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Saudi restricts Riyadh Landlords to increase rents for five years

In June, Saudi Minister of Municipal Rural Affairs and Housing Majed bin Abdullah Al-Hogail pointed to the high demand for housing, saying “a city like Riyadh needs between 120,000 and 130,000 housing units annually to enter the market”.

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Saudi authorities announced on Thursday a five-year freeze on rent for residential and commercial properties in Riyadh, where demand for housing has soared as the kingdom’s ambitious megaprojects draw workers to the city.

Riyadh, the capital of the Middle East’s largest economy, is home to more than 8.6 million people, nearly half of them foreigners.

Many have converged on the city to work on multi-billion dollar projects as part of the Vision 2030 plan launched by Saudi Crown Prince Mohammed bin Salman, seeking to diversify the country’s economy away from oil.

The General Authority for Statistics reported in August a 7.6 percent year-on-year increase in residential rent prices.

The official Saudi Press Agency (SPA) said the crown prince had issued orders “in response to the challenges the capital has witnessed in recent years regarding rising residential and commercial rents”.

The ensuing cabinet decision and royal decree suspended “the annual increase in the total rent value in residential and commercial property leases… located within the urban area of Riyadh for a period of five years”.

“The landlord may not increase the total rent value of the property agreed upon in existing or new contracts” as of Thursday, it added.

Low-rise buildings and villas make up the majority of housing units in Riyadh, where construction has boomed.

In June, Saudi Minister of Municipal Rural Affairs and Housing Majed bin Abdullah Al-Hogail pointed to the high demand for housing, saying “a city like Riyadh needs between 120,000 and 130,000 housing units annually to enter the market”.

In April, Saudi authorities increased annual fees on undeveloped land in Riyadh to 10 percent of the property’s value, in a bid to encourage residential construction.

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International

Zimbabwe Wins UN Security Council Seat for 2027-2028

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

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Zimbabwe has been elected to a non-permanent, two-year term on the United Nations Security Council, the third time the country will be represented on the body mandated to maintain international peace and security.

Voice of Nigeria reports that the other countries that secured seats around the iconic horseshoe table are Austria, Portugal, Trinidad and Tobago, and Kyrgyzstan.

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

Austria and Portugal won the two seats allocated to the Western European and other States (WEOG) Group, while Trinidad and Tobago and Zimbabwe were elected from the Latin American and Caribbean Group and the African Group, respectively.

Kyrgyzstan secured the Asia-Pacific seat after defeating the Philippines in four rounds of voting.

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Finland’s president says EU should expand to 40 states — including Canada

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

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Finland’s president Alexander Stubb

Finnish President Alexander Stubb has stressed the need for a much larger European Union, saying the 27-nation bloc should increase its membership to 40 states and named the U.K., Canada, Turkey, Norway and Iceland as potential candidates to join.

Stubb made the call at an energy conference in the Finnish capital on Wednesday.

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

Stubb told the Eurelectric Power Summit that “the window of opportunity” for EU enlargement “is quite short because when the war in Ukraine ends and perhaps when the U.S. administration changes, I don’t know, then people are going to take their foot off the gas pedal and start heckling about unnecessary stuff again.”

Stubb added that “European strategic autonomy or European geopolitical power” is “often based on size and scale and I think the best European policy ever has been European enlargement.”

“In this moment, we need to think big and geographically, we need to enlarge or at least create memberships which are flexible enough to bring in a sum total of 40 European states — or even non-European,” Stubb said.

Finland’s president said the EU should look to its western flank and bring the U.K., which left the bloc in 2020, back into the fold, or at least “as close as possible

.”Canada should be considered as another option, Stubb said. “Wouldn’t it be lovely if Canada was the 28th state of the European Union rather than the 51st state of the United States?”

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International

Iran Kuwait’s airport attack injures 63

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

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Today Wednesday June 3: Kuwait International Airport was hit by Iranian drones.

An Iranian attack on Kuwait’s airport wounded at least 63 people on Wednesday, the health ministry said, with authorities earlier reporting one person killed.

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

This includes serious injuries… including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions.”

An airport source told AFP that the death in Kuwait was an Indian national at the airport.

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