Latest news with #Al-RajhiCapital
Zawya
21-04-2025
- Business
- Zawya
Saudi housing demand to outstrip supply in 2030: report
Demand for houses in Saudi Arabia will largely outstrip supply by 2030 due to high population growth and government incentives to citizens, a local report shows. Demand is projected at around 1.2 million houses but nearly 800,000 units are expected to be delivered in 2030, Al-Rajhi Capital said in a weekend report. 'The high demand for housing is due to a number of factors, mainly the rapid population growth, government incentives to citizens to own houses and a strong tendency by Saudi to have families,' it said. The report showed that housing ownership by Saudis has surged from around 46 per cent in 2016 to nearly 63.7 per cent at the end of 2023, adding that the ratio is expected to swell in the next years as part of the Gulf Kingdom's Vision 2030. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Argaam
26-02-2025
- Business
- Argaam
Al-Rajhi REIT's board appoints Sustainable Property to manage Al Narjes Plaza, Oasis Mall
Al-Rajhi Capital announced that Al Rajhi REIT Fund 's board of directors appointed Sustainable Property Co. to manage both Al Narjes Plaza and Oasis Mall properties after the end of the mandatory period of the rental contract for each property. Such change will become effective as of March 13, 2025, it added. In a statement to Tadawul, the company said that, as for Al Narjis Plaza, this appointment will entail a property management fee of 8% of the rent collected, except for Tamimi Markets contract, which will be calculated as 5% of the rent collected until the end of the contract. As for Oasis Mall, this appointment will entail a property management fee of 7.5% of the rent collected, except for Landmark Markets contract, which will be calculated as 5% of the rent collected until the end of the contract, in addition to SAR 25,000 per month plus 5% from the collected rents of the new tenants as marketing and leasing fee for one year only, it added.
