The Saudi Investment and Economic Monitor report issued by Ministry of Investment covering economic activities in the Kingdom during the first quarter of 2024, revealed that real estate activity is the highest growth in investment licenses issued during the first quarter of 2024 compared to the same period of the previous year, with a growth rate of 253.3TP3T.
The report revealed that the real estate activity is the highest growth in investment licenses issued during the first quarter of 2024 compared to the same period of the previous year, with a growth rate of 1.3TP3T. The report showed that the data of the general real estate price index in the first quarter of 2024 indicates that the index increased by 0.6% compared to the same period of the previous year as a result of the increase in residential real estate prices by 1.2 %, while commercial and agricultural real estate prices decreased by 0.5% and 0.1%, respectively.
The report showed that the general real estate price index data in the first quarter of 2024 indicates that the index increased by 0.61 TP3T compared to the same period of the previous year. Cement sales declined by 4.7 % in the first quarter of 2024 compared to the same period of the previous year, reaching 12.6 million tons due to higher interest levels and its impact on demand, while real estate loans financed from commercial sources grew by 11.5 % in the fourth quarter of 2023 year-on-year.
According to the report, cement sales declined by 4.7 % in the first quarter of 2024 compared to the same period of the previous year, reaching 12.6 million tons. <According to the report, the Saudi economy has witnessed positive developments during the past years, as a result of the ongoing economic reforms that began since the launch of the Kingdom's Vision 2030, which in turn contributed to improving the performance of many economic, financial and investment indicators, which supports the Kingdom's sustainability to become among the 15 largest economies in the world by 2030. The report showed that the Ministry of Investment issued 3,157 licenses in the first quarter of 2024, up by 93% compared to 1,637 licenses in the same period of the previous year after excluding the licenses issued under the campaign to correct the status of violators of the anti-cover-up system, while the total investment licenses issued reached about 3,197 licenses in the first quarter of 2024.
The report showed that the Ministry of Investment issued 3,157 licenses in the first quarter of the year 2024, up by 93% compared to 1,637 licenses in the same period of the previous year. In general, most of the issued investment licenses were concentrated in construction activity, manufacturing activity, professional, educational and technical activities, information and communication activity, accommodation and food service activities, wholesale and retail trade and vehicle repair activities, and the number of investment licenses issued in these activities constitutes about 81.8 % of the total number of investment licenses issued during the first quarter of 2024.
