The offices, subject to regulatory approvals, will act as strategic hubs for Temasek and some of its portfolio companies, which are expected to co-locate at the new sites. The expansion will strengthen access to opportunities in Qatar, Central Asia, and Africa.

Temasek said it would actively engage with institutions in Qatar and other regional markets as it pursues investment and partnership opportunities. Temasek sees scope to build on relationships in Saudi Arabia, the UAE, and Qatar.

“The Middle East is an important part of Temasek’s global network,” chief executive Dilhan Pillay Sandrasegara said. He pointed to the region’s economic transformation and long-term fundamentals, saying its priorities aligned with Temasek’s focus.

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The announcement, made during discussions between Saudi Arabia’s investment minister Fahd bin Abduljalil al Saif and BNP’s chairman Jean Lemierre in Paris, signals the French bank’s commitment to deepening regional operations whilst navigating shifting competitive dynamics between Gulf financial centres.

The move underscores Saudi Arabia’s strategic success in leveraging regulatory requirements to reshape how multinational companies structure their Middle East presence.

The registration places BNP Paribas among over 750 multinational corporations now based in Riyadh, substantially exceeding Saudi Arabia’s original target of 500 companies by 2030. The Regional Headquarters Programme, launched in 2021 with mandatory enforcement from January 2024, fundamentally restructures how foreign firms operate across the Middle East and North Africa.

Any company seeking government contracts – a significant revenue stream given Saudi Arabia’s massive public procurement budgets and capital deployment through state-owned enterprises and the Public Investment Fund (PIF) – must maintain its regional headquarters within the kingdom. This requirement does not merely encourage relocation; it enforces it through procurement restrictions.

For BNP Paribas, the timing reflects pragmatic adaptation to regulatory imperatives alongside genuine market opportunity. The bank, which has operated in Saudi Arabia for nearly two decades, recently underwent substantial Middle East reorganisation.

In October 2024, the group scrapped its traditional Middle East and Africa headquarters structure based in Bahrain, reporting regional operations instead to Paris.

This change in structure was partly a strategy to avoid showing preference for any one Gulf city as competition between Riyadh, Dubai, and Abu Dhabi increased, and it was also practical because Saudi Arabia has strong control over foreign banks that want to win profitable contracts.

The bank relocated its Saudi offices to King Abdullah Financial District, Riyadh’s premier business district, in February 2025. This move followed a detailed strategic assessment, positioning BNP Paribas to capitalise on what executives describe as the Kingdom’s “high-growth potential.”

Saudi Arabia’s total banking assets expanded 9.5% in 2023, reaching SAR 3.7 trillion (approximately USD 985 billion), providing immediate context for intensifying competition among global financial institutions for market relevance and influence.

BNP Paribas now operates alongside Goldman Sachs, Citigroup and BNY Mellon, all of whom secured regional headquarters licences within the past 18 months. The financial services sector dominates the RHQ programme, though the initiative extends across industrial, technology and consumer sectors – from Pepsi and Unilever to Deloitte, SAP and Siemens.

This broad participation reflects the programme’s comprehensive reach and the growing perception that Saudi Arabia represents a serious economic opportunity.

Underpinning this corporate migration are substantial tax incentives. Saudi Arabia offers qualifying regional headquarters a 30-year exemption from corporate income tax and withholding tax, announced in December 2023.

The government also streamlined investment procedures and, in August 2024, introduced a revised investment law aimed at ensuring parity between domestic and foreign investors, coupled with new dispute resolution mechanisms outside the traditional court system.

For BNP Paribas, the regional headquarters licence enables it to service clients across the Gulf while maintaining compliance with procurement mandates.

The bank has been expanding its sovereign wealth fund coverage across the region, positioning itself strategically as Saudi Arabia’s Public Investment Fund (PIF) and sister wealth vehicles continue deploying capital into NEOM megaproject development, domestic equities and international markets.

Whether the RHQ programme ultimately achieves its economic diversification objectives remains uncertain. Some analysts question whether administrative headquarters necessarily translate to deeper economic integration or merely satisfy regulatory requirements.

For BNP Paribas and its peers, however, the calculus is straightforward: Saudi Arabia’s market scale, growth trajectory and government purchasing power make regional presence not optional but strategically essential.

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The Qiddiya bullet train is a part of the Vision 2030 strategy to improve connectivity and enhance mobility between important locations so that population growth and urbanisation don’t cause traffic bottlenecks.

The Royal Commission for Riyadh City announced an extension of the Red Line of the Riyadh Metro to Diriyah. It will be a 7.1km tunnel with 1.3km of elevated track, starting from King Saud University and Diriyah. They also planned Line 7, which would connect to the proposed Red Line extension.

There is going to be a huge reduction in daily traffic, with 150,000 cars removed due to the availability of this hyperspeed commuting possibility. Tourists from Bujairi Terrace and Wadi Safar will be able to get around the city much faster.

Vice Chairman Bandar Al-Saudun told Asharq Al-Awsat that the Diriyah development is one of the largest projects under Vision 2030. He also noted additional landmark initiatives in Wadi Safar, such as the Opera House project and the King Salman Grand Mosque.

Real estate is going to boom as the red line is extended along King Abdullah Road to Diriyah. The Vice Chairman especially noted the potential for a boom in the price of land from the King Salman International Airport through KAFD.

There are around 30 projects within Qiddiya, and these are also going to gradually vitalise the real estate sector. Major developments linked by the project include Expo 2030 Riyadh, The Avenues, and New Murabba. Of course, there is also the airport, which is meant to be one of the largest in the world by 2030.

Khaled Almobid, a real estate analyst, noted that the bullet train will improve land value by reshaping market structure over the medium and long term.

Almobid identifies two primary consequences, a redistribution of demand within Riyadh and an authentic market expansion driven by what he identifies as manufactured demand.

The project is expected to attract 70 million visitors and create 325,000 new jobs. Additionally, the areas around the stations are expected to attract a significant population.

It is important to note that, historically, the areas within a one to three-kilometre radius of transfer stations see capital appreciation and significant investment demand. This is particularly true for undeveloped “white land” that is metamorphosed into high-density transit projects.

Land prices also rose almost 40% since 2023, indicating a lot of market anticipation, Khaled said. He also expects sustainable growth as the travel time becomes 30 minutes between the airport and Qiddiya.

Once the local population increases, the real estate value, the next phase will see tourism real estate soaring. This is largely due to the new policy where Saudi Arabia is set to raise homeownership to 70% and its decision to attract 150 million visitors annually by 2030.

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The situation has resulted in the nation playing smart by diversifying its trade portfolio. As part of this strategy, the Claudia Sheinbaum administration is looking to expand its trade ties with Saudi Arabia by exporting high-quality rice to the Kingdom.

As per the news daily Asharq Al-Awsat, Mexico has an export offer for three premium rice varieties that meet the Gulf nation’s highest international standards. Saudi Arabia, which imports limited quantities of Mexican rice, mainly for its culinary industry, has already consolidated its position as one of the world’s largest rice consumers, with per capita consumption averaging 45.77 kilogrammes annually, the highest among plant-based food products.

Around 70% of consumption consists of basmati rice, while total annual imports exceed 1.3 million tonnes.

According to Asharq Al-Awsat, the Saudi Ministry of Foreign Affairs has already received a request from the Mexican Embassy in Riyadh conveying the interest of the Mexican state of Nayarit in exporting premium rice to the Gulf nation’s market.

The embassy has also identified three rice varieties for export, like long grain “Super Extra Whole Grain Rice,” with a monthly supply of 120 tonnes; polished broad grain “Milagro Super Extra Rice” with a monthly capacity of 30 tonnes; and “Morelos” rice, a premium-grade variety.

Saudi Arabia, keeping in mind the strong demand for flavoured rice varieties within its territory and the broader Gulf region, encourages private-sector imports of Cambodian rice while maintaining a diverse bracket of supply sources, including India, Pakistan, the United States, and Egypt.

“Strong demand for flavoured rice varieties in Saudi Arabia and across the Gulf, combined with challenges such as rising shipping costs and climate-related disruptions, has occasionally led to price fluctuations. These factors have prompted the Kingdom to broaden its supplier base to ensure the availability of this commodity and maintain price stability. The government recently decided to increase Pakistani rice imports to account for 20% of total needs, reinforcing supply stability and food security,” reported Asharq Al-Awsat.

As per the latest forecasts, per capita rice consumption in Saudi Arabia could rise to around 50 kg annually in the coming years, up from the current 45.77 kg, underscoring the product’s central role in the Kingdom’s food industry.

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As digital technologies permeate nearly every aspect of modern life, from financial transactions and healthcare to education and public services, the dependability and safety of data infrastructure are no longer optional and are strategic imperatives.

Applications, websites, cloud platforms, email, streaming, and banking systems are just a few of the online services that people and businesses now depend on. Each of these services is powered by a data centre, which is responsible for safely storing enormous amounts of data and processing it effectively and continuously. As a result, data centres have emerged as the backbone of the digital economy, facilitating real-time information flows and assuring the stability of national digital infrastructure.

Beyond storage and processing, data centres play a significant role in maintaining service availability. With the help of backup systems, redundant power sources, and failover procedures that reduce downtime during disturbances, they run continuously. For governments, this stability is crucial to maintaining public trust and assuring ongoing access to critical digital services.

Saudi Arabia has taken serious action after realising this fact. The Kingdom is working to build cutting-edge data centre infrastructure to support its fast-growing digital ecosystem, which already provides more than 3,500 public services across 530 government platforms, in addition to keeping up with worldwide demand.

The largest government data centre in the world, the Hexagon Data Centre in Riyadh, is at the heart of this endeavour. The facility has gained Tier IV certification from the Uptime Institute, the highest worldwide norm for data centre reliability, assuring fault tolerance and operational availability of 99.995%. This makes the Hexagon Data Centre one of the world’s most resilient establishments.

With a capacity of 480 megawatts and a footprint of over 30 million square feet, the centre is meant to fulfil the Kingdom’s long-term digital objectives. What stands out is how it leverages advanced tech for lower power use and smarter cooling. Think direct liquid or mixed cooling methods. Built to match LEED Gold rules, it now serves as one of the largest green data centres worldwide. Powering it are clean energy sources, which add weight to its eco-friendly profile.

Nowhere else is there a place quite like this one when it comes to global recognition. Its mark on international standards began long before everyone noticed. Compliance with TIA-942 shaped how everything was built inside. Recognition under ISO/IEC 22237 arrived after careful alignment with global needs for uptime and safety.

What stands clear now? The country did not aim to match existing systems but also aimed beyond them. Risk handling, power stability, and nature preservation were woven into the design from day one. Few nations hold such proof of long-term vision so quietly behind technical labels.

Importantly, the Hexagon Data Centre marks the foundation of a statewide network of data centres envisioned under the Saudi Data and AI Authority’s strategic expansion plan. Through the use of international best practices, this effort seeks to satisfy the growing demand for digital infrastructure services while guaranteeing maximum system availability.

The ramifications are significant from an economic and corporate standpoint. Establishing sovereign data centres is a strategic imperative for securing national data, enhancing technological independence, and driving economic diversification beyond oil. SDAIA predicts that the Kingdom’s data centre strategy will provide a cumulative local economic effect surpassing SR10 billion (USD 2.7 billion), plus annual savings of more than SR1.8 billion. These advantages are intended to promote public-sector efficiency, stimulate non-oil growth, and improve the quality of life through more modern and responsive government services.

Saudi Arabia’s larger digital success has already received international notice. The Kingdom recently placed first globally in the World Bank’s “GovTech Maturity Index 2025,” topping an examination of 197 countries, a milestone that indicates persistent investment in digital governance and institutional competence.

When combined, these events indicate Saudi Arabia’s quick rise to prominence in the world’s digital economy. The Kingdom is establishing itself as a dependable digital nation and a prominent technological hub in the Middle East by making significant investments in safe, sustainable, and high-performance data centres.

The Hexagon Data Centre stands as a physical product of this transition. It’s a symbol of Saudi Arabia’s six-year journey toward digital leadership, apart from being an appealing location for global technology businesses seeking size, security, and long-term partnership in the region.

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Riyadh-based investment company Malaz Capital is one such player, as it views “Vision 2030” not only as an opportunity for investors but also as a responsibility to shape a more resilient and sustainable financial ecosystem. As a CMA (Capital Market Authority)-licensed independent investment management company, the business has firmly established itself as a key force in managing private equity and real estate funds.

In the recently concluded International Finance Awards, Malaz Capital was honoured as the “Best New Private Real Estate Development Fund – Durrat Al Janadriyah – Saudi Arabia 2025,” which was more than a symbol of success, as the development reflected the company’s steadfast belief in its core principles: disciplined investment, innovation, integrity, and transparency.

“This award belongs to everyone at Malaz Capital and its stakeholders, especially our dedicated real estate team, trusted investors, and strategic partners who believed in our vision. It reaffirms our role as a homegrown investment firm capable of delivering world-class results while staying true to our values and national identity,” said Mohamed Wahby, Managing Director, Private Equity and Real Estate – Malaz Capital, while interacting with International Finance.
Navigating An Evolving Market

Saudi Arabia’s real estate sector is undergoing unprecedented transformation, supported by strong population growth, infrastructure investment, and visionary government programmes. Yet, success in such a dynamic environment requires more than capital; it demands agility, foresight, and partnership.

“At Malaz Capital, we view these market shifts not as challenges but as opportunities. Our investment strategy focuses on identifying niche enclaves where demographic demand and policy support intersect. We are proud that the Durrat Al Janadriyah Fund has become a benchmark for this approach, combining prudent financial structure with developmental impact,” Mohamed Wahby remarked.

Malaz Capital has solidified its position as a trusted investment partner, driving value across various sectors, including real estate.

Malaz Capital’s vision aligns closely with “Saudi Vision 2030,” focusing on sustainability, value creation, and empowering local capital, while emphasising elements like innovation, transparency, and strategic collaboration.

Empowering Capital

Private markets are maturing rapidly, with investors seeking structured, transparent, and purpose-driven opportunities. Malaz Capital’s mission is to bridge capital with high-potential investments. Every fund the company designs is guided by rigorous market research, deep analysis, risk management, and a strong alignment of interest with investors.

“The future of investment lies in innovation and trust. Malaz Capital is continuously evolving to meet the expectations of a new generation of investors seeking both impact and performance. Our investment philosophy is rooted in solid analysis, local insight, and value creation, enabling better opportunity assessment, portfolio performance tracking, and swift responses to market changes,” Mohamed Wahby added.

Launched as part of Malaz Capital’s broader real estate platform, the “Durrat Al Janadriyah Fund” represents a strategic investment in Riyadh’s expanding suburban landscape. The development integrates residential villas, green spaces, and community facilities designed to meet the expectations of modern Saudi families. Beyond its financial success, the fund illustrates how private sector innovation can complement government initiatives aimed at enhancing the quality of life and housing accessibility.

“Equally important, we uphold the highest standards of governance. Compliance, transparency, and risk management are embedded at the core of our operations. Our framework aligns with international best practices while remaining deeply connected to Saudi values and regulatory expectations. This balance has earned us the confidence of investors who prioritise accountability as much as profitability,” Mohamed Wahby continued.

People And Partnerships

Malaz Capital’s greatest organisational strength has been its team of professionals, which has brought expertise, creativity, and a shared vision of responsible growth. The company is also investing in talent development while encouraging collaboration, ensuring that the workforce remains agile and innovative in a rapidly changing market.

“Partnerships also play a critical role in our strategy. We work closely with developers, principals, and institutions who share our long-term vision. Together, we are building platforms that deliver financial performance and sustainability. From our earliest days, Malaz Capital’s philosophy has been simple yet powerful: deliver sustainable value through disciplined investment and long-term partnerships. The Durrat Al Janadriyah Fund embodies this principle. It is a pioneering private real-estate development fund designed to capitalise on emerging residential and mixed-use opportunities within the Kingdom,” Mohamed Wahby observed.

The next decade will redefine private investing in Saudi Arabia, as the Kingdom starts to reap the benefits of its diversified economy. As the market opens to global participation and local talent flourishes, Malaz Capital remains committed to leading with integrity, insight, and innovation. The company’s goal has been clear: to empower capital through disciplined investment management and to continue building a legacy of trust and value that extends well beyond just financial returns.

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At the “Real Estate Future Forum” in Riyadh, developers indicated that the fresh rules allowing non-nationals to own land are starting to affect market dynamics, including choices made by builders and investors.

The revised legal structure took effect officially on January 22, allowing foreigners to seek property ownership via the Saudi Arabia Real Estate online platform.

According to the updated guidelines, international individuals, firms, and organisations can acquire property throughout the Kingdom, including in key cities like Riyadh and Jeddah.

However, ownership in Makkah and Madinah is still restricted to Saudi firms and Muslim individuals. Developers report that this policy adjustment is already impacting major developments, such as the “Alma Destination” along the Red Sea shoreline.

This coastal mixed-use tourism project is creating prospects for hospitality providers and investors, featuring plans for housing units, lodging options, marina amenities, and leisure areas.

Zuhair Bakheet, CEO of Al Thuraya Al Omranya Properties and lead developer of Alma Destination, noted that the project’s site in Jeddah, positioned between the sacred cities of Makkah and Madinah, boosts its attractiveness to global purchasers.

“If we attract people who would love to have a unit within the Makkah and Madinah region, it’s a good option. If we think of Muslim countries like… Malaysia, Indonesia, Egypt, they would love to have a unit within close proximity of the holy cities,” the official stated.

Another developer incorporating the regulatory update into its plans is Emaar Economic City, the primary developer of King Abdullah Economic City.

Emaar Economic City Chief Investment Officer Ali Al-Khatib informed that the new system marks a substantial change for the industry.

“We believe these new regulations for non-Saudi ownership are a significant turning point in the real estate sector in the Kingdom, and specifically for King Abdullah Economic City. We’ve already seen interest before the system was launched from last year … we’ve had interests from all around the world, from Southeast Asia, from Africa, from Europe, from the West,” he concluded.

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Under the new framework, foreigners will generally be permitted to own residential property in most Saudi cities, except for Makkah and Madinah, for religious reasons. Jeddah and Riyadh are also excluded, but parts of them may be designated for foreign investments in the future.

There are nuanced provisions for non-Saudi residents already legally living in the Kingdom. These residents may be allowed to purchase one residential unit outside of the designated foreign investment zones, provided the property is not located in Makkah or Madinah, where ownership remains strictly restricted to Muslims.

In contrast to the residential sector, the law offers far more expansive freedoms for business-related real estate. Foreigners will be granted the right to own commercial, industrial, and agricultural properties across all Saudi cities without exception. This policy is designed to stimulate industrial growth and support the Kingdom’s agricultural development by removing geographic barriers for international corporations and entrepreneurs.

The new system ensures that liberalisation does not come at the cost of control. Based on suggestions from the Real Estate General Authority, the Council of Ministers will ultimately decide which areas are available for purchase. All foreign ownership must be formally documented in the Real Estate Registry in order to guarantee transparency.

The government has also established a clear fee structure and penalty system. Foreign buyers will face a transaction fee of up to 5% of the property’s value. Furthermore, the Kingdom is taking a hard line on compliance; providing false information can lead to fines as high as SR10 million or the forced, court-ordered sale of the asset.

The post Saudi Arabia opens real estate market to foreigners in historic shift appeared first on International Finance.

“The residential sales transactions in Riyadh reached 13,000 between July and September 2025, up nearly 19% on the previous quarter. The capital delivered 10,000 new units in the first nine months of the year, with another 6,000 during Q4,” the report stated.

Apart from Riyadh, another Saudi city, Dammam, which made its debut in Cavendish Maxwell’s latest KSA report, saw its property sales reaching the highest levels for several years, with 3,000 transactions in Q3 2025, up nearly 60% on the same time in 2024 and 37% on Q2 2025. Jeddah too witnessed a boost in quarterly sales, as transactions rose by 10% to 7,500 and sales values reached SAR8.7 billion (USD 2.31 billion), a 9% increase compared to Q2.

While all three cities have seen quarterly increases in sales values and volumes, Riyadh and Jeddah both saw a year-on-year decline, largely driven by affordability pressures. Sales were down 44% in Riyadh and 19% in Jeddah.

Riyadh-based Sean Heckford, Director of Built Asset Consulting at Cavendish Maxwell, said, “Riyadh’s rapid price appreciation in 2024 led to sharp increases in both sales and rental prices, prompting the Government to introduce a five-year rent freeze to address affordability concerns. In Jeddah, price conditions have stabilised and affordability pressures have eased slightly. Meanwhile, Dammam, where property is more affordable, is emerging as a new hot spot for property investment, with a year-on-year surge in buying activity from both end-users and investors.”

The latest “KSA Residential Market Report” also witnessed Q3 sales prices for apartments and villas rising across Riyadh, Dammam and Jeddah, with the biggest increases seen in the Saudi capital. Rental rates for apartments, on the other hand, were up in all three areas, with Riyadh commanding the largest uptick. Villa rents, on the other hand, rose in Riyadh and Dammam, but fell slightly in Jeddah.

By the end of 2025, 22,800 new units are expected to be delivered during the year across the three cities, and another 105,000 are in the pipeline till 2027. And most importantly, the Kingdom’s “White Land Tax” reforms and new foreign ownership laws will further accelerate demand.

The largest increases in sales prices were in Riyadh, where apartment prices rose to an average SAR6,160 (USD 1,642) psm (per sq m) in Q3, up 7.5% compared to the same time in 2024. Villa prices in the capital reached SAR5,500 (USD 1,466) psm, up 10.1%. In Jeddah, apartment prices were up 1.6% to SAR4,360 (USD 1,162) psm, while villa costs rose 3.1% to reach SAR5,140 (USD 1,370) psm. Dammam apartment prices climbed by 5.8% year-on-year, and villas by 3.2%.

“Riyadh also commanded the highest hikes in rents, with apartments up by 11.8% year-on-year and villas by 10.7%. Jeddah apartment rents increased by 5.6% year-over-year, while villa rents declined by 2.1%. In Dammam, apartment rents increased by 4.8%, while villa rents rose by 2.2%. Combined, the three cities delivered 13,500 new homes in the first nine months of the year, with total 2025 deliveries expected to reach 22,800 by the end of December. Another 105,000 are slated for 2026 and 2027. By the end of 2025, Riyadh will have brought 16,000 new homes to the market; Jeddah 5,000 and Dammam 1,800. Riyadh has 57,000 new units in the pipeline for 2026 and 2027, with 36,000 expected in Jeddah and 12,000 in Dammam,” Cavendish Maxwell noted.

Meanwhile, the Kingdom has introduced a new foreign ownership law, which will come into effect in January 2026, and this will be a major step forward for the Gulf major’s real estate sector that should further accelerate buyer activity, while the recently introduced “White Land Tax” incentivises land owners to either sell or develop their plots.

“Riyadh’s five-year rent freeze, announced in September 2025, will make properties more affordable at the same time, but could also reduce landlords’ incentives to maintain their properties or invest in future stock, creating short-term pressure on future developments. It will be important to track how these regulations influence market dynamics in the near term,” said Cavendish Maxwell in its statement.

Heckford concluded, “Saudi Arabia’s Q3 residential market performance reflects a transitional phase marked by strong macroeconomic fundamentals and evolving regulatory measures. Despite affordability challenges in Riyadh, demand remains resilient, supported by the new laws and tax systems. Jeddah demonstrates stability with balanced supply and demand dynamics, and Dammam stands out as a growth hotspot driven by affordability and investor interest. Vision 2030 initiatives and infrastructure investments will be pivotal in sustaining momentum and unlocking new investment opportunities across all major cities in KSA.”

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The planned 785-kilometre high-speed railway line will connect the capital cities of Riyadh and Doha, with Hofuf and Dammam serving as the key stoppages. As per the report of the Saudi Press Agency (SPA), the project will also link King Salman International Airport in Saudi Arabia with Hamad International Airport in Qatar. The project, under which high-speed trains will operate at speeds exceeding 300 kilometres per hour, reducing travel time between the two capitals to around two hours, will see its construction process completed within the next six years.

Apart from improving the region’s transportation game, the railway project will also generate an economic impact of nearly 115 billion Saudi riyals (USD 30.7 billion) on the combined GDP of both countries, serving more than 10 million passengers annually and, most importantly, creating over 30,000 direct and indirect jobs.

Saudi Arabia already has the experience of operating a high-speed railway system, with the existing 450-km long Haramain high-speed electric railway connecting the holy cities of Makkah and Madinah, with stops in Jeddah, King Abdulaziz International Airport and King Abdullah Economic City (KAEC). The Kingdom has also started the tendering process for the Qiddiya high-speed railway, connecting King Salman International Airport, King Abdullah Financial District (KAFD) and Qiddiya City in Riyadh. The trains will have a top speed of 250 kilometres per hour, connecting the destinations within 30 minutes.

“In the rest of the region, Egypt is currently building the first phase of a 2,000-km high-speed railway network while Morocco has embarked on the construction of the second phase of its HSR system, linking Marrakech and Kenitra. In the UAE, the tendering process is underway on the Abu Dhabi-Dubai HSR link. Iraq’s Development Road mega project is expected to include an HSR system,” SPA noted.

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