AB Espresso: Jeddah Tower poised to attract global investment to Saudi Arabia

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In today’s newsletter:

Discover the latest stories from Arabian Business, in case you missed them on Wednesday:

Saudi Arabia's Jeddah Tower, set to become the world’s tallest building at 1 kilometre, is expected to attract significant international and domestic investment. Industry experts view the project, scheduled for completion in 2028, as a milestone that will strengthen Saudi Arabia’s position in the global real estate market. The tower is planned to exceed the Burj Khalifa by 180 metres.

Meanwhile, the kingdom's General Directorate of Passports has announced updates to ID and visa regulations. Dependents of residents and domestic workers located outside Saudi Arabia can now renew resident IDs remotely. Additionally, residents abroad can extend single or multiple exit and re-entry visas.

On the real estate front, Dubai’s residential property sales reached AED232 billion in H2 2024, reflecting a 31 percent year-on-year increase, according to Espace Real Estate. Off-plan sales dominated, rising by 74 percent to AED127 billion, while secondary market transactions grew by 15 percent to AED105 billion.

In addition, Dubai’s real estate market recorded transactions surpassing AED500 billion from November 2023 to November 2024, according to dubizzle. Growth has been driven by government initiatives, including revised property visas and expanded freehold areas, as noted by dubizzle’s CEO Haider Ali Khan.

In other news, the UAE has added 19 individuals and entities to its Local Terrorist List under Resolution No. (1) of 2025. The additions include 11 individuals and eight organisations linked to the Muslim Brotherhood. This action reflects the UAE’s continued efforts to counter terrorism financing and disrupt related networks.

Until next time, Sharon Benjamin for Arabian Business

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