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Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

Special Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 
Global Partnership for Education CEO Laura Frigenti speaking to Arab News. Shutterstock
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Updated 14 April 2025

Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

RIYADH: Uzbekistan’s $220 million education reform deal reflects a growing global shift to align schooling systems with economic transformation, according to Global Partnership for Education CEO Laura Frigenti. 

Speaking to Arab News on the sidelines of the Human Capability Initiative 2025 in Riyadh, Frigenti said the agreement, signed with the Islamic Development Bank and the Uzbek government, aims to help the country “accelerate that process of transformation.” 

Fully aligned with Uzbekistan’s national education strategies, this project aims to enhance the quality and efficiency of the education system while supporting the achievement of the UN’s Sustainable Development Goal 4. 

“Uzbekistan is a country that has a very well-functioning, in a way, education system because under the Soviet Union, education was a big priority,” she said. 

“At the same time, [it] was a system that was designed thinking about a world that doesn’t exist anymore. And so, because they are moving very quickly at transforming their own education, they do want to have resources to accelerate that process of transformation and that is the sense of, you know, of the project that we signed today,” Frigenti told Arab News. 

The $220.25 million “Smart Education” program includes $160.25 million from IsDB, a $40 million grant from GPE, and a $20 million contribution from the Government of Uzbekistan. The project is already under implementation, with early work focused on school construction and partnerships with UNICEF and UNESCO. 

“It’s also a project that is part of the process of finding innovative instruments to finance education,” Frigenti said. “Education, as I’m sure you know, is a very expensive type of sector that, until now has been basically mainly funded either through domestic financing or with the development assistance resources.” 

Education for growth 

Frigenti emphasized that education systems must shift to meet the needs of evolving economies, and focus on producing skills that are needed to make society progress and facilitate process of growth and so on. 

ֱ, she noted, has made significant headway in this area. 

“ֱ has been understanding this connection between skills and economic growth very well and they have invested in this over the past couple of decades significantly,” Frigenti said. 

“Other countries need to get to that and so the kind of things that we are trying to do is to see how can this re-alignment of education with the needs of the economy be translated for countries that do not have the same resource base of ֱ.” 

She added: “And this is where we are working on issues related to financing of the sector, efficiency in the administration of the resources, etcetera.” 

Women’s workforce gains 

Frigenti also highlighted ֱ’s progress in gender inclusion. 

“I think having a very clear political vision that sets a specific target, like 50 percent of the labor force needs to be female, as in the Vision 2030, and then having the ability of designing a set of policies and programs that leads to that results in record time — that is quite an extraordinary result,” she said. 

Zooming out, she described the Kingdom’s broader economic transition as strategic and well-resourced. 

“ֱ is a country that has several strong things going for it. First one, there is a clear vision of where the country, you know, needs to go — and the country needs to go toward an economy that is more diversified, that is not depending on fossil fuels and where you know that there is a whole range of new activities that needs to be started and stimulated.” 

She added: “The second part is that to be able to get to that different type of economy, you need a different type of skills. You need people that can do different things, people that can work in services, for example, people that can work in manufacturing and so on and so forth.” 

The CEO went on to say: “And then you need to have the resources that on one hand create this skill mix and on the other hand, put in place the infrastructures that allow this to happen. That is rather unique.” 

Young population 

Frigenti sees ֱ’s youth bulge as a pivotal advantage. “The very young workforce is accessing the labor market and is going through the education system at this time. So all this has been an exceptionally fertile ground for transforming the education system on one side, but the economy on the other in a very quick time.” 

She said they had created “a working group, a forum” that brings together ministers of education, heads of major technology companies, and key government players — with ֱ playing a particularly strong role. 

According to her, the Kingdom wanted not only to contribute its experiences but also to learn from others. “Attention to technology and the role it can play in education is something that I feel is going to be very much at the center of the education portion of the Vision 2050,” she said, adding that this would be highly relevant going forward. 

She concluded by saying that ֱ is actively looking to share and absorb best practices globally. 

Frigenti also emphasized that ֱ is eager to engage in a global exchange of best practices — sharing what has worked for them while also learning from successful experiences elsewhere. “They are very keen on having a kind of exchange with the rest of the world around good practice, what works and what doesn’t work,” she said. 

“Events like HCI 2025 are just an example,” the CEO concluded. 


Closing Bell: Saudi main market ends lower at 10,670 

Closing Bell: Saudi main market ends lower at 10,670 
Updated 01 September 2025

Closing Bell: Saudi main market ends lower at 10,670 

Closing Bell: Saudi main market ends lower at 10,670 

RIYADH: ֱ’s Tadawul All Share Index closed lower on Monday, slipping 26.33 points, or 0.25 percent, to end at 10,670.56.

The total trading turnover reached SR3.87 billion ($1.03 billion), with 208.26 million shares changing hands, as 61 stocks advanced while 186 declined.

The MSCI Tadawul 30 Index edged down 0.56 points, or 0.04 percent, to 1,381.50.

The Kingdom’s parallel market Nomu also fell, losing 9.80 points, or 0.04 percent, to settle at 25,933.23, with 36 gainers against 45 losers.

Among the top performers, Electrical Industries Co. rose 4.02 percent to SR9.31, followed by Etihad Atheeb Telecommunication Co., which gained 3.74 percent to SR111. SABIC Agri-Nutrients Co. added 3.14 percent to close at SR118.40, while Al Masane Al Kobra Mining Co. increased 2.94 percent to SR63.10. Saudi Industrial Investment Group also climbed 2.89 percent to SR19.60.

On the losing side, Rabigh Refining and Petrochemical Co. dropped 5.71 percent to SR6.61, while Arab National Bank slipped 4.58 percent to SR23.10. Development Works Food Co. retreated 4.35 percent to SR118.60, Qassim Cement Co. fell 3.30 percent to SR41.64, and AYYAN Investment Co. declined 3.15 percent to SR11.69.

In corporate announcements, Red Sea International Co. reported the results of its ordinary general assembly meeting held on Aug. 31, 2025. Shareholders approved a major transaction involving its subsidiary, the Fundamental Installation for Electric Work Co., in which Red Sea holds a 51 percent stake.

The deal includes offering 12 million ordinary shares of the subsidiary — equivalent to 30 percent of its share capital — through an initial public offering on the Saudi Exchange. Red Sea will retain its 51 percent holding. 

Shares of Red Sea closed 2.84 percent lower at SR43.80.

Separately, the Saudi Exchange confirmed the listing and trading of Marketing Home Group for Trading Co. on the main market effective Sept. 2, 2025. The company’s shares will have daily price fluctuation limits of 30 percent and static limits of 10 percent during the first three days, reverting to 10 percent thereafter.

Obeikan Glass Co. announced it had signed a sale and purchase agreement to acquire all shareholder stakes in Obeikan AGC Co., a joint venture in which it previously held 19 percent. The SR22.9 million deal covers shares held by AGC France Holding, Obeikan Investment Group, and Saudi Advanced Industries Co. Following the acquisition, Obeikan Glass will assume full ownership of Obeikan AGC. 

Its shares ended the session down 0.57 percent at SR28.10.

Meanwhile, Jamjoom Fashion Trading Co., the Saudi apparel and lifestyle group behind brands Nayomi and Mihyar, announced the price range and launch of its initial public offering on Nomu.

The IPO price range has been set between SR140 and SR145 per share, valuing the offering at SR334 million to SR346 million and giving the company a market capitalization at listing of SR1.11 billion to SR1.15 billion.

The offering comprises 2,384,340 shares, or 30 percent of the company’s capital, owned by Kamal Osman Jamjoom Trading Co. The subscription period for qualified investors runs from Sept. 1 to 4, with allocation expected by Sept. 9 and refunds by Sept. 11.


ֱ’s lifestyle retail space to top 1.3m sq. meters by 2027: Knight Frank

ֱ’s lifestyle retail space to top 1.3m sq. meters by 2027: Knight Frank
Updated 01 September 2025

ֱ’s lifestyle retail space to top 1.3m sq. meters by 2027: Knight Frank

ֱ’s lifestyle retail space to top 1.3m sq. meters by 2027: Knight Frank
  • Consumer preferences are shifting from traditional malls to mixed-use destinations
  • Lifestyle retail space in Riyadh projected to grow to 871,200 sq. meters by 2027

RIYADH: ֱ is set to see lifestyle retail space in Riyadh and Jeddah expand by almost 600,000 sq. meters to 1.31 million sq. meters by 2027, reinforcing its global shopping destination ambitions. 

A new report by real estate consultancy Knight Frank showed that consumer preferences are shifting from traditional malls to mixed-use destinations blending shopping with entertainment, dining, and cultural experiences. 

The expansion coincides with the Kingdom’s plan to attract 150 million tourists annually by 2030, up from an earlier target of 100 million, spurring international brands to enter the market. 

The Real Estate General Authority projects the sector will reach $101.62 billion by 2029, supported by a compound annual growth rate of 8 percent from 2024. 

“In response to this shifting consumer behavior, lifestyle retail destinations have emerged as a much more popular choice,” said Faisal Durrani, partner – head of research for Middle East and Africa at Knight Frank. 
 
“These locations offer a combination of exciting retail, placemaking and immersive experiences that attract visitors not only for shopping but for socializing, entertainment and events,” he added.
 
With dining, outdoor spaces, art installations and interactive exhibits, Durrani said lifestyle destinations have evolved beyond malls into “vibrant community hubs.” 

In July, credit rating agency S&P Global echoed similar views, saying that international retail brands attracted by ֱ’s social and economic shifts are set to fuel real estate sector growth. 

S&P added that the Kingdom’s retail real estate sector has strong prospects, provided careful planning and market positioning are applied, helping mall owners secure long-term success. 

Riyadh leads the way 

Knight Frank said lifestyle retail space in Riyadh is projected to grow from 484,900 sq. meters to 871,200 sq. meters by 2027, driven by 12 upcoming projects, raising the total number of developments in the city to 39. 

The completion of the Al-Hamra development will add 89,230 sq. meters, offering a mix of high-end retail, dining and entertainment in a pedestrian-friendly environment. 

Riyamarche will provide a further 21,840 sq. meters, while The Bellvue project, widely touted as Riyadh’s largest master-planned mixed-use project, will add 90,000 sq. meters by 2027. 

The report said Riyadh’s lifestyle retail market demonstrates robust fundamentals, with overall occupancy at 97 percent and food and beverage units averaging 76 percent. 

Average lease rates currently stand at SR2,400 ($639.57) per sq. meter, underscoring strong demand for quality retail space in the capital. 

“The lifestyle retail scene in ֱ continues to expand, boosted by overall consumer spending, which has increased by 7 percent year-on-year to SR1.4 trillion,” said Jonathan Pagett, partner – head of retail advisory, MENA at Knight Frank. 
 
“Riyadh is at the forefront of this retail resurgence, with all of the city’s flagship lifestyle developments at 100 percent occupancy or very close to it,” he added. 

Pagett said this robust growth is expected to continue, as ֱ attracts leading global brands and taps the spending power of both tourists and residents. 

“However, competition is fierce across the Kingdom, with a strong pipeline of projects in Riyadh, Jeddah and Al-Khobar. Creating unique retail offers with new-to-market concepts is critical to maintain strong performance and high retail sales densities,” added Pagget. 

S&P Global has also raised concerns that oversupply, particularly in shopping malls, could weigh on the sector. 

Knight Frank underscored the importance of food and beverage in driving growth, pointing to the Dior Cafe pop-up in Riyadh and Ralph’s Coffee in King Abdullah Financial District as milestones in the Kingdom’s luxury retail and dining market. 

“With the luxury retail and hospitality sectors flourishing, the Kingdom is fast becoming a key location for global brands seeking to establish a footprint in the Middle East. The combination of iconic retail outlets, high-end dining, and experiential venues puts ֱ firmly on the map as a leader in lifestyle retail,” said Konstantinos Papadakis, associate partner – F&B consultancy, MENA at Knight Frank. 

Papadakis added that the arrival of luxury-branded cafes aligns with Vision 2030, which aims to position ֱ as a global tourist destination by the end of the decade. 

Jeddah’s rising market 

Jeddah added 24,100 sq. meters to its lifestyle retail market last year, increasing total completed space to 233,400 sq. meters across 17 developments. 

A further 205,600 sq. meters are expected to be delivered by seven new projects, bringing the total supply to 439,000 sq. meters by 2027. 

Knight Frank further projected that Jeddah Cove Waterfront, due for completion by 2027, will contribute 70,000 sq. meters as part of a larger 127,000 sq. meters lifestyle destination featuring dining, more than 200 shops, a cinema and a marina overlooking the Formula 1 circuit. 

“With its enviable position on the Red Sea, Jeddah is a rising luxury and leisure hub that is ideally positioned to meet growing demand for lifestyle destinations and to attract international visitors,” said Amar Hussain, associate partner – research, MENA at Knight Frank. 

Hussain added that Jeddah’s lifestyle retail sector enjoys a strong average lease rate of SR2,200 per sq. meter and overall occupancy stands at 81 percent, with F&B units averaging 75 percent occupancy. 

“Mirroring global trends, Jeddah’s consumers are demanding environments that offer experiential retail, integrating shopping with entertainment and dining. This shift is driving the development of lifestyle retail centers focused on offering leisure opportunities, predominantly through new and unique F&B concepts,” said Papadakis. 


ֱ surpasses 2025 homeownership target a year early 

ֱ surpasses 2025 homeownership target a year early 
Updated 01 September 2025

ֱ surpasses 2025 homeownership target a year early 

ֱ surpasses 2025 homeownership target a year early 

JEDDAH: ֱ surpassed its 2025 homeownership target a year early, with 65.4 percent of families owning homes in 2024, an official report showed. 

According to the Housing Program’s 2024 annual report, the Kingdom had aimed for 65 percent by 2025, meaning it has already achieved 102 percent of the goal. The report, titled Facilitating the Journey to Homeownership and Sustainability, noted that the Kingdom now aims to raise the rate to 70 percent by 2030. 

Since 2016, the homeownership rate has risen from 47 percent, reflecting the effectiveness of the Housing Program in supporting Vision 2030 objectives.  

“Today, we live under an ambitious Vision that places the individual at the heart of its objectives. In pursuit of a dignified life for all, efforts and plans are in place to empower and build a vibrant society where people live in safety and stability,” the report quoted Minister of Municipalities and Housing Majed Al-Hogail.

In a post on his X handle, Al-Hogail added: “We are advancing with firm determination to continue achieving milestones within the Housing Program, in line with Saudi Vision 2030, supporting sustainable urban development and enhancing the quality of life for every Saudi family.” 

The minister emphasized that the program’s success is attributed to the provision of accessible financing solutions, innovative housing options, and the development of urban communities. The program also focuses on leveraging modern digital technologies to offer a flexible and efficient journey toward finding suitable housing that meets citizens’ aspirations and needs. 

In 2024, over 122,000 families benefited from housing support, with more than 21,000 eligible families achieving homeownership through developmental housing pathways. 

Additionally, the year saw the signing of over 13,000 contracts for land products offered by the Ministry of Municipalities and Housing, approximately 16,000 contracts for self-construction, over 49,000 contracts for ready-made units, and more than 27,000 off-plan sales contracts. 

The report also noted a rise in the total mortgage value from SR818 billion ($218 billion) to over SR859 billion, indicating increased efficiency in the housing market. 

Furthermore, affordability metrics improved, with the percentage of household income spent on housing decreasing from 41 percent to 40.2 percent. As a result, citizen satisfaction increased from 80 percent in 2023 to 89 percent in 2024. 


Egypt offers over 1,300 industrial plots to boost economic development 

Egypt offers over 1,300 industrial plots to boost economic development 
Updated 01 September 2025

Egypt offers over 1,300 industrial plots to boost economic development 

Egypt offers over 1,300 industrial plots to boost economic development 

RIYADH: Egypt has announced offering 1,386 fully serviced industrial plots across 23 governorates and 35 industrial zones, totaling 6.8 million sq. meters, in a bid to accelerate industrial development and attract local and foreign investment. 
The offering, part of the government’s 11th industrial land tender, will be conducted via the country’s digital platform from Sept. 1-11, the Ministry of Industry and Transport said in an official Facebook post. 
Plot sizes range from 240 sq. meters to 500,000 sq. meters and cover sectors including food, pharmaceuticals, and chemicals, as well as engineering, medical supplies, building materials, and textiles. 
The initiative underscores the state’s commitment to local production and sustainable industrial growth, coinciding with rising confidence in the Egyptian pound, with Standard Chartered noting in August that at least half of $12.5 billion in investment pledges from Qatar and Kuwait is expected to be disbursed by the end of 2025. 
“The tender is designed to provide flexible options for investors,” Kamel El-Wazir, deputy prime minister for industrial development and minister of industry and transport, said in the Facebook post. “We continue to create an attractive and transparent environment to support sustainable industrial growth across Egypt.” 
He highlighted the diversity of plot sizes to suit projects of all scales — small, medium, and large — ranging from 240 sq. meters to 500,000 sq. meters. 
The plots are offered at the actual cost of utilities to facilitate investor access and reduce financial burdens. Annual usufruct fees are set at 5 percent of the ownership price per sq. meter. 
Investors may apply for two opportunities, one as a primary choice and another as an alternative, providing flexibility and broader access. Allocation priority will go to applicants who previously submitted valid proposals but were unsuccessful and did not reclaim their deposits. 
El-Wazir noted that the offering is supported by unprecedented incentives from previous rounds, including a 50 percent discount on application study fees, removal of bid and financial guarantee charges, a reduced deposit of 10 percent of land value, and a simplified feasibility study form, all designed to encourage broader investor participation. 
Following application submission, the Industrial Development Authority will evaluate all entries and announce results within two weeks of the tender’s closing date.


Turkiye economy grew 4.8% in Q2, above expectations

Turkiye economy grew 4.8% in Q2, above expectations
Updated 01 September 2025

Turkiye economy grew 4.8% in Q2, above expectations

Turkiye economy grew 4.8% in Q2, above expectations

ISTANBUL: Turkiye’s economy grew by 4.8 percent in the second quarter, above expectations despite a prolonged monetary tightening effort, official data showed on Monday.

Second-quarter gross domestic product grew 1.6 percent from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed.

Economists said the quarter had benefited from having more working days than in the same period the year before, and from last year’s low base.

In a Reuters poll, the economy was forecast to have grown by 4.1 percent in the second quarter and by 2.9 percent for 2025 as a whole.

The government forecasts 4 percent growth this year. It is expected to update its forecasts early this month.

Growth in the first quarter was revised up to 2.3 percent from 2 percent, the data also showed, while economic expansion was revised up slightly to 3.3 percent from the previous 3.2 percent last year.

The institute also published a document along with the data detailing the revision of its Gross Domestic Product series as part of efforts to align with the European System of National Accounts.

In December, the central bank started an easing cycle after having kept the main policy rate steady for eight months. Inflation has dipped from as high as 75 percent last year.

The central bank tightened policy in April in a move to ensure stability following market turmoil that erupted over the arrest of Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan’s main political rival.

The bank recently returned to policy easing last month, with inflation falling to around 33 percent and said the impact of tight policy can be seen in a slowdown in demand conditions.