Latest news with #Oxagon
The National
16-07-2025
- Business
- The National
Saudi Arabia's property market offers promise of reliable returns for global investors
Global investors are now sizing up the profit returns from Saudi Arabia's real estate market, as the kingdom's once closed-off sector will soon be accessible. Interest has peaked, especially as opportunities to buy into megaprojects such as Neom's The Line, Oxagon and Diriyah are expected. On July 8, the Saudi cabinet approved the Law of Real Estate Ownership and Investment by Non-Saudis, replacing a framework from 2000 and formally opening designated zones across the kingdom, including Riyadh and Jeddah, to foreign ownership from January 2026. This sweeping reform aligns with the kingdom's Vision 2030 target to diversify the economy, boost foreign direct investment and expand real estate supply, while protecting sovereign interests through controlled zone designations. Foreign investors are probably asking what type of return on investment they could receive given the kingdom's activity, and the potential is promising. How ready is the market? Following publication in the official gazette, the Real Estate General Authority must publish implementing regulations on the Istitlaa platform within 180 days. It has time to define zones open to foreign buyers and prescribe approval processes. The Ministry of Investment will streamline foreign investment approvals and the Ministry of Interior will integrate land-registry data with security protocols. Together, these institutions must co-ordinate licensing, title registration and compliance checks to launch transactional platforms by the start of 2026. Saudi Arabia's government has demonstrated capacity for rapid digital roll-outs, exemplified by e-government portals and integrated identity systems, suggesting core registry upgrades can be delivered on schedule. Moreover, existing permissions already enabled foreign citizens to invest indirectly – for example, through Premium Residency, licensed developers, or real estate funds – creating precedents for a more structured regime, but the main hurdles could involve: Regulatory consultation, by compressing public comment cycles to meet the 180-day deadline. IT integration, by updating national land registries to handle new ownership categories and cross-border title verification. A financing ecosystem, which would need to be adapted, especially the mortgage frameworks for foreign buyers that will include risk and compliance protocols. With Vision 2030's political backing, a January 2026 activation is credible. Advancing to an April 2026 operational window will depend on top-level prioritisation of the law and dedicated interministerial task forces. Global market comparison This move by Saudi Arabia feels very much like Dubai did back in 2002, when it opened certain areas for foreign ownership. With the reforms of the country also making headlines, now would be a great time for any investor to get in early and benefit from capital appreciation of real estate as the market opens further. All of this will of course take time, as Dubai has shown, the period needed for the real estate market to lead to maturity takes time. Notwithstanding this, I think Saudi Arabia and its investors are in a great position to benefit from this move going forward. Global investors with their eyes on Saudi Arabia must consider local returns against Gulf and global benchmarks. In the fourth quarter of 2024, Saudi Arabia's real estate price index rose 3.6 per cent year-on-year, led by a 10.2 per cent price surge in Riyadh and 4.6 per cent in Najran. Meanwhile, rental markets remain strong. Riyadh yields average 8.89 per cent and Jeddah 7.89 per cent gross annually. If we were to compare Saudi Arabia with the UAE, the US and the UK, Dubai delivers rental yields between 5 per cent and 11 per cent, buoyed by robust demand in mixed-use and luxury segments and the golden visa programme. The US's average gross rental yield is 6.68 per cent as of the second quarter of 2025, with high-yield cities such as Detroit exceeding 20 per cent. The UK average buy-to-let gross yield stands at 5.60 per cent, with cities including Sunderland and Aberdeen offering yields above 8 per cent. Saudi Arabia's combination of double-digit yields and mid-single-digit price appreciation positions it competitively within the Gulf and many western markets. More needed Real estate market maturity marked by liquidity, transparency and global investor confidence will take time as has been shown in the UAE, but as long as Saudi Arabia build the below, it should be well on its way to maturity in the years to come. Secondary market depth will be needed by launching real estate investment trusts and collective investment schemes to deepen capital pools and improve liquidity. Valuation standards will need to be upgraded by establishing independent appraisal bodies and aligning with IFRS 13 for fair-value reporting. Legal and dispute resolution will also require upgrading, by expanding specialised real estate courts and arbitration centres to protect investor rights. Financing and securitisation will need to be more competitive by developing covered-bond and mortgage-securitisation markets to diversify funding and lower borrowing costs. These enhancements, while not prerequisites for the January 2026 opening, will be essential for evolving from a frontier to a mature market akin to the UK and US over several years. The opening of Saudi Arabia's real estate market is one of the most consequential investment gateways in the region since the UAE did the same more than 20 years ago. Regulatory foundations appear on track for January 2026, with an April 2026 operational window possible, if expedited. Early market metrics, robust price growth and high rental yields will underscore strong growth potential. But full maturation will depend on continued reforms in liquidity, transparency and financing infrastructure. For global investors, Saudi Arabia offers frontier-market yields with the promise of a reliable long-term destination as institutional frameworks deepen under the Vision 2030 initiative.
Time of India
03-07-2025
- Entertainment
- Time of India
McLaren Formula E unveils new livery for London E-Prix, Sam Bird reacts, 'Wasn't expecting that'
Image credit: McLaren FE The McLaren Formula E team unveiled their new livery for their home race, the London E-Prix. The London double-header will mark the end of Formula E Season 11. It is scheduled from July 25–27. Sam Bird and Taylor Barnard also get new uniforms, which match the blue-tone livery to perfection. However, while most McLaren fans loved the livery, some found the bodysuits similar to those of Maserati and Williams. First reactions to Sam Bird and Taylor Barnard's new McLaren FE livery A video was shared on McLaren Formula E's page to unveil the new livery with the caption, 'Getting a look at NEOM's Oxagon livery for the first time. #NEOMxMcLaren.' It showed Sam Bird and Taylor Barnard walking the corridors of the company in their new blue and black bodysuits, with a pinch of orange on the side. As the two British drivers finally discovered the new design, Bird reacted, 'Wow, that is cool. Nice. Very nice. Wasn't expecting that. That's cool, I like the attention to detail with the wheel rims. Oxagon are going to love this.' Reacting to the video, a fan wrote, 'Gonna look so good cruising the streets of London.' Another said, 'Those suits have everything to do with it.' Another post included pictures of the two drivers in their new bodysuits. It was captioned, 'Fresh threads for London.' The two will be wearing matching blue helmets in London. A fan reacted, 'God! So amazing to see them in blue.' Another found their uniforms similar to Maserati's current colours and wrote, 'Damn... for a minute I thought they were off to Maserati.' A fan found them matching the uniform of F1 team Williams and said, 'Hellow, @williamsracing.' What's next for Sam Bird and Taylor Barnard? They will now head to Germany for the Berlin E-Prix, which will take place from July 11–13. It is a double-header to be followed by the London double-header two weeks later. Barnard is currently in 4th position in the Formula E Driver Standings with 94 points. He has won five podiums so far but is yet to register his first win. Also Read: Who is Sam Bird's girlfriend Jess Impiazzi? Know more about the actor who is always cheering for the Formula E driver Sam Bird is in 16th position with 33 points. He hasn't secured a podium so far this season. But since new winners have emerged in most of the Formula E races this season, Bird may be next on the podium in Berlin or London. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here . Game On Season 1 continues with Mirabai Chanu's inspiring story. Watch Episode 2 here.
Web Release
03-07-2025
- Automotive
- Web Release
Option2_NEOM_MCCLAREN_OXAGON_EPRIX LONDON_July2025
The NEOM McLaren Formula E Team and Oxagon unveil special edition livery for the London E-Prix
Arab News
02-07-2025
- Automotive
- Arab News
NEOM and McLaren light up Trafalgar Square with bold vision and design
LONDON: In a celebration of speed, innovation and cross-continental ambition, the NEOM McLaren Formula E Team on Wednesday unveiled a bold new livery, marking a major moment in their partnership. For the latest updates, follow us @ArabNewsSport Their redesigned Formula E car — wearing a vivid blue 'away kit' inspired by NEOM's industrial hub Oxagon — was revealed at Trafalgar Square as part of McLaren Racing Live: London, a two-day public experience in the city packed with fan interactions, high-tech exhibits, and team appearances. It represents more than simply a new paint job; it is a visual embodiment of a partnership that aims to accelerate sustainable transformation and push the boundaries of sport, tech and industry. The new look, developed jointly by NEOM and McLaren, retains the team's signature papaya touches but introduces vibrant tones inspired by the identity of Oxagon, a reimagined industrial city within NEOM focusing on clean, connected manufacturing. 'This isn't just about a new look,' said Ian James, the managing director and team principal of McLaren Electric Racing. 'It symbolizes the deeper connection between McLaren's racing heritage and Oxagon's vision for clean, connected industry. 'NEOM has been with us since the very beginning and now, with this second bespoke livery, we have another opportunity to showcase what the partnership truly represents.' In an exclusive interview with Arab News, James praised the enthusiasm he has witnessed among the Saudi youth and said the partnership with NEOM continues to inspire and have a real impact. 'What's incredible about NEOM is that it really is a blueprint for how we can live in the future,' he said. 'It's all about sustainable innovation, something we at McLaren strive to embody through our own technology and engineering.' James also touched on the success of the Oxagon x McLaren Accelerator business-development program. 'Some of the startups we've supported are already piloting next-gen tech, like predictive maintenance systems and robotic container handling,' he said. 'These are not just ideas; they're becoming reality.' Team drivers Sam Bird and Taylor Barnard also shared their views on the partnership with NEOM. Bird, a seasoned Formula E competitor, said the collaboration fits seamlessly with McLaren's own mindset. 'This partnership works so well because NEOM's core values of pushing boundaries, innovation and technology mirror what we believe in at McLaren,' Bird said. 'Every time I visit NEOM I'm blown away by how fast it's expanding and the scale of ambition.' He also hinted at what lies ahead: 'I know NEOM is developing a bespoke race track as part of a new car club — and if we ever got to race there, that would be unbelievable.' Barnard, one of the team's younger talents, noted the ways in which the partnership has influenced his own developing career. 'Formula E is about future-focused racing, and NEOM is the very definition of a future-focused project,' he said. 'Being part of something like this is not only exciting for us drivers, it has the potential to inspire a whole new generation, especially in Saudi Arabia.' Reflecting on his visits to NEOM, Barnard added: 'It's a fascinating environment, and as a young driver it makes me optimistic. This kind of global collaboration shows what's possible when sport and innovation work hand in hand.' Vishal Wanchoo, the CEO of Oxagon said: 'When you combine McLaren's performance DNA with Oxagon's clean industrial mission, you don't just build cars, you shape the future of industry.' The team's takeover of Trafalgar Square was not just about the spectacle. It offered Londoners, and visiting international fans, the chance to get up close with McLaren racing cars used in F1, IndyCar, Formula E, and more. Children from local schools took part in STEM (science, technology, engineering and math) activities, and fans of all ages had a chance to try out racing simulators, pit-stop challenges, and virtual reaction walls. With the ABB FIA Formula E season finale set to take place in London on July 26 and 27, the NEOM McLaren team is not just chasing results on the track, it aims to redefine what racing partnerships can look like in a changing world. As the crowd gathered beneath the towering lions of Trafalgar Square, one thing was certain: this was about more than motorsport. It was a statement. A platform. And if NEOM and McLaren have their way, it will be just the beginning.
Al Arabiya
04-06-2025
- Business
- Al Arabiya
Saudi Arabia's NEOM port receives first automated cranes, trains female operators
Saudi Arabia's futuristic NEOM megaproject has received its first fully automated, remote-controlled cranes for its massive new port as the Kingdom pushes to establish a major Red Sea trade hub by 2026, with a pioneering program training Saudi women as crane operators. The Port of NEOM welcomed the arrival of automated Ship-To-Shore and Electric Rubber-Tyred Gantry cranes, marking the first such equipment deployed in Saudi Arabia as the Kingdom seeks to diversify its economy under the Vision 2030 reform program. The Port of NEOM is at the heart of Oxagon, an advanced global manufacturing hub taking shape over 48 square kilometers. Together, they represent the maritime and industrial heart of Crown Prince Mohammed bin Salman's NEOM mega-project, backed by the Public Investment Fund (PIF). Located on one of the world's busiest maritime corridors, the port is positioned to serve as a critical gateway on East-West trade routes. The facility has completed a 900-meter quay wall and deepened its channel to 18.5 meters to accommodate the largest container vessels transiting the Suez Canal. 'The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port,' said Sean Kelly, managing director of Port of NEOM. The project includes an intensive two-year training program for Production Specialists, with ten participants from the Tabuk region learning to operate the remote-controlled equipment. The initiative represents a significant step in Saudi Arabia's efforts to increase women's participation in traditionally male-dominated industries. Hajjer Alatawi, one of the female trainees, said the program had shown her that 'port logistics is far more complex than just moving cargo; it's about teamwork, precision and responsibility.' She added that seeing more Saudi women entering the field 'gives me hope for a future where industries are defined by skills, not gender.' The remote-control capability allows operators to manage equipment from secure, ergonomic environments rather than traditional crane cabins, potentially making the roles more accessible to women and supporting workplace safety standards. Terminal 1 of the port is scheduled to launch in 2026 and will feature horizontal transport automation as part of broader plans for full automation. The facility aims to significantly expand the Kingdom's logistics capacity and enhance supply chain resilience in the region.
