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Saudi Arabia's economy is booming and this time it isn't only about oil

The property market of Saudi Arabia, the world's biggest exporter of oil, is red-hot as income from a spike in energy prices flows through the economy

Revelers dance to music at a music festival in Riyadh. (Photo: Bloomberg
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Revelers dance to music at a music festival in Riyadh. (Photo: Bloomberg

Vivian Nereim | Bloomberg
The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just a month for cash, without him even having to advertise.
 
This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy prices flows through the economy. 

But Almajed says the scramble for the 1-million-riyal ($266,400) homes reflects something else, too: the social and economic shift that’s reshaping the kingdom, accelerated by the crown prince’s overhaul program.

“There’s a change in mindset,” said Almajed, who heads family-owned developer Almajdiah Residence, as some Saudis embrace

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First Published: Aug 21 2022 | 10:50 AM IST

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