Jordanian IT firms embrace AI with 63% incorporating the technology: study 

Jordanian IT firms embrace AI with 63% incorporating the technology: study 
Jordanian IT firms embrace AI with 63% incorporating the technology: study 

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Jeddah - Yasmine El Tohamy - RIYADH: The Gulf real estate sector is set to witness growth in the first half of 2024, driven by increasing demand and supporting government policies, according to a report.  

The Kuwait Financial Centre, also known as Markaz, recently released a series of studies on real estate markets in Kuwait, Saudi Arabia, and the UAE.  

The findings indicate that the Gulf Cooperation Council real estate sector is poised for steady to accelerated growth, propelled by stable oil prices, rising real estate demand, robust economic growth, and supportive government policies. 

As part of its commitment to providing investors with the latest and most reliable market insights, the analysis delved into the real estate sector’s performance in the second half of 2023 and offers a detailed outlook for the first half of 2024. 

The Markaz Real Estate Macro Index Scores for Kuwait, UAE, and Saudi Arabia in the first quarter of 2024 are 2.9, 3.8, and 3.55, respectively. This compares to the scores in the second quarter of 2023, which were 2.8, 3.8, and 3.55 for the same countries. 

The reports analyze key macroeconomic indicators, such as gross domestic product growth, fiscal position, investments, inflation, and population increase. 

The Saudi Real Estate Report anticipates improved economic growth in the Kingdom for 2024, driven by strong performances in both oil and non-oil sectors.  

Markaz said the improvement “is primarily expected to be driven by Saudi Arabia’s robust performances across the oil and non-oil sectors, with real GDP growth expected to improve by 4 percent year-on-year.” 

Despite declining real estate transactions, the report highlights positive indicators such as rising land prices and continued demand in the office sector. 

Saudi Arabia’s economic performance is expected to improve, driven by a stronger demand for oil, moderate inflation, and low unemployment.  

The contribution of non-oil activities and active government spending is expected to further accelerate the performance, according to the firm. 

The report further noted the value of Saudi Arabia’s real estate transactions decreased by 11.3 percent year-on-year until September 2023, with a corresponding volume drop of 7 percent.  

Driven by a 1.2 percent increase in residential land costs, the Kingdom’s real estate price index rose 0.7 percent year-on-year in the third quarter of 2023. However, residential transactions continued to decline due to higher mortgage interest rates and rigid property prices. 

The office sector’s strong performance during 2023 is expected to continue into 2024, mainly due to the demand driven by multinational companies looking to set up their regional headquarters. 

The analysis predicts an accelerated phase for the real estate sector in Saudi Arabia in the first half of 2024 based on its assessment of the various macroeconomic factors in the Kingdom. 

The sector’s favorable position is expected to be supported by a stable growth in non-oil activities, a robust hospitality sector, and increased government spending on infrastructure projects, the report added. 

Similarly, the Kuwait Real Estate Report anticipates a stable market in the country for the first half of 2024, supported by economic growth projections and stability in oil prices.  

Despite some challenges, such as inflation and credit growth concerns, the report expresses confidence in the stability of Kuwait’s real estate sector. 

The UAE Real Estate Report predicts sustained economic growth for 2024, supported by various factors, including a higher oil GDP and investor-friendly policies.  

The study expects continued expansion in key real estate segments despite potential challenges like inflation and interest rate impacts. 

Established in 1974, Markaz is an asset management and investment banking institution in the Middle East and North Africa region. With a track record of innovation, Markaz has introduced various investment channels, contributing to the development of investors’ opportunities and horizons. 

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