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Major real estate reform: Will Saudi Arabia implement a rent cap?

Saudi authorities have also lifted the ban on transactions related to sales, purchases, subdivisions, and permits in northern Riyadh

Gulf Business
Gulf Business

02 April, 2025

Major real estate reform: Will Saudi Arabia implement a rent cap?

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Saudi Arabia is considering implementing caps on the rents of both residential and commercial properties.

According to a report in the Saudi Gazette, this move aims to address the rising rent prices. Abdullah Al Hammad, the CEO of the Real Estate General Authority (REGA), confirmed this on Tuesday, April 1.

Read- Saudi Arabia set to deliver 362,000 new hotel rooms by 2030

This initiative is part of an effort led by Crown Prince and Prime Minister Mohammed bin Salman to rebalance the real estate market in Riyadh, Al Hammad emphasized while speaking to Al Arabiya.

“The Crown Prince’s directives focus on increasing supply by lifting development restrictions in the northern parts of the capital, releasing new plots, regulating lease agreements, and maintaining regular market oversight,” Al Hammad said.

The initiative also includes the finalisation of the new White Land Tax law, which aims to boost housing supply and curb the rise in property and rental prices.

Saudi authorities have also lifted the ban on transactions related to sales, purchases, subdivisions, and permits for 81 million square meters of land in northern Riyadh. This move is designed to ease supply constraints and encourage new residential development.

Increase in provision of residential plots

The Royal Commission for Riyadh City has also been tasked with providing between 10,000 and 40,000 planned and developed residential plots annually over the next five years, depending on demand.

Prices of the plots

The prices of these plots are capped at SR1,500 per square meter for eligible Saudi citizens, including married individuals and those over the age of 25, with specific conditions prohibiting resale or transfer for 10 years unless for financing construction.

Other reforms to be introduced include new regulations to govern landlord-tenant relations and ensure fair terms for both parties.

REGA and the Royal Commission will also be responsible for monitoring property prices and submitting regular reports to the concerned authorities.

Trump eyes visit to Saudi Arabia, UAE and Qatar next month

The president said the trip will centre on securing more than $1tn in investment into the US economy

Gulf Business
Gulf Business

02 April, 2025

Trump eyes visit to Saudi Arabia, UAE and Qatar next month

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US President Donald Trump is planning to visit Saudi Arabia as early as May to sign a major investment agreement, marking his first foreign trip of his second term. Stops in Qatar and the UAE are also expected.

“It could be next month, maybe a little later,” Trump told reporters in the Oval Office earlier this week.

Sources familiar with the matter said mid-May is under consideration for the visit, according to Reuters. Trump made Saudi Arabia and Israel his first overseas stops during his initial term in 2017.

The president said the trip will centre on securing more than $1tn in investment into the US economy, including large-scale military equipment purchases.

“Tremendous jobs will be created in those two or three days,” he said.

He indicated that similar agreements could be signed in Qatar and the UAE.

The planned tour underscores Trump’s push to strengthen economic and geopolitical ties with key Gulf partners early in his second term.

In January, Trump asked Saudi Arabia to spend upwards of $1tn in the US economy, over four years, including purchases of military equipment.

This was followed by the UAE last month announcing a commitment to a 10-year, $1.4tn investment framework in the United States after top UAE officials met with President Trump.

The White House said the investment framework would “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy, and manufacturing.

Empowering innovation and inclusion: An interview with HP’s Helena Herrero

The president of HP for Southern Europe, the Middle East and Africa shares her insights on technology, digital transformation, empowering women and sustainability

Neesha Salian
Neesha Salian

02 April, 2025

Empowering innovation and inclusion: An interview with HP’s Helena Herrero
Image: Supplied

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Before I get to what HP is doing and your role and the vision for how HP is supporting digital transformation, as a female leader, what would be your views on how the corporate world has changed, how technology has changed for women in this field? How has it helped them grow? Or do you think more needs to be done?

I think technology has always been an enabler and a tool to empower people. And in that way, I think it’s fundamental in the world of today. I am a strong believer in talent and skills. That’s a clear belief of our company — believing in the potential that people have. We are in a world where knowledge and talent will differentiate countries, companies, and societies. And we are half of the population. Not using that potential is something we can’t afford. So I’m a strong believer that technology helps women, but it also helps empower and manage that potential.

I sometimes think that we’ve always put aside that technology is a “man’s topic”. But when technology helps people, companies, and progress, and helps close the gap around divides, then women have a clear role to play. In the AI world, where data and artificial intelligence are key, I strongly believe that women bring a human touch that differentiates their potential. What we need to do as women is embrace it, jump into the pool, be in the conversation, and ask the right questions. Technology brings answers, but you need to be able to ask the right questions.

As far as HP is concerned, how is HP supporting DEI (diversity, equity, and inclusion) and female leaders to grow?

It’s part of the DNA of HP, which has believed in people since its founding in 1939. We believe in the potential of people, their talent, and their skills. We have a strong focus on diversity and inclusion because it reflects the society we’re in and responds to customer needs. When defining AI or algorithms, it needs to reflect the diversity of where it happens. We measure, scale, and provide training. We have a strong focus on mentoring and coaching people to reach certain roles. It’s important not only to have the right percentage but also to have the right representation at different levels of management.

We encourage working together to overcome stereotypes. It’s not just about training; it’s about how men and women work together, understand each other, and listen. Management styles are different, and embracing those differences is key. I’ve been with HP for a long time, and I’ve always felt supported by both men and women. It’s about working together, and understanding what’s good for people and the company.

As a leader, how do you ensure your team is aligned with HP’s vision?

I want everyone to understand the big picture and the role they play in it. Execution is important, but so is understanding why we do things. If people understand the reason behind their work, they will bring innovation, feel empowered, and provide solutions to challenges. If people are just executors, they become like machines, and that’s not what we want. We want talent, creativity, and the ability to connect the dots.

It’s also important to listen carefully to what’s happening inside and outside the company. I always say you need to dream big but have strong fundamentals. That balance of dreaming, thinking big, and executing is crucial. That’s how I try to lead.

How do you see technology progressing in the Middle East, especially with digital transformation?

When I go to the Middle East, I see people looking to the future. The transformation is the essence, the plan, and the vision. Countries like Saudi Arabia and the UAE are diversifying their economies, and technology is a key driver of that development. The 2030 plans in these countries show a clear commitment to transformation. The region is strategically positioned between Asia, Africa, and Europe, making it a hub for trade and technology.

For example, in Saudi Arabia, we’ve announced a manufacturing site, which is not just about physical infrastructure but also about creating an ecosystem that includes R&D and skills development. We’re working with universities in the UAE and Saudi Arabia to develop AI and software skills. This is crucial because talent is the differentiator in today’s world. The Middle East understands this perfectly, and they are investing heavily in developing the skills needed for the future.

In the UAE, having a minister dedicated to AI shows the region’s commitment to embracing technology as a driver of progress. This is something I find very eye-opening. The Middle East is not just transforming itself; it’s becoming a bridge between Africa, Asia, and Europe, leveraging its strategic position to drive innovation and growth.

What is HP’s strategy and vision for 2025 and beyond?

We believe in using technology to empower people and bring innovative solutions.

Our focus is on the future of work, helping customers with their needs through our portfolio of products, from devices to printing solutions, all powered by AI. We aim to help countries with their specific challenges, whether it’s education, efficiency, or customer needs.

I know sustainability is also part of HP’s vision. Could you share your thoughts on how HP is addressing sustainability?

Sustainability is a core part of HP’s DNA. We have a long-standing history of climate action, and our ambitious goals are designed to combat climate change by focusing on reducing greenhouse gas (GHG) emissions, promoting circularity, and protecting forests. We use science-based targets to drive progress across our value chain, consistent with the emission levels required to limit global warming to 1.5°C. Our goal is to reach net-zero GHG emissions across our value chain by 2040.

We focus on the following strategic drivers for climate action:

  • Print and compute as a service: Shifting to service-based models to reduce resource consumption.
  • Sustainable materials: Investing in reusable, recyclable, and sustainably harvested materials. For example, in 2023, we used 34,400 tonnes of post-consumer recycled plastic in our products, equivalent to 18.1 per cent of our overall plastic use.
  • Supply chain decarbonisation: Helping suppliers set and meet their science-based targets. In 2022, participants in our programs avoided 184,000 tonnes of CO₂ emissions and saved 36 million kWh of energy.
  • Energy efficiency: Designing products and solutions that are energy efficient.
  • Forest investments: Protecting, managing, and restoring forests. All HP-brand paper and paper-based packaging are made from recycled or certified sources. Through the HP Sustainable Forests Collaborative, we are working to counteract deforestation for non-HP paper used in our printing products and services.

We are also committed to circular design, which increases value for customers while reducing environmental impacts. By repurposing waste materials and investing in sustainable practices, we aim to transform our design and business models. HP has achieved triple “A” scores from CDP for transparency and action on climate, forests, and water security for four consecutive years.

We are proud to be recognised as a CDP Supplier Engagement Leader and to collaborate with other industry leaders through initiatives like the Clean Energy Buyers Association, RE100, EV100, and the WWF Climate Business Network.

Sustainability is not just a goal for us — it’s how we do business. It’s about creating a positive impact on the planet while driving innovation and delivering value to our customers.

GCC banks ride wave of economic diversification, poised for robust year

EY’s GCC Banking Sector Outlook predicts sustained growth, driven by resilient economies, transformation plans, and robust demand in 2025

Gulf Business
Gulf Business

02 April, 2025

GCC banks ride wave of economic diversification, poised for robust year
Image: Getty Images/ For illustrative purposes

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GCC banks are set to maintain strong performance in 2025, supported by robust capital levels and resilient economic conditions, according to the recent EY GCC Banking Sector Outlook 2024 report.

The report highlights that the expansion of gas production in Qatar, economic transformation projects in Saudi Arabia, and non-oil economic growth in Bahrain and the UAE will underpin the sector’s resilience.

Furthermore, Brent crude prices are projected to remain above $74 per barrel through 2027, bolstering banking sector stability.

Credit growth across most GCC countries is driven by a strong project pipeline, particularly in infrastructure development in Saudi Arabia and the UAE. This positive trend is expected to continue, supported by rising lending volumes, increased fee income, stable margins, and effective cost management.

As lending costs become more favourable, GCC countries may increase global investments.

Mayur Paul, EY MENA Financial Services leader, shared: “Resilient economies, diversification efforts, and enabling policies will further boost the sector’s performance. The upcoming year will be transformative, with technology, consumer behavior, and regulatory changes shaping the future of banking.”

GDP growth on the rise

GCC GDP growth is projected at 3.5 per cent in 2025, with non-oil growth exceeding 3.4 per cent in Saudi Arabia and the UAE. The IMF forecasts a current account surplus of 8.2 per cent of GDP and a fiscal surplus of 3.9 per cent of GDP for 2025.

Global oil demand is expected to increase to 104.5 million barrels per day (mbpd) in 2025.

High oil prices, averaging $81 per barrel in 2024, and favorable economic growth have supported GCC banks’ finances.

In 2024, GCC GDP growth rebounded to 3.5per cent, driven by increased oil production and strong domestic investment. Hydrocarbon growth is projected at 3.3 per cent, and non-hydrocarbon sectors at 3.4 per cent.

GCC economies are following the US Federal Reserve’s interest rate cuts, which, along with domestic policies, have helped lower inflation. GCC banks have shown sustained credit growth, supported by economic transformation plans and robust project pipelines.

Outlook for GCC banks

UAE banks are expected to maintain strong lending growth, with deposits outpacing lending. Saudi Arabian banks reported healthy credit growth, driven by private sector loans and Vision 2030 projects.

Qatari banks exhibit strong profitability and capital strength. Omani banks’ lending growth aligns with non-oil economic activities and Vision 2040 initiatives. Bahrain is poised for robust economic growth and increased credit growth. Kuwait’s banking sector has enjoyed high profitability and stability.

Read: Private financing increasingly prominent among GCC issuers: S&P Global Ratings

UAE to host these 10 major global conferences, events in April

The Arabian Travel Market (ATM), set to take place from April 28 to May 1 in Dubai, is expected to host over 47,000 participants and 2,600 exhibitors from 161 countries

Gulf Business
Gulf Business

02 April, 2025

UAE to host these 10 major global conferences, events in April
Image: Getty Images

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The UAE is set to host a series of high-profile conferences, exhibitions, and global events in April.

The events will bring together industry leaders, policymakers, and innovators across multiple sectors, ranging from investment and emergency management to artificial intelligence, aviation, healthcare, and gaming.

The following events will be held this month

  1. Abu Dhabi will host the AIM Investment Summit 2025 from April 7-9 at ADNEC, welcoming over 25,000 participants from more than 170 countries. The summit will focus on sustainable development projects, job creation, and fostering global investment collaboration.
  2. The World Local Production Forum, also set for April 7-9 at ADNEC, will address sustainable local production and technology transfer, drawing over 4,000 participants.
  3. The World Crisis & Emergency Management Summit 2025, organised by the UAE’s National Emergency Crisis and Disasters Management Authority, will take place from April 8-9 at ADNEC. It will be accompanied by the Crisis Management Technologies Exhibition, highlighting the role of advanced technologies in crisis response.
  4. The Abu Dhabi Global Healthcare Week will return for its second edition from April 15-17, with over 15,000 participants and 325 exhibitors expected.
  5. From April 27-29, the Culture Summit Abu Dhabi will take place at Manarat Al Saadiyat, under the theme “Culture for Humanity and Beyond,” focusing on the relationship between culture and global transformation.
  6. Dubai will host Dubai AI Week from April 21-25, featuring the Machines Can See Summit and the Dubai AI Festival. The event is expected to attract over 8,000 AI experts, 500 investors, and 100 exhibitors from more than 100 countries.
  7. The 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA 2025) will take place in Abu Dhabi from April 28 to May 2, bringing together aviation industry leaders.
  8. The Arabian Travel Market (ATM), set for April 28 to May 1 in Dubai, is expected to host over 47,000 participants and 2,600 exhibitors from 161 countries, showcasing the latest trends in global travel and tourism.
  9. The Dubai Esports and Games Festival will run from April 25 to May 11, featuring gaming exhibitions, tournaments, and competitions, including the Dubai Cosplay Championship and Play Beyond challenges.
  10. The Sharjah Children’s Reading Festival, taking place from April 23 to May 4, will feature book releases, interactive activities, and performances designed for young audiences.

CEPA programme: UAE global trade ties grow with 26 strategic alliances

The CEPA programme is playing a pivotal role in the UAE’s broader economic strategy, accelerating progress toward the ‘We the UAE 2031’ vision

Gulf Business
Gulf Business

01 April, 2025

CEPA programme: UAE global trade ties grow with 26 strategic alliances
Image: WAM/ For illustrative purposes

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The UAE’s ambitious comprehensive economic partnership agreement (CEPA) programme continues to reshape its trade landscape, with 26 agreements signed with key global partners as of Q1 2025.

The initiative, launched in September 2021, underscores the UAE’s commitment to strengthening its regional and international economic influence.

In 2025 alone, the UAE secured five new CEPAs with Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic, further expanding its trade network and unlocking opportunities for the country’s private sector across some of the world’s most dynamic economies, according to a WAM report.

Of the 26 agreements, six have officially entered into force, while 14 are undergoing technical and ratification procedures. Negotiations on another six agreements have been finalised, with signings expected soon.

UAE focused on deepening economic ties

The UAE is also in the final stages of CEPA negotiations with several major economies, most notably Japan, with talks expected to conclude before the end of 2025.

The results of four key agreements that have already taken effect highlight their tangible impact:

  • UAE-India non-oil trade grew by 20.5 per cent, with UAE exports to India surging 75 per cent by the end of 2024.

  • Trade with Turkiye increased by over 11 per cent.

  • Indonesia saw growth exceeding 15 per cent.

  • Georgia recorded a 56 per cent rise in trade, marking a significant boost in bilateral economic activity.

CEPA programme supports UAE’s long-term trade goals

The CEPA programme is playing a pivotal role in the UAE’s broader economic strategy, accelerating progress toward the ‘We the UAE 2031’ vision.

The national agenda aims to increase the total value of non-oil foreign trade in goods to Dhs4tn and non-oil exports to Dhs800bn by 2031.

These agreements have had a positive impact across multiple sectors, including logistics, clean energy, advanced technology, financial services, green industries, agriculture, and sustainable food systems.

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