Saudi Arabia's Ministry of Investment has announced that foreign firms will be permitted to own and sell real estate outside Makkah and Madinah for the purpose of carrying out their investment activities, reported the Saudi Gazette.

 

For this, the ministry has cited some conditions for foreign investors to obtain permission to engage in such business. 

 

Most notable among these conditions is that the property is located outside the boundaries of these holy cities and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations, stated the report citing the ministry. 

 

As per a recent report, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses.

 

The ministry pointed out that there will be no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days.

 

The only documents required will be the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired.

 

Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold, said the Saudi Gazette report. 

 

The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah stated the report. 

 

The establishment must also commit to utilise the land to be acquired within five years, it added.

Dubai Electricity and Water Authority (Dewa) has announced that work is moving at a steady pace on its new headquarters building - Al Shera’a - located in Al Jaddaf.

 

Al Shera’a, which boasts a built-up area of over 2 million sq ft, is being set up at a total investment of AED1.5 billion ($408 million). 

 

Saeed Mohammed Al Tayer, MD & CEO dubbed the new Dewa HQ as a sustainable architectural masterpiece. "Once operational it will be the tallest, largest and smartest energy-positive government building in the world," stated Al Tayer.

 

"The construction, engineering and procurement works are scheduled for completion in the fourth quarter of 2025," he added.-TradeArabia News Service

Majid Al Futtaim, a leading shopping malls, communities, retail, and leisure pioneer in the region, has announced an ambitious expansion of its luxury retail portfolio for 2025. 

 

Following a record-breaking 2024, which saw a 26% growth in its lifestyle business, the expansion will be anchored by renowned Italian brands Eleventy, Corneliani, and Poltrona Frau, with a series of store openings planned across key locations in the UAE and Saudi Arabia.

 

As part of its strategic growth agenda, Majid Al Futtaim will launch over 30 new stores, spanning both luxury and High Street brands across the region. 

 

The expansion will include five standalone Eleventy stores, the regional debut of Corneliani, and the first Poltrona Frau store outside the UAE in Saudi Arabia, said a statement from Majid Al Futtaim.

 

The five standalone Eleventy stores are set to open in key locations in 2025, including, Solitaire Mall in Saudi Arabia, Mall of the Emirates, Marsa Al Arab, which all opened this month, with Dubai Mall and The Grove in the UAE to follow later in the year, it stated. 

 

Known for its commitment to sustainable practices, Eleventy reflects the growing consumer demand for quality and subtle sophistication, all under the ‘Made in Italy’ banner.

 

This growth builds on Eleventy’s successful presence in the region, which includes a shop-in-shop at THAT Concept Store, a pop-up at Mall of the Emirates, and its first standalone location in Marina Mall Abu Dhabi opened with Majid Al Futtaim in November 2024, it added.

 

"In a region where customers have an abundance of choice, our ambition is to curate a portfolio of luxury brands that offer something truly distinctive," remarked Fahed Ghanim, the CEO of Majid Al Futtaim Lifestyle. 

 

"By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market - combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers," stated Ghanim. 

 

Majid Al Futtaim, he stated, was further strengthening its partnership with Poltrona Frau, the iconic Italian luxury furniture brand, by introducing its first store in the region outside the UAE at Centria Mall, Riyadh, in May. 

 

Poltrona Frau, a key brand within Majid Al Futtaim’s portfolio,  achieved remarkable success in 2024, with its revenue increasing fivefold following the launch of its second UAE store at Mall of the Emirates.

 

Italian luxury menswear brand Corneliani also made its regional store debut in April at Solitaire Mall, Saudi Arabia. 

 

Founded in 1930, Corneliani is one of Italy’s oldest independent luxury brands, renowned for its meticulous craftsmanship and presence in over 70 countries. 

 

With the launch of its first standalone store in the Middle East, Majid Al Futtaim brings Corneliani’s timeless suits and sophisticated casualwear to even more customers across the region, said Ghanim.

 

Marco Baldassari, Co-Founder and Menswear Creative Director at Eleventy said: "Eleventy's philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer."

 

"We are excited to strengthen our partnership with Majid Al Futtaim, whose visionary approach to luxury retail is shaping a new vision with a growing focus on customer needs. Together, we aim to redefine luxury retail by offering timeless craftsmanship, sustainable practices, and innovative experiences," he added.

 

Nicola Coropulis, CEO of Poltrona Frau, said: "Since partnering with Majid Al Futtaim more than two years ago, we have focused on strategic growth and elevating the customer experience across the region."

 

"The revitalisation of our flagship store in Jumeirah and our successful debut at Mall of the Emirates have been key milestones in our journey," noted Coropulis. 

 

"We are now excited to bring this momentum to the Kingdom of Saudi Arabia with our first store in Riyadh, further solidifying our presence in the GCC and expanding our reach in this dynamic market," he added.-TradeArabia News Service