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Riyadh home sales hit $4.7bn in Q3 as 57,000 units lined up: Cavendish Maxwell

The report shows that apartment and villa prices rose across Riyadh, Jeddah and Dammam during Q3, with the strongest increases recorded in the capital

Rajiv Pillai
Rajiv Pillai

24 December, 2025

Riyadh home sales hit $4.7bn in Q3 as 57,000 units lined up: Cavendish Maxwell
Image: Getty Images

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Residential sales values in Riyadh reached SAR17.6bn ($4.69bn) in Q3 2025, as Saudi Arabia’s capital prepares to deliver 57,000 new housing units across 2026 and 2027, according to new research from Cavendish Maxwell.

Residential transactions in Riyadh totalled 13,000 between July and September, marking a near 19 per cent increase quarter-on-quarter. Around 10,000 new homes were delivered in the city during the first nine months of the year, with a further 6,000 units expected in the final quarter.

Dammam, included for the first time in Cavendish Maxwell’s latest Saudi Arabia residential market report, recorded its strongest sales performance in several years. Transactions reached 3,000 in Q3 2025, up almost 60 per cent year-on-year and 37 per cent compared to Q2, with sales values hitting SAR3.2bn ($850m).

Jeddah also saw an improvement in quarterly activity, with transactions rising 10 per cent to 7,500 and sales values increasing 9 per cent quarter-on-quarter to SAR8.7bn ($2.31bn).

Despite quarterly growth across all three cities, year-on-year sales volumes declined in Riyadh and Jeddah, reflecting mounting affordability pressures. Transactions were down 44 per cent in Riyadh and 19 per cent in Jeddah compared to the same period last year.

Sean Heckford, director of built asset consulting at Cavendish Maxwell, said: “Riyadh’s rapid price appreciation in 2024 led to sharp increases in both sales and rental prices, prompting the Government to introduce a five-year rent freeze to address affordability concerns. In Jeddah, price conditions have stabilised and affordability pressures have eased slightly. Meanwhile Dammam, where property is more affordable, is emerging as a new hot spot for property investment, with a year-on-year surge in buying activity from both end-users and investors.”

Read: From Riyadh to Red Sea: How Cityscape Global 2025 is reshaping urban living

The report shows that apartment and villa prices rose across Riyadh, Jeddah and Dammam during Q3, with the strongest increases recorded in the capital. Rental rates for apartments increased in all three cities, while villa rents rose in Riyadh and Dammam but edged lower in Jeddah.

By the end of 2025, a total of 22,800 new residential units are expected to be delivered across the three cities, with a further 105,000 homes scheduled for completion in 2026 and 2027. Riyadh is set to account for the largest share, with 57,000 units in the pipeline, followed by Jeddah with 36,000 and Dammam with 12,000.

Cavendish Maxwell noted that regulatory reforms are likely to shape market dynamics in the coming years. The new foreign ownership law, due to take effect in January 2026, is expected to stimulate buyer demand, while the recently introduced White Land Tax is designed to encourage land development and increase housing supply.

Heckford added: “Saudi Arabia’s Q3 residential market performance reflects a transitional phase marked by strong macroeconomic fundamentals and evolving regulatory measures. Despite affordability challenges in Riyadh, demand remains resilient, supported by the new laws and tax systems. Jeddah demonstrates stability with balanced supply and demand dynamics, and Dammam stands out as a growth hotspot driven by affordability and investor interest. Vision 2030 initiatives and infrastructure investments will be pivotal in sustaining momentum and unlocking new investment opportunities across all major cities in KSA.”

Download the full Cavendish Maxwell KSA Q3 2025 report here.

Sama X secures licence to roll out Starlink satellite internet across Jordan

Sama X is backed by Alghanim Industries, one of the Middle East’s largest privately owned conglomerates

Rajiv Pillai
Rajiv Pillai

23 December, 2025

Sama X secures licence to roll out Starlink satellite internet across Jordan

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Sama X, a new venture and authorised global reseller of Starlink, has secured regulatory approval from the Telecommunications Regulatory Commission (TRC) to resell Starlink’s satellite internet services across Jordan, significantly expanding access to high-speed connectivity nationwide.

Launched earlier this year, Sama X is focused on delivering next-generation connectivity solutions to professionals, enterprises and public sector organisations. With the licence now in place, the company will immediately address critical connectivity gaps in Jordan’s remote northern and southern regions, supporting use cases ranging from NGO operations in camps to the expansion of digital government services in rural communities.

By leveraging low-Earth-orbit (LEO) satellite technology, Sama X’s solutions will provide reliable primary or back-up connectivity across the Kingdom, enabling businesses, institutions and communities to operate with greater resilience and confidence.

“Jordan, with its diverse economy and terrain, presents unique opportunities for latest-generation satellite broadband solutions that combine Starlink’s LEO constellation with our local market expertise and value-add. Whether it is a classroom in Tafileh, a logistics convoy near Ma’an, or a refugee clinic in Mafraq, everyone can benefit from the same high-speed internet enjoyed in the capital, Amman,” said Amit Somani, CEO of Sama X.

Read: Sama X debuts at GITEX Global with Starlink-powered connectivity solutions

Starlink’s LEO satellite constellation, developed by SpaceX, is among the most advanced satellite internet systems globally. Since 2020, SpaceX has launched more LEO satellites than all other providers combined, creating an infrastructure capable of delivering fibre-like speeds without reliance on traditional ground-based networks.

Beyond connectivity, Sama X is offering end-to-end services, including customer consultation, rapid installation and activation, as well as local after-sales support. This includes a 24/7 bilingual call centre operating in both English and Arabic.

“We are thankful to Jordan’s Telecommunications Regulatory Commission for establishing a conducive environment that allows companies like Sama X to operate effectively. We look forward to collaborating with local stakeholders to advance the Kingdom’s Economic Modernisation Vision through ubiquitous and reliable connectivity,” Somani added.

Sama X is backed by Alghanim Industries, one of the Middle East’s largest privately owned conglomerates, providing the venture with significant scale, capital backing and a proven track record of deploying complex technologies across regional markets.

Huawei’s ICT Academy and the race to build future-ready digital talent in the Middle East

In the Middle East and Central Asia alone, Huawei has partnered with more than 330 universities and institutions, benefiting over 500,000 students

Rajiv Pillai
Rajiv Pillai

23 December, 2025

Huawei’s ICT Academy and the race to build future-ready digital talent in the Middle East
Dr. Mazen Ali, Dean of the College of Information Technology at the University of Bahrain/Image: Supplied

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In a region racing to diversify its economies and prepare for an AI-driven future, the question facing policymakers, universities, and enterprises is no longer whether digital skills matter, but how fast education systems can keep pace with industry change. As artificial intelligence reshapes job roles, business models, and productivity expectations, the pressure on higher education institutions to evolve has become acute. For Dr. Mazen Ali, Dean of the College of Information Technology at the University of Bahrain, the solution lies in closing the long-standing gap between academic theory and real-world application.

“When we talk about AI literacy, we’re not just talking about understanding technology. We’re talking about rethinking what it means to be educated in the 21st century. Just as basic computing literacy became non-negotiable in the 2000s, AI fluency will become the baseline skill from here onwards,” Dr. Ali has observed in a recent discussion on higher education and technology.

“The majority of future jobs will interface with AI systems in some way or the other, whether through data tools, intelligent systems, or automated workflows.” This shift, he argues, requires universities to rethink not only what they teach, but how they teach it, moving beyond static curricula towards continuous, industry-aligned learning models.

This challenge is particularly pronounced in the Middle East. Governments across the Gulf and wider region are investing heavily in digital infrastructure, AI adoption, and cloud-enabled public services as part of long-term economic diversification strategies. Yet the supply of job-ready ICT professionals has struggled to keep pace. A new global whitepaper developed by Huawei in collaboration with IDC highlights the scale of the problem, warning that the Middle East and Africa region is expected to face an additional shortage of approximately four million ICT jobs, making it one of the fastest-growing regions globally for skills shortfalls.

The same research underscores a structural issue at the heart of the talent gap. While technical knowledge systems now evolve every 18–24 months, traditional degree programmes typically take five to seven years to update. Nearly half of surveyed organisations globally say university curricula do not fully align with real industry needs, leaving graduates underprepared for fast-changing roles in areas such as AI, cybersecurity, and cloud computing.

“The pace of change in the ICT sector is exponential. Technologies that dominate industry practice in one year can become obsolete by year three,” Dr. Ali remarked.

Huawei’s ICT Academy

It is against this backdrop that Huawei’s ICT Academy has positioned itself as a bridge between academia and industry. Launched to support universities with industry-relevant curricula, practical training platforms, and professional certification pathways, the programme aims to embed real-world ICT skills directly into higher education environments. Rather than operating as a standalone training initiative, the ICT Academy model is designed to integrate with national education systems and university programmes.

In the Middle East and Central Asia alone, Huawei has partnered with more than 330 universities and institutions, benefiting over 500,000 students. Globally, the programme spans more than 110 countries and has trained over 1.3 million learners. These numbers reflect not only scale, but a deliberate effort to localise delivery, ensuring that training content reflects regional priorities and labour market needs.

The University of Bahrain offers a case study in how this collaboration works in practice. Having joined the Huawei ICT Academy in 2016, the university has used the partnership to modernise its IT curriculum, embed hands-on labs, and expose students to industry-standard technologies. According to Dr. Ali, the value of the programme lies in its emphasis on application rather than theory alone.

Dr. Ali said: “For us at the University of Bahrain, working with Huawei isn’t about short-term training. It’s about positioning Bahrain in the heart of the region’s intelligent ecosystem transition.”

Through joint initiatives such as hackathons, certification tracks, and participation in the Huawei ICT Competition, students are challenged to apply classroom knowledge to real technical problems. These experiences, Dr. Ali notes, help cultivate not only technical competence but also creativity, teamwork, and problem-solving—capabilities that employers increasingly value alongside coding or systems expertise.

The focus on competitions and experiential learning also aligns with findings from the Huawei–IDC whitepaper, which highlights that AI is not only creating new roles but transforming existing ones across all ICT domains. Cybersecurity professionals, for example, are shifting from manual monitoring to overseeing AI-driven threat detection systems. Cloud engineers are increasingly expected to design AI-native, self-optimising infrastructures, while software developers must integrate AI capabilities into everyday applications.

As a result, organisations are prioritising a new blend of skills. The whitepaper identifies cybersecurity, AI application development, and cloud technologies as the most urgently needed capabilities over the next 18 months. Yet more than 65 per cent of enterprises surveyed globally report delays in digital transformation due to skills shortages, underscoring the economic cost of inaction.

Recognising that curricula cannot evolve without educators, Huawei’s ICT Academy places significant emphasis on training faculty members. Thousands of lecturers worldwide have received ICT Academy certification, enabling universities to refresh course content continuously and adopt new teaching methodologies. This educator-first approach is particularly relevant in regions where access to advanced ICT training has historically been uneven.

The Middle East edge

In the Middle East, these efforts are increasingly supported by region-specific initiatives. In late 2024, Huawei launched the T.H.E. GOLD Talent programme in collaboration with the UNESCO Institute for Information Technologies in Education. The initiative aims to strengthen digital and intelligent talent pipelines across the Middle East and Central Asia, with a long-term ambition to cultivate up to one million digital talents over the next decade.

For universities, the broader implication is a shift in how success is measured. Rather than focusing solely on graduate numbers, institutions are being asked to demonstrate employability, adaptability, and relevance to national digital agendas. Dr. Ali argues that partnerships like the ICT Academy enable universities to play a more strategic role in national development.

“If universities do not co-develop and co-create with leading technology partners, they will not be able to catch up with the pace of change.”

As Middle Eastern economies accelerate their transition towards AI-driven growth, the alignment between education and industry will become an increasingly decisive factor. Programmes such as Huawei’s ICT Academy illustrate how long-term, structured collaboration can help close skills gaps, modernise education systems, and prepare a new generation of professionals for an intelligent, fast-changing world.

Object 1 charts next growth phase across Dubai and Abu Dhabi

Chairman and founder Egor Maslennikov discusses Object 1’s growth milestones

Gulf Business
Gulf Business

23 December, 2025

Object 1 charts next growth phase across Dubai and Abu Dhabi
Egor Maslennikov, chairman and founder, Object 1/Image: Supplied

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Having established itself as one of Dubai’s fastest-rising developers, Object 1 is entering a decisive new chapter of expansion. With thousands of homes delivered across key communities and growing recognition for its design-led, community-focused approach, the company is now broadening its footprint beyond Dubai. Gulf Business sits down with chairman and founder Egor Maslennikov to discuss Object 1’s growth milestones, the thinking behind its high-profile global partnerships, and its 2026 roadmap spanning Abu Dhabi, new Dubai districts, and emerging real estate segments.

Since Object 1 launched, the company has seen rapid growth. Could you walk us through the major milestones and achievements that define your journey so far?

Since the beginning, our focus has been on disciplined growth supported by strong fundamentals, and this approach has enabled us to scale quickly and sustainably. Over the past three years, we have sold more than 2,680 units across key communities in Dubai, ranking us among the top 15 developers in Dubai by the Dubai Land Department, and top three in JVC and JVT districts.

2025 has been a defining year for Object 1. We strengthened our brand through meaningful partnerships, including our collaboration with Nottingham Forest Football Club, where we support the club’s academy as part of our commitment to future generations. We also launched our Abu Dhabi office, marking the start of our presence in the capital and introducing a pipeline of upcoming projects across key districts, beginning with Al Reem Island.

We were also honoured with the Emerging Urban Developer of the Year at the UAE Realty Awards and received multiple accolades at the Arabian Property Awards for LUM1NAR Towers and EVERGR1N House.

This momentum sets the stage for an ambitious 2026, where we plan to introduce new partnerships, launch major projects in Abu Dhabi, and enter new districts in Dubai.

You just wrapped up Formula 1 and announced an exciting partnership with Nottingham. What’s your vision behind these initiatives?

Partnerships are an expression of our identity and long-term strategy. Becoming a global partner of Nottingham Forest and supporting its Academy is an honour, and it aligns naturally with how we view our work at Object 1. In real estate, we build environments that shape how people live and grow. In football, academies shape the next generation of talent. Both require vision, discipline, and a commitment to nurturing potential over many years.

Our presence at Formula 1 carries a similar message. It reflects the ambition and global mindset that are embedded in our culture. Events like these bring our partners, investors, and team together in environments that inspire high performance and long-term growth.

Can you give us a brief explanation of why Object 1 is expanding into Abu Dhabi now?

Abu Dhabi represents one of the most significant opportunities for long term growth in the region. With more than 6,600 transactions in Q3, the capital continues to record strong real estate activity and rising investor demand.

For Object 1, Abu Dhabi offers the potential to bring our design philosophy and community focused living to a new market. Our first developments will be located on Al Reem Island, one of Abu Dhabi’s fastest growing districts.

Our expansion also aligns with Abu Dhabi Economic Vision 2030, which aims to build a diversified and sustainable economy supported by innovation, private sector development, and high quality urban infrastructure.

We have built strong foundations in Dubai, and we are now bringing that experience into a market that we see as an essential pillar of our growth in the coming years.

Looking ahead to 2026, what should we expect from Object 1?

2026 will be an ambitious year for Object 1 as we enter a new phase of expansion and diversification. We will strengthen our presence in Abu Dhabi with our first developments on Al Reem Island, including a landmark waterfront project. In Dubai, we are preparing upcoming launches in Dubai Islands, Jumeirah Lake Towers, Sheikh Zayed Road, Meydan Horizon, Dubai South and Warsan. Alongside this, we plan to expand into branded residences and luxury properties as part of our growing portfolio. We will also introduce new partnerships with brands that share our values and long-term vision.

UAE central bank revokes Omda Exchange licence, imposes Dhs10m fine

The enforcement action follows supervisory examinations carried out by the CBUAE

Gulf Business
Gulf Business

23 December, 2025

UAE central bank revokes Omda Exchange licence, imposes Dhs10m fine
Central Bank of the UAE (CBUAE) HQ/Image: WAM

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The Central Bank of the UAE (CBUAE) has revoked the licence of Omda Exchange, struck the entity off its official register, and imposed a financial penalty of Dhs10m for breaches of regulatory requirements.

The enforcement action follows supervisory examinations carried out by the CBUAE, which identified multiple failures and violations of the Central Bank Law and its related regulations by the exchange house.

The regulator said the decision was taken in line with its mandate under the Decretal Federal Law on the Central Bank and the Organisation of Financial Institutions and Activities, and its subsequent amendments.

The CBUAE reiterated that, through its supervisory and regulatory role, it remains committed to ensuring that all exchange houses, their owners, and employees comply with UAE laws, regulations, and standards. These measures are aimed at maintaining transparency, protecting the integrity of financial transactions, and safeguarding the stability of the UAE’s financial system.

Saudi Central Bank moves to cut banking, payment fees under new guide

The latest announcements underscore SAMA’s role as supervisor and regulator while aligning financial services more closely with market efficiency

Nida Sohail
Nida Sohail

23 December, 2025

Saudi Central Bank moves to cut banking, payment fees under new guide
Image: Getty Images/ For illustrative purposes

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The Saudi Central Bank (SAMA) is advancing a broad regulatory push aimed at strengthening transparency, affordability, and stability across the kingdom’s financial sector.

Through the issuance of a new fees framework for financial institutions and updated implementing regulations governing finance companies, the central bank is signaling a sharper focus on consumer protection, digital adoption, and sustainable sector growth. The latest announcements underscore SAMA’s role as supervisor and regulator while aligning financial services more closely with market efficiency and customer confidence today online.

Read more-Saudi Arabia removes fee for expat industrial workforce

The authority announced the issuance of the “Fees Guide for Financial Institutions’ Services,” which will replace the currently applicable “Banking Tariff” once it enters into force. Issued as part of SAMA’s supervisory and regulatory mandate, the guide is designed to protect customers of financial institutions while improving clarity around pricing structures, according to a Saudi Press Agency report.

The Fees Guide aims to enhance financial inclusion by enabling access to financial institutions’ services and products at reasonable and fair fees, while raising levels of disclosure and transparency to strengthen confidence in the financial sector. It also supports digital transformation by encouraging the delivery of services through electronic channels and reinforces customer protection standards across the sector.

Key amendments include reductions in the maximum fees charged for several financial services provided to customers. These include administrative fees for certain financing products, reissuance of mada cards, international purchase and cash withdrawal transactions, and financial transfers from bank accounts and electronic wallets.

The guide applies to all financial institutions subject to SAMA’s supervision and regulation, including payment companies offering a wide range of financial services. It represents the first edition in terms of the financial institutions covered and the third edition for the banking sector. The Fees Guide for Financial Institutions’ Services is available through SAMA’s Rulebook on its website.

Updated regulations strengthen finance sector oversight

SAMA also announced the issuance of the updated Implementing Regulation of the Finance Companies Control Law, reinforcing its oversight of the finance sector and its commitment to stability and growth. The updated regulation is intended to regulate the requirements for practicing all financing activities, while modernizing key provisions affecting licensed entities.

The updates include revisions to the aggregate finance amount offered by finance companies, changes to bank guarantees required for licensing applications, and amendments to provisions related to related parties. They also address procedures for handling cases involving the expiration of licenses granted to finance companies, providing clearer regulatory guidance for the market.

As part of the update, SAMA repealed the Rules Regulating Consumer Microfinance Companies and the Rules of Engaging in Microfinance Activity, while amending the Rules of Licensing Finance Support Activities. The central bank previously published a draft of the updated implementing regulation, inviting comments and feedback from the public and sector experts. Feedback received during the consultation process was reviewed and reflected in the final version, underscoring SAMA’s consultative approach to regulatory reform. Both documents are available on SAMA’s website.

More news in saudi-arabia

Riyadh home sales hit $4.7bn in Q3 as 57,000 units lined up: Cavendish Maxwell