海角直播

2024 marks 海角直播鈥檚 bold leap toward technological leadership

2024 marks 海角直播鈥檚 bold leap toward technological leadership
海角直播 is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. Shutterstock
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Updated 31 December 2024

2024 marks 海角直播鈥檚 bold leap toward technological leadership

2024 marks 海角直播鈥檚 bold leap toward technological leadership
  • Kingdom launched ALLaM, a generative AI model tailored specifically for the Arabic language
  • Technology also played a critical role during the Hajj season

RIYADH: 海角直播鈥檚 digital transformation journey reached new heights in 2024, solidifying its position as a global leader in technology and innovation.聽

Guided by Vision 2030, the Kingdom continued to reshape its economic and social landscapes through extensive digital initiatives spanning government, the private sector, and international partnerships. From advancements in artificial intelligence to significant strides in the digital economy, 海角直播鈥檚 achievements over the past year set the stage for even bolder ambitions in 2025.

Revolutionary achievements

One of the standout accomplishments of 2024 was the consolidation of government data. The creation of a centralized data lake integrated 27 large systems with over 322 systems in the National Data Bank. This initiative not only enhanced the quality of national data but also automated data-sharing processes, fostering collaboration across entities and delivering substantial cost savings.

海角直播 also launched ALLaM, a generative AI model tailored specifically for the Arabic language. Integrated into IBM鈥檚 Watsonx platform, ALLaM was recognized as the leading generative AI model for Arabic, as measured by the Arabic MMLU benchmark. This innovation underscored the Kingdom鈥檚 commitment to preserving its cultural and linguistic heritage while advancing global AI standards.

鈥満=侵辈モ檚 digital transformation initiatives, driven by Vision 2030, have created a strong foundation for the Kingdom to emerge as a global leader in technology and innovation,鈥 said Louise Bou Rached, sales director for the Middle East, North Africa, and Turkiye region at Milestone Systems, in an interview with Arab News.聽




Louise Bou Rached, Sales Director, MENAT at Milestone Systems. Supplied

She continued: 鈥淭he strategic focus on AI, IoT (Internet of Things), 5G, and cloud infrastructure is enabling the development of smart cities, digital governance, and innovative industries.鈥

Bou Rached highlighted initiatives like NEOM and The Line, which combine cutting-edge technology with sustainability to redefine urban living and attract global attention. 鈥淭his transformation is enhancing the Kingdom鈥檚 international reputation and driving economic diversification, positioning 海角直播 as a model for other nations aspiring to achieve technological leadership,鈥 she said.

A key element in this transformation has been the integration of advanced video management systems across smart city projects, improving security, efficiency, and data-driven decision making. 鈥淰MS technology ensures the seamless operation of urban environments and aligns with the Kingdom鈥檚 broader vision of fostering a secure and intelligent ecosystem,鈥 Bou Rached added.

Technology also played a critical role during the Hajj season, with advanced AI solutions ensuring the safety and well-being of millions of pilgrims. Smart platforms like Basier and Sawaher deployed over 400 AI-linked cameras across key locations, including tunnels and the Jamarat facility. These systems provided real-time crowd density analysis, enabling authorities to address emergencies efficiently. This initiative marked a significant leap in combining AI with large-scale event management.

鈥淧rojects involving smart cities, artificial intelligence, and renewable energy are shaping new industries and lifestyles in 海角直播,鈥 said Arun Leslie John, the chief market analyst at Century Financial, in an interview with Arab News. Smart cities like NEOM, he noted, are redefining urban living with intelligent systems that optimize resource management, sustainability, and citizen engagement.

鈥淎I is reshaping industries, from health care to logistics, by enabling predictive analytics, automating processes, and improving efficiency,鈥 he added. John also pointed out that the implementation of Open RAN technology is 鈥渟eriously changing the scene of the country鈥檚 telecommunications sector, offering flexible and cost-efficient network infrastructure, essential for extending 5G and upcoming 6G networks.鈥澛

鈥淐ompanies specializing in such technologies can take advantage of the emergent demand for improved telecommunication solutions,鈥 John said.




Arun Leslie John, Chief Market Analyst at Century Financial. Supplied

AI discussions

海角直播 reinforced its position as a global AI leader by hosting the third Global AI Summit, which brought together world leaders, researchers, and industry experts to discuss ethics, developments, and the future of AI. The event emphasized the Kingdom鈥檚 commitment to becoming a hub for AI innovation.

The country also launched the Open Access National Gateway, providing scientists and researchers access to more than 1,000 advanced laboratories. This initiative bolstered 海角直播鈥檚 ability to attract top talent, foster innovation, and drive scientific breakthroughs across various fields.聽

The establishment of the National Semiconductor Hub marked a significant milestone in the Kingdom鈥檚 drive for technological independence. Launched in partnership with top institutions like King Abdullah University of Science and Technology, the hub supports multiple initiatives, including a joint master鈥檚 program with the University of California and Princess Nourah University. Over 850 professionals were trained to localize semiconductor technology, further cementing 海角直播鈥檚 place in the global tech landscape.

鈥満=侵辈モ檚 investment in space exploration is about exploring the cosmos and leveraging satellite technology to advance telecommunications, agriculture, and disaster management. These advancements are driving diversification away from oil dependency, creating a high-tech economy that attracts global investments and cultivates homegrown innovation,鈥 Bou Rached noted.

海角直播鈥檚 digital transformation efforts received global recognition in 2024. The Kingdom achieved several milestones such as securing the second place among G20 countries in the ICT Development Index and sixth place globally in the UN E-Government Development Index, climbing 25 positions.

These achievements underscored 海角直播鈥檚 progress in delivering efficient, accessible, and citizen-centric digital services.

In the space sector, 海角直播 celebrated the graduation of 15 startups from the Space Tech Entrepreneurship Program, which offered financial support, training, and mentorship. This initiative attracted both domestic and international investments, highlighting the Kingdom鈥檚 growing influence in the space industry.

The Kingdom also secured over SR41 billion ($10.9 billion) in foreign and domestic investments in technology and data centers in 2024. These investments were complemented by enhancements to digital infrastructure, including efforts to localize emerging technologies and establish a thriving innovation ecosystem.

Notable initiatives included the Cloud First Policy, which prioritized cloud-based solutions across government entities and the expansion of 5G networks, positioning 海角直播 among the top 10 countries globally for mobile Internet speeds.

In March, the Kingdom unveiled an updated Digital Transformation Index, designed to elevate public sector adherence to technological advancements. The revised standards, reduced from 125 to 96, aimed to improve the quality of e-government services in line with Vision 2030. More than 233 entities participated in workshops to refine methodologies, contributing to an 85.53 percent overall progress rate in digital transformation.

鈥業nto New Worlds鈥

Scheduled for February 2025 in Riyadh, LEAP 鈥 the Kingdom鈥檚 premier tech-focused conference and exhibition 鈥 will bring together 1,000 expert speakers, 680 startups, and over 215,000 global attendees. Under the theme 鈥淚nto New Worlds,鈥 the event will explore cutting-edge technologies and their practical applications. The 2024 edition of LEAP surpassed previous ones, with agreements worth more than $12 billion being signed.

Greater achievements on the horizon

海角直播鈥檚 roadmap for 2025 builds on the transformative momentum of 2024, with ambitious plans designed to further elevate the Kingdom鈥檚 global standing in technology and innovation. In AI and data advancements, efforts will focus on increasing the number of datasets in the National Data Bank to improve accessibility and foster greater collaboration.

The adoption of AI across government entities will be further strengthened to stimulate innovation and improve service delivery. Expanding the scope of the National Smart Cities Platform will be a key priority, with an emphasis on security, safety, and sustainability, while introducing new use cases to enhance quality of life and environmental conservation.

In space exploration, 海角直播 plans to manufacture and launch a satellite dedicated to investigating space weather as part of the Artemis 2 mission to the moon. Economically, the Kingdom aims to bolster the ICT sector鈥檚 contribution to its gross domestic product by introducing two additional multibillion-dollar companies, bringing the total number of such companies to eight.

As 2025 unfolds, 海角直播 is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. By building on its 2024 achievements, the Kingdom is well-positioned to realize its Vision 2030 goals and establish itself as a global leader in the digital era.


海角直播, UK announce $445m economic partnership

海角直播, UK announce $445m economic partnership
Updated 03 September 2025

海角直播, UK announce $445m economic partnership

海角直播, UK announce $445m economic partnership
  • Investments to create jobs across energy, financial services, and professional sectors

RIYADH: 海角直播 and the UK are set to strengthen their economic ties through more than 拢360 million ($445 million) in joint investments, Business Secretary Jonathan Reynolds said on Wednesday.

The British official was speaking at the Great Futures Summit in London, a high-profile gathering of C-suite executives aimed at boosting trade and unlocking growth opportunities between the two countries.

The new investments are expected to generate 187 jobs, including 97 in the UK, focusing on clean energy, professional, and financial services sectors. Reynolds highlighted that the summit offers a platform for collaboration aligned with the UK鈥檚 modern Industrial Strategy and 海角直播鈥檚 Vision 2030, demonstrating the countries鈥 commitment to shared economic growth.

Significant investments into the UK include Alfanar establishing its new headquarters in London as a global hub for transport decarbonization, and International Investment Gate opening its European headquarters in the capital to manage UK assets and a new property fund.

HIGHLIGHTS

Projects expected to create 187 jobs: 97 in the UK and 90 in 海角直播, spanning clean energy, professional services, and financial sectors.

Key UK investments include Alfanar鈥檚 拢94 million London HQ for transport decarbonization; IIG鈥檚 拢550 million UK assets and 拢60 million property fund.

Key Saudi projects include Howden reinsurance business, Control Risks regional HQ, and Salica Investments鈥 $75 million MENA fund.

The Alfanar office will deliver 拢94 million of investment, creating 80 skilled jobs to support the 拢2 billion Lighthouse Green Fuels project in Teesside, which is set to become the world鈥檚 largest sustainable aviation fuels facility. 

Similarly, IIG鈥檚 London office will oversee 拢550 million of UK assets and a 拢60 million property fund, creating new professional opportunities.

The partnership also extends to 海角直播, where companies such as Howden are launching a reinsurance business, potentially creating up to 30 jobs, and Control Risks is establishing a regional headquarters in Riyadh to employ more than 50 people while developing local talent.

Venture capital firm Salica Investments is launching a second $75 million MENA-focused fund, following the success of its $50 million Salica Oryx Fund I, which has already supported 13 early-stage technology companies operating in 海角直播. Payment technology provider Paymentology has also established operations in Riyadh, committing $7.5 million toward local hiring and infrastructure to support the Kingdom鈥檚 fintech ambitions.

Education and skills development form another key pillar of the partnership. Over 10 new initiatives are being launched to support human capability development in 海角直播, including Cambridge University Press and Assessment opening an office in Riyadh to advance educational transformation. These efforts are part of a broader strategy to foster long-term prosperity and strengthen the bilateral relationship.

Reynolds said: 鈥淏ritain is a thriving business hub, and today鈥檚 new investment announcements are not only a major vote of confidence in our economy but demonstrate our thriving partnership with 海角直播.
鈥淥ur modern Industrial Strategy is giving investors the confidence they need to plan not just for the next year, but for the next 10 years and beyond 鈥 helping to create economic growth as part of our Plan for Change.鈥

Since the launch of the Great Futures campaign in May 2024, the UK-Saudi partnership has already yielded significant milestones. 海角直播 has raised $39.2 billion via the London Stock Exchange in 2025, and the Public Investment Fund completed a 15 percent acquisition of Heathrow Airport.

Other successes include a joint venture between UK sustainability fintech World Wide Generation and Rawabi Holding under the initiative, SURJ Sports Investment acquiring a minority stake in sports streaming giant DAZN, and HSBC 海角直播 relocating its headquarters to Riyadh鈥檚 King Abdullah Financial District. UK academic institutions are also expanding in 海角直播, with the University of Strathclyde and London Business School planning physical offices in the Kingdom. Nearly 拢500 million worth of contracts from Saudi giga-projects have been awarded to UK firms since the campaign began.

Speaking on the occasion, Saudi Commerce Minister Majid Al-Qasabi said: 鈥淭he Saudi-British Strategic Partnership Council stands as a key platform for deepening economic ties between the two friendly nations.
鈥淭oday鈥檚 Great Futures Leadership Summit represents a defining moment in our strategic partnership with the United Kingdom, demonstrating how Vision 2030 and the UK鈥檚 Industrial Strategy create unprecedented opportunities for mutual prosperity.鈥

British Ambassador to 海角直播 Stephen Hitchen said: 鈥淎s my first major diplomatic engagement as ambassador to 海角直播, today鈥檚 summit perfectly captures the strength of the relationship between our two kingdoms 鈥 from groundbreaking innovation bridges to our transformative partnerships in clean technology, we鈥檙e building something far deeper than trade statistics, we're creating lasting bonds rooted in shared vision and mutual respect that will define our relationship for generations to come.鈥

The summit coincides with the UK government鈥檚 launch of both the Industrial and Trade Strategies this summer, as negotiations continue on a modern trade deal with the Gulf Cooperation Council. The deal is expected to increase trade between the nations by 16 percent, add 拢1.6 billion annually to UK鈥檚 gross domestic product, and contribute an additional 拢600 million to UK workers鈥 wages in the long term.


Global oil markets at critical point amid investment gap, says Arab Energy Organization chief

Global oil markets at critical point amid investment gap, says Arab Energy Organization chief
Updated 03 September 2025

Global oil markets at critical point amid investment gap, says Arab Energy Organization chief

Global oil markets at critical point amid investment gap, says Arab Energy Organization chief
  • Global oil demand forecast to grow 680,000 barrels per day in 2025, 700,000 barrels per day in 2026
  • Oil exploration and production investments this year expected to total about $480.6 billion

Global oil markets are at a 鈥渃ritical turning point鈥 as low investment, economic uncertainty, and rising crude supplies deepen what industry leaders describe as the 鈥渢riple energy challenge,鈥 according to a top Arab energy official.

In an interview with Independent Arabia, Jamal Al-Loughani, secretary-general of the Arab Energy Organization, formerly OAPEC, said that geopolitical and trade tensions, coupled with shifting economic policies, are weighing on global oil demand, even as production climbs.

鈥淕lobal oil markets are currently witnessing a critical turning point, especially in light of the uncertainty surrounding the global economy,鈥 Al-Loughani said.

He pointed to a range of macroeconomic and geopolitical risks, including signs of slowing growth in China, volatility in US trade policy, weak economic growth in Europe, and tensions in key production regions.

He said that escalating conflicts in the Middle East drove futures prices above $80 a barrel in mid-June 鈥 their highest since early 2022 鈥 before easing after a ceasefire agreement.

鈥淭his comes in addition to the ongoing Russian-Ukrainian crisis, the associated targeting of energy infrastructure, and the tightening of Western sanctions imposed on Moscow,鈥 Al-Loughani added.

Rising demand, tight supplies

Global oil demand is forecast to grow by 680,000 barrels per day in 2025 and 700,000 barrels per day in 2026, reaching 104.4 million barrels a day, according to the International Energy Agency.

Non-member nations of the Organization for Economic Co-operation and Development 鈥 led by India, other Asian economies, the Middle East, and Africa 鈥 are expected to drive most of the gains, while demand in OECD countries is projected to decline by about 8.5 million barrels a day over the same period.

Current estimates put global crude demand growth at roughly 1.2 million barrels a day in the third quarter of 2025, bringing total demand to around 105.5 million barrels a day, Al-Loughani said.

Secretary-General of the Arab Energy Organization Jamal Al-Loughani warned that a lack of investment poses the most significant risk to the market. OAPEC

He expects supplies to expand as OPEC+ gradually raises output, though production from non-OPEC+ countries is projected to drop to about 53.8 million barrels per day. Despite slight increases, oil inventories remain below the five-year average, underscoring what he called 鈥渟trong market fundamentals.鈥

The secretary-general also said that these factors drove the average price of the OPEC crude basket to about $71 per barrel in July, its highest level in four months, while Brent and West Texas Intermediate futures are now trading steadily between $65 and $70 per barrel.

Investment gap

Al-Loughani warned that a lack of investment poses the most significant risk to the market.

鈥淭he lack of global investment in oil projects is the most pressing challenge, affecting not only member states but the world at large, as it exacerbates the 鈥榯riple energy challenge鈥 of balancing energy security, sustainability, and affordability,鈥 he said.

Oil exploration and production investments this year are expected to total about $480.6 billion, leaving a gap of more than 16 percent compared with the $596.5 billion needed annually to meet growing demand through 2050.

He added that global oil demand is projected to reach about 105.1 million barrels per day in 2025, though it remains subject to uncertainty stemming from China鈥檚 economic slowdown and disruptions in US trade policy.

OPEC+ strategy

The secretary-general highlighted the role of OPEC+, which includes six AEO member states, in maintaining stability since the alliance was formed in 2016.

He said the group鈥檚 2025 strategy emphasizes production discipline while adopting a 鈥渇lexible, interactive鈥 approach to changing market dynamics.

The latest move 鈥 a decision by 海角直播, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman 鈥 will see the alliance raise production by 547,000 barrels per day in September, with the option to adjust output in response to shifting conditions.

Al-Loughani underscored that deeper cooperation among Arab oil producers and international partners remains vital.

鈥淗e noted that this cooperation proved effective during the COVID-19 pandemic, playing a key role in quickly restoring market balance and preventing prolonged collapses in oil prices,鈥 according to Independent Arabia.

US energy policy shift

Al-Loughani also addressed recent shifts in US energy policy under President Donald Trump鈥檚 second term, describing measures aimed at boosting domestic production.

He said the changes included declaring a national energy emergency to speed up the implementation of oil and gas infrastructure projects through the executive order 鈥淎merica鈥檚 Energy Launch,鈥 aimed at boosting local energy resources at affordable and reliable prices by removing regulatory barriers, easing environmental restrictions, and rolling back support for renewable energy.

He added that July鈥檚 passage of the 鈥淥ne Big Beautiful Bill鈥 reduced federal royalty rates, simplified drilling permits, extended their validity to four years, opened more federal lands for drilling, and eliminated methane fees imposed by the Inflation Reduction Act.

The law also approved wellbore commingling 鈥 producing crude from multiple reservoirs through a single well 鈥 enabling more efficient and cost-effective output.

鈥淗owever, Al-Loughani stated that these policy changes have not yet significantly impacted shale oil production, although they could enable approximately 225 new leases and 160 additional wells in 2026,鈥 Independent Arabia reported.


海角直播 raises $5.5bn in international sukuk issuance

海角直播 raises $5.5bn in international sukuk issuance
Updated 03 September 2025

海角直播 raises $5.5bn in international sukuk issuance

海角直播 raises $5.5bn in international sukuk issuance

RIYADH: 海角直播鈥檚 National Debt Management Center has completed the issuance of a $5.5 billion (SR20.63 billion) international sukuk under the Kingdom鈥檚 Global Trust Certificate Issuance Program.

The offering, the country鈥檚 first international sukuk based on an Ijarah structure, was issued in two tranches. The five-year sukuk maturing in 2030 raised $2.25 billion (SR8.44 billion), while the 10-year tranche maturing in 2035 secured $3.25 billion (SR12.19 billion), NDMC said in a statement.

Investor demand was strong, with the order book reaching about $19 billion 鈥 3.5 times the issuance size 鈥 underscoring global confidence in the Kingdom鈥檚 economic fundamentals and investment outlook.

The NDMC noted that the issuance aligns with its strategy to diversify the investor base and meet 海角直播鈥檚 financing requirements through international debt capital markets in an efficient and effective manner.

Global and regional banks played a key role in the transaction. Citigroup, HSBC, JP Morgan, and Standard Chartered acted as joint global coordinators and active book-runners.

ICBC and Mizuho joined as active joint lead managers, while Abu Dhabi Islamic Bank, Dubai Islamic Bank, and Al Jazira Capital participated as passive joint lead managers.

A recent report by Kuwait Financial Centre, also known as Markaz, showed 海角直播 led the Gulf region鈥檚 primary debt market in the first half of 2025, raising $47.9 billion through 71 bond and sukuk deals 鈥 52.1 percent of the GCC total.

Global ratings agency S&P has also highlighted the Kingdom鈥檚 role in driving Islamic finance, projecting global sukuk issuance to reach $190 billion to $200 billion in 2025, with as much as $80 billion in foreign currency offerings.


Closing Bell: Saudi main index closes in red at 10,619

Closing Bell: Saudi main index closes in red at 10,619
Updated 03 September 2025

Closing Bell: Saudi main index closes in red at 10,619

Closing Bell: Saudi main index closes in red at 10,619
  • Parallel market Nomu gained 0.12% to close at 25,673.03
  • MSCI Tadawul Index fell 7.87 points to 1,375.55

RIYADH: 海角直播鈥檚 benchmark Tadawul All Share Index closed lower on Wednesday, slipping 48.34 points, or 0.45 percent, to 10,619.10.

Total trading turnover for the day stood at SR3.33 billion ($886.3 million), with 136 stocks advancing and 110 declining.

The parallel market Nomu gained 0.12 percent, or 30.65 points, to close at 25,673.03, while the MSCI Tadawul Index fell 7.87 points to 1,375.55.

The session鈥檚 top performer was Thimar Development Holding Co., which rose 9.99 percent to SR42.92. Red Sea International Co. gained 4.94 percent to SR44.60, and Umm Al Qura for Development and Construction Co. climbed 2.80 percent to SR23.15.

On the downside, Marketing Home Group for Trading Co. fell 3.84 percent to SR77.7, while Riyad REIT Fund dropped 3.51 percent to SR5.23.

In corporate announcements, Al-Rajhi Co. for Cooperative Insurance, known as Al Rajhi Takaful, announced the completion of its share repurchase program under its Employee Stock Incentive Plan.

The buyback, approved by shareholders on June 3 and disclosed the following day, involved the purchase of 300,000 shares with a total value of SR35.7 million, at an average price of SR119 per share.

Shares of Al Rajhi Takaful slipped 1.37 percent to SR115.40.

ADES Holding Co. said it signed a multi-year contract extension with QatarEnergy for its jackup rig Aquamarine Driller, in a deal valued at about SR808 million.

The contract, signed on Sept. 2, includes a firm four-year term with options for three additional one-year extensions. The financial impact is effective immediately.

Shares of ADES fell 0.20 percent to SR15.02.

Arab National Bank announced the completion of a $750 million US dollar-denominated additional Tier 1 capital sustainable sukuk under its international program.

The issuance, offered to eligible investors in 海角直播 and abroad, will settle on Sept. 9. The offering comprises 3,750 sukuk, each with a par value of $200,000, paying a 6.4 percent annual fixed return. The perpetual sukuk are callable after five years.

Arab National Bank鈥檚 shares declined 2.75 percent to SR22.30.


Saudi office rents surge on tight supply and rising demand: JLL

Saudi office rents surge on tight supply and rising demand: JLL
Updated 03 September 2025

Saudi office rents surge on tight supply and rising demand: JLL

Saudi office rents surge on tight supply and rising demand: JLL
  • Riyadh鈥檚 King Abdullah Financial District鈥檚 prime rents now average SR4,000 per sq. meter
  • Jeddah also recorded healthy growth

RIYADH: 海角直播鈥檚 commercial real estate market is heating up, with prime office rents in Riyadh climbing 7.3 percent year on year in the second quarter of 2025 to SR3,630 ($967) per sq. meter per year, according to JLL.

The sharp rise reflects tight supply and robust demand, particularly in the capital and Jeddah, as the Kingdom pushes ahead with its Vision 2030 diversification drive and its Regional Headquarters Program to attract multinational firms.

海角直播鈥檚 Real Estate General Authority expects the property market to hit $101.62 billion by 2029, with a compound annual growth rate of 8 percent from 2024.

鈥淭he continued expansion of the KSA office market directly reflects the Kingdom鈥檚 strategic vision for economic diversification and urban development,鈥 said Saud Al-Sulaimani, country lead and head of capital markets at JLL 海角直播.

鈥淩iyadh鈥檚 sustained performance, driven by a flight to quality and the Regional Headquarters Program, solidifies its position as a key business hub,鈥 he added.

The regional headquarters program offers international firms a 30-year exemption from corporate income and withholding taxes, along with discounts and support services.

In March, the Saudi Press Agency reported that nearly 600 global companies, including Northern Trust, IHG Hotels & Resorts, and Deloitte, have established bases in the Kingdom since 2021.

鈥淲ith a diversifying occupier base and expanding flexible workspace options, we are witnessing a dynamic and maturing market where landlords are strategically adapting to meet evolving tenant needs for enhanced amenities and services,鈥 said Al-Sulaimani.

In Riyadh鈥檚 King Abdullah Financial District, prime rents now average SR4,000 per sq. meter, underscoring surging demand for high-quality spaces.

Jeddah also recorded healthy growth, with Grade A rents rising 4.3 percent to SR1,393 per sq. meter and Grade B rents climbing 6.5 percent to SR933.

Riyadh鈥檚 prime office spaces registered a low 0.5 percent vacancy rate in the second quarter, highlighting demand for such spaces in the Kingdom鈥檚 capital city.

Grade A and B segments in Riyadh also maintained constrained vacancy rates of 3.8 percent and 2.9 percent, respectively.

In Jeddah, Grade A and B vacancy rates stood at 3.3 percent and 2.2 percent, respectively.

Riyadh鈥檚 total office stock reached 8.1 million sq. meters in the second quarter of the year, with an additional 0.66 million sq. meters expected by year-end.

鈥淭he high demand has seen residential assets being converted to office space across the city (Riyadh), and new occupiers relocate to the less congested northern parts,鈥 said global real estate services company JLL.

鈥淭he capital鈥檚 occupier base is also diversifying, with notable leasing activity over the last quarter from non-traditional sectors such as health care, pharmaceuticals, and technology,鈥 it added.

In Jeddah, 81,887 sq. meters of new office space were added in the first half of this year, bringing total stock to 2.97 million sq. meters, with a further 42,680 sq. meters of gross lease area expected by year-end.