#Saudi Prince Vows to Stop ‘Unacceptable’ Rise In Property Prices - Bloomberg

Saudi Prince Vows to Stop ‘Unacceptable’ Rise In Property Prices - Bloomberg

Saudi Arabia’s Crown Prince Mohammed Bin Salman said he will try to halt an “unacceptable” increase in property prices, highlighting the kingdom’s concerns about a soaring real estate market and its impact on people’s living costs.

“The strong economic growth the kingdom is experiencing today has been accompanied by a rise in residential property prices in some areas of the kingdom to unacceptable levels,” the de-facto Saudi ruler said in a rare national address on Wednesday night.

He didn’t elaborate on specific policies but said changes would be aimed at reducing costs and providing a more diverse range of housing options for citizens and foreigners.

The comments come as Saudi Arabia prepares to launch a new law in 2026 that’s set to make it easier for foreigners to buy property. The Gulf nation began issuing residential-mortgage backed securities last month, a move meant to create easier access to financing for property purchases.

Saudi Arabia’s real estate market has surged since 2019, with home prices in Riyadh nearly doubling amid an influx of demand from new residents, according to real estate consultancy Knight Frank.

The city witnessed a slowdown in the first half of this year as buyers delayed purchases, the firm said. Other cities, including Madinah, still saw values and deals jump.

In February, Saudi Arabia allowed foreigners to invest in publicly-traded companies owning real estate in Madinah and Mecca — two cities that are home to Islam’s holiest sites.

Many affluent Muslims living outside the kingdom are interested in owning property in Madinah and Mecca, Knight Frank has said. That demand has spurred a wave of new development in the cities, including the Rua Al Madinah mega project owned by Saudi Arabia’s Public Investment Fund.

BlackRock Said to Get $10 Billion Financing for Aramco Deal - Bloomberg

BlackRock Said to Get $10 Billion Financing for Aramco Deal - Bloomberg

A group led by BlackRock Inc.’s Global Infrastructure Partners unit has arranged a roughly $10 billion financing package for its planned investment in Saudi Aramco natural gas infrastructure, people familiar with the matter said.

The majority of the financing is a seven-year loan facility, which could later be refinanced in the bond market, the people said. It also includes a 19-year loan facility, according to the people, who asked not to be identified because the information is private.

The loans are set to support the GIP consortium’s investment in the midstream infrastructure assets at Aramco’s giant Jafurah gas project, the people said. Citigroup Inc., JPMorgan Chase & Co., Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Banking Corp. are among banks that joined the financing, the people said.

Last month, GIP signed a $11 billion deal to lease the infrastructure serving the Jafurah gas project and then rent it back to Aramco for 20 years. Aramco is developing the over $100 billion Jafurah project to supply fuel to domestic power plants as well as for export. A newly-formed subsidiary, Jafurah Midstream Gas Co., will be created as part of the deal. Aramco will hold a 51% majority stake in the venture, and the GIP-led group will own the rest.

Representatives for Aramco, BlackRock, Citigroup, JPMorgan, Mizuho, MUFG and SMBC declined to comment.

GIP joins a growing list of large institutions raising financing to back energy deals. Abu Dhabi National Oil Co. is considering lining up more than $10 billion in debt financing from local and international banks as it moves forward with its roughly $19 billion pursuit of Australian fossil fuel producer Santos Ltd., Bloomberg News reported last week.

Gulf stock markets close lower after Israel's airstrike in #Qatar | Reuters

Gulf stock markets close lower after Israel's airstrike in Qatar | Reuters

Major Gulf stock markets closed slightly lower on Wednesday after Israel's airstrike in Qatar targeting Hamas leaders, reflecting cautious sentiment but no signs of broad risk-off positioning as investors appeared to price the event as a one-off.

Hamas said five of its members had been killed in the attack, including the son of Hamas's exiled Gaza chief and top negotiator Khalil al-Hayya.

The attack, which Doha described as "treacherous," was widely criticized by Gulf states, the European Union, and drew a sharp rebuke from U.S. President Donald Trump, who said he was "very unhappy about every aspect" of the attack.

Qatar's benchmark index (.QSI), opens new tab fell 0.3%, dragged down by broad-based sectoral losses, with the region's largest lender, Qatar National Bank (QNBK.QA), opens new tab losing 0.5%.

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani reaffirmed Doha’s commitment to mediation, calling it “part of the Qatari identity,” and vowed that the strike would not deter its role.

Qatar, along with Egypt and the U.S., has been a key mediator in the nearly two-year Gaza conflict, which began on October 7, 2023, when Hamas killed 1,200 Israelis and took around 250 hostages. Since then, Israel’s military campaign has killed over 64,000 Palestinians, according to Gaza health authorities.

Saudi Arabia's benchmark index (.TASI), opens new tab dipped 0.3% hurt by broad-based fallout. Oil giant Saudi Aramco (2222.SE), opens new tab shed 0.6% to eye its worst day in more than half a decade.

Aramco secured over $16.5 billion in orders for its two-part Islamic bond, part of a planned debt raise aimed at leveraging its balance sheet amid weaker oil prices.

Crude prices rose after Israel's Qatar attack and U.S calls for tariffs on Russian oil imports. But, "recent rebound in oil prices remains insufficient to support the markets, as a clear and sustained recovery has not yet been confirmed," said Joseph Dahrieh, Managing Principal at Tickmill.

Dubai's main index (.DFMGI), opens new tab fell 0.6% to its steepest level in nearly two months, hit by a 2% drop in Emirates NBD Bank (ENBD.DU), opens new tab.

Abu Dhabi index (.FTFADGI), opens new tab eased 0.3%, posting its fourth straight session of losses.

Real estate led the decline, with Aldar Properties (ALDAR.AD), opens new tab sliding 1.5%.

Regional investors have been navigating months of geopolitical strain, and the session's limited market reaction suggests the strike is being viewed as a tactical disruption rather than a structural shift.

In contrast to its regional peers, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.8%, boosted by a slowdown in annual urban inflation to 12% in August, extending a two-year downward trend amid tight monetary policy.

The easing inflation supports Egypt’s economic outlook and could pave the way for further central bank rate cuts, Dahrieh added.