategies. Beaumont said the advisory’s approach remains rooted in independence, transparency, and expertise. “Our approach to begin with is about clarity, transparency, passion, and independence. We bring an international and unconflicted perspective rooted in depth of experience across all key areas of the market, from Old Masters to Contemporary,” he explained.

Where corporate clients differ from private collectors is in focus: “Corporate collections are approached with a focus on legacy, identity and values, often balancing the needs of various stakeholders. Meanwhile, private clients are guided toward building meaningful and highly individualized collections for cross-generational enjoyment, often over many years or decades.”

A regional perspective

For newly appointed regional advisor, Lateefa bin Hamoodah, the Gulf’s art ecosystem is entering a new chapter. “The Gulf art scene has been developing for many years, and is now entering a new phase with strong institutions and a vibrant calendar of exhibitions and auctions,” she said. “The region as a whole, and Abu Dhabi in particular, has ambitions to become a best-in-class, international venue for the art market, marrying its global perspective with its rich and diverse cultural heritage.”

Bin Hamoodah’s role will be to connect Beaumont Nathan’s international expertise with the unique character of Gulf collectors. “My role is to help collectors build meaningful, museum-quality collections and navigate today’s global art market, while acting as a bridge between Beaumont Nathan’s international team and the UAE/Gulf region,” she explained. “Through my passion for art, commercial acumen, and personal network – built through various cultural strategy initiatives and involvement in collectors’ circles – I look forward to deepening my relationships with ambitious collectors in the region.”

Looking ahead, she sees the Middle East becoming increasingly central to global art flows. “The Middle East is poised to play a more central role as both a cultural hub and a market for international art. With the world paying greater attention to the region’s institutions, the next decade will see increased global integration,” she said. “Beaumont Nathan aims to be at the forefront of this journey, providing trusted, independent and transparent advisory services to empower collectors – reinforcing the UAE’s positioning as a cultural centre and a meaningful contributor to the global art market.”

Dubai-based luxury lifestyle group FIVE Holdings has secured a $460m revolving credit facility (RCF) to accelerate its global expansion and repay debt ahead of schedule.

The new facility — arranged with Commercial Bank of Dubai, AAIB, and Santander— will allow FIVE to pre-pay its $350m green bond three years before maturity. Following repayment, the group will retain more than $300m in available cash to fuel future investments and move on new opportunities across its portfolio.

Kabir Mulchandani, chairman and CEO of FIVE Holdings, said: “The support of leading global banks for this facility unwaveringly affirms their trust in FIVE Holdings’ vision and financial resilience.”

He added: “Our banking partners, who aligned with our vision as early adopters, have been instrumental in powering FIVE’s growth. At FIVE, we identified early on the transformative power of experiential hospitality — where live gastronomy and high-energy entertainment driven by electronic music converge. This isn’t just a trend; it’s the future of global tourism.”

Expansion plans and financial performance

FIVE plans to invest $500m over the next two years to grow its portfolio in Dubai and Ibiza while entering new markets in the United States and Asia.

The group posted consistent financial growth over the past two years, with revenue rising 28 per cent to $589m in FY 2024 from $462m in FY 2023. EBITDA climbed 17 per cent to $208m over the same period.

For the first half of 2025, revenues increased 21 per cent year-on-year to $298m, while EBITDA rose 24 per cent to $105m.

Strong performance in Dubai and Ibiza

In H1 2025, FIVE’s Dubai hotels generated $177m in revenue, up 24 per cent year-on-year, with EBITDA growing 25 per cent to $73m. Occupancy stood at 85 per cent with a RevPAR of $310 and an average room rate of $363.

F&B revenue reached $36.4m (18 per cent year-on-year growth), while social events brought in $45.3m (12 per cent year-on-year growth). Live events, a new revenue stream, generated $10.6m.

In Ibiza, the Pacha Group, which FIVE acquired in 2023 for €302.5m, reported a 14 per cent rise in revenue to €43.2m in H1 2025. EBITDA surged 26 per cent to €13.1m.

Pacha Nightclub hosted 64 events in Q2, welcoming 222,018 guests — a 25 per cent increase from last year. Destino Five Ibiza achieved an average daily rate of €533 with 84 per cent occupancy, while Pacha Hotel recorded 87 per cent occupancy and a RevPAR of €223, up 76 per cent year-on-year.

Sustainability leadership

FIVE Holdings’ portfolio, valued at over Dhs12bn, includes green-certified properties in Dubai, Zurich and Ibiza. The group’s UAE hotels are powered entirely by renewable electricity and have earned Dubai Sustainable Tourism’s Gold Tier stamp for their contributions to the emirate’s net zero and D33 economic strategy goals.

In Ibiza, Pacha Hotel has been certified as the island’s first and only LEED Platinum hotel. Destino Five Ibiza operates on green power and has reduced water usage by 40 per cent through recycling and conservation initiatives.

Mulchandani said FIVE’s strategy since 2018 has been to lead the evolution of experiential tourism:

“Our positioning today is no accident — it is the result of a bold, forward-thinking strategy conceptualised and executed since 2018.”