Saudi Arabia explores partnership opportunities with India’s TATA Group

JEDDAH: Saudi Arabia’s air transport sector is set for further growth as the Kingdom seeks new partnerships with US companies to strengthen connectivity, attract investment, and modernize its aviation infrastructure.

On Feb. 5, the Minister of Commerce Majid bin Abdullah Al-Qasabi met with senior executives from US air mobility firms and members of the global leadership community, Young Presidents’ Organization, to explore cooperation and partnership opportunities.

In a post on his X account, Al-Qasabi said: “Today I met with leaders from the US air mobility industry and members of the YPO global leadership community, where we discussed economic reforms in the Kingdom and opportunities for collaboration and partnership.”

This comes as Saudi Arabia plans to boost trade and investment with the US to around $600 billion over the next four years, as outlined by Crown Prince Mohammed bin Salman in a phone call with US President Donald Trump in January.

Trade between the Kingdom and the US reached $34 billion in 2023. The nation’s leading exports to the US included mineral products and fertilizers, while machinery and mechanical appliances were among the top exports to Saudi Arabia from the North American country, according to the Saudi Press Agency.

Over the past year, the Kingdom’s aviation sector has experienced remarkable growth, driven by a surge in passenger numbers, the expansion of its fleet with new jet acquisitions, and the forging of key global partnerships.

Valued at $1.2 billion in 2023, the industry is expected to grow at a compound annual rate of 8.88 percent from 2025 to 2029.

These developments are part of a larger vision to position Saudi Arabia as a leading global aviation hub and a premier travel destination.

As part of its Vision 2030 initiative, the Kingdom is investing billions of dollars to diversify its economy, strengthen its private sector, and enhance connectivity while solidifying its role in the international aviation landscape.

A key goal of this transformation is to deliver seamless travel experiences for 330 million passengers across more than 250 destinations and transport 4.5 million tonnes of air cargo by 2030.

The country is also prioritizing the development of transportation infrastructures, including airports and airlines, as several facilities, including Riyadh’s King Khalid International Airport and Jeddah’s King Abdulaziz International Airport, have undergone major upgrades to accommodate increasing passenger traffic.

King Salman International Airport is under construction in the Saudi capital, set to become one of the world’s largest travel hubs. This development is a major step toward the country’s goal of becoming a global destination for trade and tourism.

Riyadh Air, which flew its inaugural flight from Riyadh to Jeddah in September, aims to operate more than 200 aircraft.

Saudia remains the largest airline in the country, while budget carriers such as flynas and flyadeal continue to grow.

The Kingdom, moreover, is working to establish open skies agreements with various countries to enhance air connectivity and expand its aviation services.

RIYADH: Oman’s real estate sector surged 29.5 percent in 2024, with total transactions reaching 3.3 billion Omani rials ($8.57 billion), driven by foreign investment and government-led reforms. 

The real estate sector’s contribution to the country’s gross domestic product hit 820.7 million rials in the first nine months of the year, according to data from the Ministry of Housing and Urban Planning, cited by Oman News Agency. 

The sector’s growth aligns with broader trends in the Middle East, where countries are actively advancing their economic diversification programs. 

In Saudi Arabia, the property sector maintained its upward trajectory in the fourth quarter of 2024, with the real estate price index rising 3.6 percent year on year. 

The UAE is also witnessing robust expansion, with Dubai’s residential sales surging 30 percent year on year to $32.4 billion in the fourth quarter. 

Qatar recorded 3,548 real estate transactions in 2024, totaling $3.97 billion. 

Oman’s government has introduced several initiatives to accelerate real estate sector growth, including easing property ownership laws for foreigners and offering tax incentives to developers. 

According to Oman News Agency, mortgage contracts accounted for the largest share of transactions in 2024, reaching 2.2 billion rials. 
Sales contracts in Oman’s real estate market stood at 1 billion rials, while swap contracts were valued at 13 million rials. 

Reflecting an increase in international investments, foreign real estate trading in Oman grew 19.4 percent in 2024 compared to 2023. 

Real estate transactions by Gulf Cooperation Council nationals reached 38.1 million rials, registering a year-on-year increase of 16.5 percent. 

Among Oman’s governorates, South Al Batinah led the fastest-growing real estate markets, posting a 244.4 percent surge with a trading value of 1.2 billion rials. 

Al Batinah North recorded transactions worth 877 million rials, reflecting a growth rate of 122.8 percent. 

Al Dakhiliya Governorate saw a 119.2 percent increase, with real estate transactions amounting to 380 million rials. 

Al Sharqiyah North recorded a growth rate of 101.6 percent, with a turnover of 135 million rials. 

In Muscat Governorate, real estate transactions reached 1.2 billion rials in 2024, expanding at a more modest rate of 1.7 percent.