海角直播

Rising demand sends Riyadh mall rents up by 4% in a year

Rising demand sends Riyadh mall rents up by 4% in a year
Riyadh鈥檚 retail transformation is being accelerated by population growth. Getty
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Updated 02 June 2025

Rising demand sends Riyadh mall rents up by 4% in a year

Rising demand sends Riyadh mall rents up by 4% in a year
  • Riyadh accounts for the largest share of the 4.9 million sq. meters of retail developments
  • Other areas include Jeddah, Dammam Metropolitan Area, Khobar, and Dhahraneas include Jeddah, Dammam Metropolitan Area, Khobar, and Dhahran

RIYADH: 海角直播鈥檚 capital is spearheading the Kingdom鈥檚 retail transformation, with mall rents up by 4 percent in a year and 2.2 million sq. meters of shop space to be developed by 2030.

According to Knight Frank鈥檚 Spring 2025 海角直播 Retail Market Overview, Riyadh accounts for the largest share of the 4.9 million sq. meters of retail developments planned across the Kingdom鈥檚 five largest cities by 2030.

These areas include Jeddah, Dammam Metropolitan Area, Khobar, and Dhahran.

The need for more retail space is evidenced by the average mall rent in the Saudi capital rising聽to SR2,848 ($765) per sq. meter by the end of March, according to the report, with occupancy rates up five percent to reach 92 percent in the first quarter of 2025.

The findings聽come聽as 海角直播 steps up efforts to become a global hub for tourism and business by the end of the decade, with the Real Estate General Authority projecting the property market to reach $101.62 billion by 2029, driven by an anticipated compound annual growth rate of 8 percent from 2024.

According to Knight Frank, Riyadh鈥檚 retail transformation is being accelerated by a combination of population growth, both domestic and expatriate, along with rising disposable incomes.

鈥淒evelopers are prioritizing experiential formats, with over half of upcoming projects incorporating entertainment zones, dining experiences, and cinemas. These trends align with Vision 2030鈥檚 objective to create vibrant, leisure-centric urban spaces,鈥 the聽report said.

In Jeddah, the retail market expanded with approximately 225,000 sq. meters of new space delivered in 2024, including Phase 1 of Souq 7 and Al Bahr Mall. The city鈥檚 total retail stock reached 2.9 million sq. meters. Rents in regional and super-regional malls rose two percent to SR2,513 per sq. meter, while occupancy declined slightly to 86 percent.

Jeddah is also set to see the launch of the Jawharat Mall by Cenomi Centers, a dedicated luxury retail district spanning 87,000 sq. meters, expected to be completed by the end of 2025. Another significant development, the Cove by Ezdihar, will deliver 70,000 sq. meters along Jeddah鈥檚 waterfront.

In the Dammam Metropolitan Area, retail performance remained stable. Rents in regional and super-regional malls rose slightly to SR2,285 per sq. meter, with community centers seeing a 1.25 percent increase. Occupancy rates held steady at around 90 percent.

New supply additions of 31,000 sq. meters in 2024 brought total retail stock to 1.4 million sq. meters.

Regional malls typically range from 30,000聽sq. meters to 90,000 sq. meters and offer a broad mix of retail stores and services, often anchored by one or two department stores.

Super-regional malls exceed 90,000 sq. meters and include a wider variety of retail, dining, and entertainment options, serving a larger trade area and drawing visitors from across an entire metropolitan region.

Consumer spending in 海角直播 grew by 7 percent year-on-year to reach SR1.41 trillion in 2024, fueled by a surge in point-of-sale and e-commerce transactions, according to Knight Frank.

Of this, point-of-sale transactions reached SR668 billion, marking a 9 percent annual increase, while e-commerce grew by 26 percent to SR197.4 billion, reflecting the Kingdom鈥檚 accelerating shift toward digital consumption

Flagship destinations such as Riyadh Park and Al Nakheel Mall have continued to benefit from strong tenant demand and rising foot traffic, driven by integrated entertainment offerings, including cinemas and family attractions.

Riyadh鈥檚 total retail supply stood at 4 million sq. meters during the first quarter, bolstered by the launch of key projects like Solitaire Riyadh, a 65,000 sq. meter development blending upscale retail with leisure experiences.

An additional 540,000 sq. meters of retail space is expected to be added in 2025, bringing the total to 5.2 million sq. meters in 2026.

The report highlights that more than half of the upcoming projects are integrating entertainment zones, dining venues, and cinemas, aligning with Vision 2030鈥檚 goals of creating vibrant, leisure-centric urban environments.

Luxury retail is also gaining momentum, with international brands expanding their footprint to meet the growing demand for premium shopping.

Omnichannel strategies are becoming critical as digital payments and e-commerce continue to reshape consumer behavior.
The food and beverage sector emerged as a key contributor to retail activity, with restaurants and cafes accounting for 29.7 percent of all point-of-sale transactions in 2024.
This translates to SR198.6 billion, according to data from the Saudi Central Bank.

Projects such as Qiddiya, The Avenues Riyadh, and Jawharat Riyadh are expected to further redefine the urban retail landscape, offering lifestyle-oriented spaces that support the Kingdom鈥檚 broader economic diversification and quality-of-life goals.


GCC vows solid climate action efforts to guard coastal communities

GCC vows solid climate action efforts to guard coastal communities
Updated 9 sec ago

GCC vows solid climate action efforts to guard coastal communities

GCC vows solid climate action efforts to guard coastal communities

RIYADH: The Gulf Cooperation Council has reaffirmed its commitment to implement strong climate action efforts to tackle environmental issues faced by coastal communities. 

Speaking at the Ocean Rise and Coastal Resilience Summit, Jasem Mohamed Al-Budaiwi, secretary-general of the GCC, said that the council is undertaking various efforts to safeguard the marine environment, particularly the Arabian Gulf, through policies and initiatives that are already yielding visible results.

Al-Budaiwi added that the coastal zones of GCC nations are environmentally vulnerable, and protecting them is crucial for sustainable development and prosperity in the region, according to the news agency WAM. 

Despite being oil-dependent nations, countries in the GCC, including the Kingdom, are taking significant steps to combat climate change, with 海角直播 setting its net-zero target for 2060. 

According to the latest report by WAM, Al-Budaiwi 鈥渦nderscored the importance of adopting ambitious, actionable strategies rooted in local and international expertise to address growing environmental challenges.鈥

The report added: 鈥淭he Secretary-General also emphasized that sustainable development and climate resilience are central to the visions of all GCC member states.鈥

Al-Budaiwi also used his speech to underscore the importance of adopting ambitious, actionable strategies rooted in local and international expertise to address growing environmental challenges.

The secretary-general further said that sustainable development and climate resilience are central to the development goals of all member states in the GCC. 

He also called for urgent and collective action to transform climate pledges into measurable outcomes, particularly in vulnerable coastal regions. 

During the 43rd meeting on 鈥淔uture Climate Change Management and Economic Development in the Gulf States鈥 in Muscat in February, Gulf nations announced plans to invest $100 billion in renewable energy by 2030 to cut emissions by up to 20 percent as part of their transition to sustainable energy.

The Kingdom, in particular, is also making significant efforts to ensure a green future and protect marine resources. 

The King Abdullah University of Science and Technology has emerged as a world-class partner in marine science, collaborating with multiple entities to inform data-driven conservation efforts. 

KAUST is also partnering with 海角直播鈥檚 futuristic city, NEOM, to ensure coral reef restoration and coastal habitat mapping using advanced robotics and artificial intelligence. 

As part of its broader sustainability efforts, the Kingdom has also launched the Saudi Green Initiative to advance its environmental goals.

Under SGI, the nation aims to plant 10 billion trees, rehabilitate 40 million hectares of degraded land, and reduce carbon emissions by more than 278 million tonnes per year. 

In April, 海角直播鈥檚 National Center for Wildlife signed an agreement with the UK鈥檚 National Oceanography Center to collaborate on marine biodiversity projects. 

Under the deal, studies will be conducted to assess the impact of human activities on marine ecosystems, and the use of advanced technologies will be explored to mitigate their potential harm.


Maersk, Panattoni, JD Property sign major deals with Saudi entities at Munich logistics expo聽

Maersk, Panattoni, JD Property sign major deals with Saudi entities at Munich logistics expo聽
Updated 36 min 21 sec ago

Maersk, Panattoni, JD Property sign major deals with Saudi entities at Munich logistics expo聽

Maersk, Panattoni, JD Property sign major deals with Saudi entities at Munich logistics expo聽

RIYADH: Global supply chain players including Maersk, Panattoni, and JD Property signed agreements with Saudi entities at Transport Logistic 2025, underscoring the Kingdom鈥檚 emergence as a key player in the sector.

The deals 鈥 involving partnerships with firms such as GFS Express, Hefei Logistics Group, Scan Global, and Koppern 鈥 were unveiled as part of 海角直播鈥檚 expansive presence at the trade fair, held in Munich, Germany.

Led by the National Industrial Development and Logistics Program and Invest Saudi, the Kingdom鈥檚 pavilion brought together 22 key government and private sector stakeholders.

海角直播 has emerged as a central hub in the global logistics sector, with its market valued at $136.3 billion in 2024. It is also projected to grow at an annual rate of 6.5 percent, reaching $198.9 billion by 2030, according to Eurogroup Consulting. 

鈥淔rom hosting tech giants like Apple and iHerb in smart hubs to launching our national car Ceer, 海角直播 is becoming an industrial and automotive powerhouse,鈥 said Suliman Al-Mazroua, CEO of NIDLP, according to a post on the organization鈥檚 official X account. 

He added: 鈥淭his isn鈥檛 just our story, it鈥檚 an invitation to dreamers and innovators. The future is happening now.鈥 

Speaking at the three-day event that started on June 3, Al-Mazroua highlighted 海角直播鈥檚 economic diversification success.  

鈥淔or the first time in our history, non-oil activities contribute 55 percent of 海角直播鈥檚 gross domestic product. This isn鈥檛 a future target, it鈥檚 today鈥檚 reality,鈥 he said. 

Key deals signed 

The first day of the exhibition witnessed the signing of several strategic agreements aimed at strengthening 海角直播鈥檚 logistics capabilities and fostering international cooperation. 

Among the key deals, GFS Express and Hefei Logistics Group inked a memorandum of understanding to enhance logistics collaboration and develop innovative supply chain solutions. 

SAL partnered with GCL to create specialized logistics solutions for the entertainment, sports, and arts sectors. 

MODON and JD Property agreed to work on advanced logistics infrastructure and the localization of tech solutions, while JTM, Silk Mile, and Assaat formed an investment partnership to establish a logistics joint venture in the Kingdom. 

MODON signed an MoU with US-based Panattoni to develop a logistics project in Jeddah, boosting supply chain efficiency. 

Further agreements included SPL, Scan Global, and Maersk collaborating to enhance air freight, delivery solutions, and digital logistics infrastructure, as well as NIDLP partnering with Germany鈥檚 Koppern to explore the localization of roller press systems and compaction machines. 

The Saudi pavilion attracted strong interest from global investors, industry leaders, and technology partners as it highlighted the Kingdom鈥檚 achievements in transport, logistics, and industrial development.

These developments align with Saudi Vision 2030 goals to position the country as a leading global logistics hub connecting three continents. 

The event featured six specialized workshops covering infrastructure, digital transformation, and human capital development. A key session, 鈥淚t鈥檚 Happening: Saudi Logistics Now,鈥 emphasized the Kingdom鈥檚 logistics transformation through public-private partnerships.  

海角直播 continued to demonstrate its commitment to becoming a top-tier logistics and industrial destination, attracting global investors and innovators to join its growth journey. 


Manufacturing, mining sectors drive Saudi industrial growth to 3.1%: GASTAT

Manufacturing, mining sectors drive Saudi industrial growth to 3.1%: GASTAT
Updated 10 June 2025

Manufacturing, mining sectors drive Saudi industrial growth to 3.1%: GASTAT

Manufacturing, mining sectors drive Saudi industrial growth to 3.1%: GASTAT
  • Kingdom鈥檚 IPI advanced to 108.6 in April, representing a 0.6% rise
  • Sub-index of manufacturing activities advanced by 7.4%

RIYADH: 海角直播鈥檚 Industrial Production Index expanded by 3.1 percent year on year in April, driven by strong growth in the manufacturing, mining, and quarrying industries, official data showed. 

According to preliminary data from the General Authority for Statistics, the Kingdom鈥檚 IPI advanced to 108.6 in April, representing a 0.6 percent rise compared to the previous month. 

The latest IPI figures reinforce the progress of 海角直播鈥檚 economic diversification journey, which aims to reduce the Kingdom鈥檚 decades-long dependence on crude revenues. 

鈥淧reliminary results indicated a 3.1 percent increase in the IPI in April 2025 compared to the same month of the previous year, supported by the rise in mining and quarrying activity, manufacturing activity and water supply, sewerage and waste management and remediation activities,鈥 the analysis stated.

GASTAT revealed that the sub-index of manufacturing activities advanced by 7.4 percent in April compared to the same month in 2024. 

The authority added that the index of oil activities saw an annual rise of 4.3 percent in the fourth month of the year, while non-oil activities edged up by 0.1 percent. Compared with March, oil activities rose by 1.6 percent, whereas non-oil activities declined by 2 percent.

GASTAT added that the growth in the manufacturing sector was driven by an increase in the production of coke and refined petroleum products, which grew by 22.6 percent year on year in April. 

The chemical manufacturing sector also contributed to the rise, increasing 9.1 percent annually. 

On a monthly basis, the sub-index of manufacturing activity witnessed a rise of 0.5 percent, driven by a 5.8 percent increase in the production of coke and refined petroleum products. 

The expansion of the manufacturing sector highlights the evolving structural transformation of the Saudi economy, with the Kingdom positioning itself as a key player in the global industrial landscape. 

In April, the sub-index of mining and quarrying activities increased by 0.2 percent compared to the same month in 2024. 

鈥満=侵辈 increased its oil production to 9.01 million barrels per day in April 2025 compared to 8.99 million barrels per day in April 2024,鈥 said GASTAT. 

On a monthly basis, the sub-index of mining and quarrying activity increased by 0.5 percent in April. 

According to the report, the electricity, gas, steam, and air conditioning supply sector registered an annual decrease of 0.2 percent but saw a monthly rise of 4.3 percent. 

GASTAT further said that water supply, sewerage, and waste management activities increased by 8.8 percent year on year in April, while it declined by 0.7 percent compared to the previous month. 

Compared to March, the index for oil activities increased by 1.6 percent in April, while non-oil activities dropped by 2 percent. 

The Industrial Production Index measures changes in industrial output based on the International Standard Industrial Classification framework, covering mining, manufacturing, utilities, and waste management sectors.


Strategic reforms and cultural depth are driving Uzbekistan鈥檚 tourism boom, says official聽

Strategic reforms and cultural depth are driving Uzbekistan鈥檚 tourism boom, says official聽
Updated 3 min 54 sec ago

Strategic reforms and cultural depth are driving Uzbekistan鈥檚 tourism boom, says official聽

Strategic reforms and cultural depth are driving Uzbekistan鈥檚 tourism boom, says official聽
  • Chairman of the Tourism Committee praised 海角直播鈥檚 diversification efforts in tourism
  • Saudi tourist arrivals in Uzbekistan rose from 1,731 in 2022 to over 4,100 in 2024

TASHKENT: As Uzbekistan undergoes an economic transformation, tourism has emerged as both a cultural ambassador and a powerful growth engine.

At the forefront is Umid Rustamovich Shadiyev, chairman of the Tourism Committee under the Ministry of Ecology. 

Formerly Uzbekistan鈥檚 Permanent Representative to UNESCO, Shadiyev brings both diplomatic experience and a deep understanding of the nation鈥檚 rich heritage. 

Arab News spoke with Shadiyev during the Tashkent International Investment Forum 2025, a flagship platform bringing together global investors, policymakers, and innovators to explore Uzbekistan鈥檚 investment landscape. 

Now in its fourth edition, the forum has become a cornerstone of the country鈥檚 reform agenda, highlighting strategic sectors such as energy, infrastructure, agriculture, and tourism. 

This year鈥檚 event welcomed over 2,500 delegates from 70 countries, with tourism receiving special focus as a driver of inclusive and sustainable development. 

Saudi-Uzbek tourism ties deepen 

The conversation turned to 海角直播, where tourism is undergoing a historic transformation under Vision 2030. Shadiyev praised the Kingdom鈥檚 diversification efforts, calling it 鈥渁 new center of global tourism.鈥 

Uzbekistan sees an opportunity for synergy, and a memorandum of cooperation in tourism was signed in 2022, followed by joint forums and high-level meetings in 2023 and 2024. 

鈥淥ur relationship with 海角直播 is growing stronger each year,鈥 said the official. 

The results are visible. Saudi tourist arrivals in Uzbekistan rose from 1,731 in 2022 to over 4,100 in 2024, reflecting growing interest in cultural, gastronomic, and mountain tourism. 

鈥淭here鈥檚 huge potential in developing family-oriented tours, heritage trails, and collaborative media campaigns,鈥 Shadiyev noted.

Tourism university exchanges, journalist visits, and influencer collaborations are also being explored. 

In 2025, Uzbekistan is emphasizing sustainable tourism and aims to increase the average stay of foreign visitors to 10 to 12 days. Strategic partnerships 鈥 such as with 海角直播 鈥 are seen as central to achieving this goal. 

Tourism emerges as economic pillar 

鈥淭ourism is currently one of the key sectors of Uzbekistan鈥檚 economy,鈥 Shadiyev noted. 鈥淚n 2024, we saw a significant leap forward: the export of tourism services increased by 1.6 times, reaching $3.5 billion.鈥  

This performance is backed by a rise in entrepreneurship, with more than 2,000 new tourism businesses launched in the past year alone. From boutique hotels to eco-lodges and cultural tour operators, a new generation of investors is responding to supportive government policies and the sector鈥檚 strong profitability. 

The transformation is evident across the country. Over the past eight years, Uzbekistan has attracted $6.5 billion in tourism-related investments and added 130,000 new hotel beds. 

鈥淭hese achievements reflect our commitment to building a world-class tourism ecosystem,鈥 Shadiyev said. 

A major milestone came in April, when over 1 million foreign tourists visited Uzbekistan in a single month 鈥 a national record. 

Shadiyev attributes this growth to visa policy reforms, infrastructure upgrades, and active global engagement. 鈥淲e鈥檙e not only opening our doors wider; we鈥檙e creating lasting experiences for visitors,鈥 he said. 

Looking ahead, Uzbekistan aims to further increase both international arrivals and tourism export volumes in 2025. The government is systematically working toward these goals by investing in digital transformation, human capital, and diversified tourism offerings. 

Four seasons, one destination 

Positioned at the crossroads of the Great Silk Road, Uzbekistan has long served as a bridge between East and West. Shadiyev highlighted the country鈥檚 unique geographic and cultural positioning: 鈥淲e鈥檙e the heart of Central Asia 鈥 no regional tour is complete without including Uzbekistan.鈥  

What makes Uzbekistan truly special, he said, is its year-round appeal. In spring, visitors celebrate Navruz, the festival of renewal, and explore blooming gardens, vibrant bazaars, and the historic cities of Tashkent, Samarkand, Bukhara, and Khiva.

Summer brings tourists to mountain resorts and natural lakes, rich fruit harvests, and traditional crafts festivals. 

Winter offers skiing and tranquil nature retreats, while autumn is ideal for cultural immersion and warm Uzbek hospitality.

鈥淓very season offers a new story, a new flavor,鈥 Shadiyev said.  

The country鈥檚 legacy is underscored by its many UNESCO World Heritage Sites, including Samarkand, Bukhara, and Khiva. Uzbekistan is also witnessing a boom in niche tourism markets, including ziyarat, or pilgrimage tourism, ecotourism, domestic travel, and culinary tours. 

Uzbekistan鈥檚 rise on the global travel radar is also backed by international accolades.

The country was named the Most Desirable Emerging Destination by Wanderlust, UK; won the tourism in the CIS award from Russian Traveler; and was featured among the Top 25 Destinations of 2025 by both BBC Travel and The New York Times.  

Gulf travelers drawn to shared culture 

When asked about Uzbekistan鈥檚 appeal to Arab travelers, particularly from the Gulf region, Shadiyev emphasized deep-rooted cultural and spiritual ties. 

鈥淥ur shared Islamic heritage and atmosphere of religious respect make Uzbekistan especially attractive to Gulf visitors,鈥 he said. 

Khiva鈥檚 designation as the 2024 Tourism Capital of the Organization of Islamic Cooperation reflects this connection. 

Other key events include the Economic Cooperation Organization鈥檚 tourism forum in Shakhrisabz, which spotlighted opportunities in religious and cultural travel. 

Uzbekistan is enhancing its appeal through substance and strategy. 

A 30-day visa-free regime now applies to citizens of 海角直播, the UAE, and Qatar, as well as those of Oman, Bahrain, and Kuwait.

Direct flights from Gulf capitals are expanding, and tour operators are curating experiences tailored to Arab travelers. 

The country offers a rich mix of gastronomy 鈥 including signature dishes like plov, manti, and shurpa 鈥 as well as ethno-tourism experiences in traditional villages, and a vibrant calendar of music, art, and food festivals.

Uzbekistan is also rolling out a UN tourism platform and a unified tourist card integrating visa services, tickets, and discounts. 

鈥淲e鈥檙e not just promoting Uzbekistan; we鈥檙e building a seamless visitor experience,鈥 Shadiyev added. 

Vision rooted in heritage and openness 

As the interview concluded, Shadiyev returned to a theme central to Uzbekistan鈥檚 tourism push: openness. 鈥淲e are a country that welcomes the world 鈥 with history in our stones and hospitality in our hearts,鈥 he said. 

The Tashkent International Investment Forum served as the perfect setting for this conversation, reflecting Uzbekistan鈥檚 economic momentum and its growing network of global partnerships 鈥 none more vibrant than those flourishing through tourism. 

As Shadiyev put it, quoting an old proverb: 鈥淚t鈥檚 better to see something once than hear about it a hundred times.鈥


Oil Updates 鈥 prices rise as US-China talks counter OPEC supply worries

Oil Updates 鈥 prices rise as US-China talks counter OPEC supply worries
Updated 10 June 2025

Oil Updates 鈥 prices rise as US-China talks counter OPEC supply worries

Oil Updates 鈥 prices rise as US-China talks counter OPEC supply worries

SINGAPORE: Oil prices climbed on Tuesday as investors awaited the outcome of US-China talks that could pave the way for easing trade tensions and improve fuel demand.

Brent crude futures rose 22 cents, or 0.3 percent, to $67.26 a barrel by 09:45 a.m. Saudi time. US West Texas Intermediate crude was up 18 cents, or 0.3 percent, at $65.47.

On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a US-China trade deal.

US-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth curbs, risking global supply chain disruptions and slower growth.

Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable US jobs report, while there are risks to North American supply due to wildfires in Canada, Goldman Sachs analysts said.

US President Donald Trump said on Monday that the talks with China were going well and he was 鈥渙nly getting good reports鈥 from his team in London.

A trade deal between the US and China could support the global economic outlook and boost demand for commodities including oil.

Elsewhere, Iran said it would soon hand a counter-proposal for a nuclear deal to the US in response to a US offer that Tehran deems 鈥渦nacceptable,鈥 while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and any easing of US sanctions on Iran would allow it to export more oil, weighing on global crude prices.

Meanwhile, a Reuters survey found that OPEC oil output rose in May, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and 海角直播 and the UAE made smaller hikes than allowed.

OPEC+, which pumps about half of the world鈥檚 oil and includes OPEC members and allies such as Russia, is accelerating its plan to unwind its most recent layer of output cuts.

鈥淭he prospect of further hikes in OPEC supply continues to hang over the market,鈥 Daniel Hynes, senior commodity strategist at ANZ, said in a note.

鈥淎 permanent shift to a market driven strategy (in OPEC) would push the oil market into a sizeable surplus in H2 2025 and almost surely lead to lower oil prices.鈥