Riyadh’s warehouse rents rise 20% in H1 as e-commerce strengthens: Knight Frank

Riyadh’s warehouse rents rise 20% in H1 as e-commerce strengthens: Knight Frank
Riyadh’s warehouse rents rise 20% in H1 as e-commerce strengthens: Knight Frank

Thank you for reading the news about Riyadh’s warehouse rents rise 20% in H1 as e-commerce strengthens: Knight Frank and now with the details

Jeddah - Yasmine El Tohamy - Saudi Arabia, South Korea sign 52 MOUs to boost cooperation across various sectors

RIYADH: Saudi Arabia and South Korea signed 52 memorandums of understanding for cooperation in various fields on the sidelines of the Saudi-Korean Investment Forum on Sunday.

The agreements included tourism, supply chains, real estate development, technology, and transportation and span across various sectors, as reported by El-Ekhbariya TV. 

The Saudi-Korean Investment Forum features a multitude of sessions and meetings, both at the ministerial level and among executives and corporate leaders. The event coincides with the visit of South Korean President Yoon Suk Yeol to the Kingdom, highlighting the strong investment relations between Saudi Arabia and Korea.

According to El-Ekhbariya TV, a joint fund was established with over $160 million to further support mutual investment activities.

The agreements encompass technology transfer, such as the one with the Saudi National Automobiles Manufacturing Company. Additionally, the CEO of SNAM, Fahd S. Al-Dohish mentioned that the first production of two car models, the sport utility vehicles and pickups, is set to begin shortly, as reported by El-Ekhbariya TV.

In the realm of electric vehicles, Saudi Arabia has made significant strides in recent times, with the introduction of luxury brands and electric cars. 

Additionally, emerging Saudi companies are eager to enter and sign agreements with their Korean counterparts to establish factories, transfer technology, and employ a workforce skilled in electric vehicle technology. 

It is worth mentioning that earlier in September, Lucid Group, backed by the Public Investment Fund, opened its first international manufacturing facility in Saudi Arabia’s King Abdullah Economic City.

As Lucid’s second Advanced Manufacturing Plant, AMP-2, and first international plant, the facility will produce Lucid’s groundbreaking electric vehicles for Saudi Arabia and export to other markets. 

Through the development of electric transportation, Lucid will support the Saudi Green Initiative’s objective to ensure that 30 percent of new car sales in the Kingdom are electric by 2030.

Furthermore, the Saudi Contractors Authority on Sunday signed a MoU with the Korean International Contractors Association, according to the Saudi Press Agency.

The Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, and the Korean Minister of Land, Infrastructure and Transport, Won Hee-ryong, signed the MoU.

The MoU aims to enhance cooperation and exchange of expertise between the Saudi Contractors Authority and the International Contractors Association of Korea in the construction sector.

The deal also seeks to establish the foundations and standards for the development of the construction sector in both countries, as well as to improve the skills of the workforce in the industry. 

This agreement is expected to advance technology and innovation in the construction sector and facilitate collaboration and knowledge exchange between Saudi and Korean companies in the construction industry.

It is worth noting that the Saudi Contractors Authority’s objectives include regulating and developing the construction industry, building distinctive production competencies, promoting innovation, and enhancing communication among all stakeholders in the sector.

It also works to create a safe environment that serves project owners and industry stakeholders, including contractors and interested parties.

These were the details of the news Riyadh’s warehouse rents rise 20% in H1 as e-commerce strengthens: Knight Frank for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Oil Updates – prices set for third straight week of declines
NEXT Saudi banks witness 11% surge in loans to $726bn, fueled by corporate activities 

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]