RIYADH: Saudi Arabia is actively seeking to exchange experience with nations around the world to ensure its sustainable development and achieve its goal of carbon neutrality by 2060, said an official.
Speaking at the Cityscape Global real estate exhibition in Riyadh on Monday, Mohammad Albuty, CEO of Saudi National Housing Co., described economic, social, and environmental sustainability as key elements of a thriving and sustainable community.
Albuty said his company is working to develop innovative products that boost economic stability, which is necessary for sustainable development.
“We are working on a substantial real estate supply. We initially announced 300,000 housing units, and now we have reached 140,000 buildings based on supply and demand studies,” Albuty said.
He said that people under the age of 35 comprise 60 percent of the Kingdom’s total population which means a steady demand for the years to come.
Social sustainability focuses on creating an environment that supports the stability of Saudi families and enhances the quality of life for individuals and communities by introducing new concepts such as the 15-Minute City.
“We also take into account the increase in green spaces and open areas that allow families to enjoy various community amenities, as exemplified in the Khuzam suburb, which houses the second-largest park in the Kingdom spanning over 4.5 million sq. meters,” Albuty stated.
The 15-Minute City links to the third pillar which is environmental sustainability by reducing the number of cars in residential areas and suburbs, and providing residents with all services within a 15-minute walk. This contributes toward the Kingdom’s goal of achieving carbon neutrality by 2060.
This aspect also focuses on increasing green areas within residential areas using suitable plants and trees in addition to waste management and recycling.
During a keynote session titled “Technologically Driven Advancement in the Kingdom’s Tourism,” Fahd Hamidaddin, CEO of the Saudi Tourism Authority emphasized how the Kingdom is a diverse destination and is like “no other.”
“We are the largest investment in tourism in the world. But I don’t think this is ever possible without the private sector,” Hamidaddin said.
He emphasized the critical role of the private sector in achieving the company’s ambitious tourism investment goals.
The event is being held from Sept. 10 to 13 at the Riyadh Exhibition and Convention Center in Mulham. It has been organized by the Ministry of Municipal and Rural Affairs and Housing under the theme “The Future of Living.”
So far, several agreements have been signed on the sidelines of the exhibition. According to the Saudi Press Agency, one of those agreements includes the Ritz-Carlton Khobar, the city’s first beach resort, which is being built and funded by the Saudi Tourism Development Fund in collaboration with the RC Beach Real Estate Fund of Riyadh.
TDF also signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, to develop multiple tourism projects in industrial cities and arrange the necessary investment and financing for both parties.
They will also collaborate on ways to support investors and entrepreneurs based on a shared investment vision, with the goal of achieving further growth and prosperity for the tourism sector.
The partnership is in line with the goals of Saudi Vision 2030 and the National Tourism Strategy to achieve balanced national growth in tourism.
Umm Al-Qura for Development and Construction, the owner and developer of the upcoming “Masar” destination in Makkah signed an acquisition agreement with Scope International Real Estate Development Co., to build residential towers in collaboration with global operators.
The total investment for this partnership is an impressive SR900 million, underscoring the growing interest in Masar, which has already attracted approximately SR40 billion in investments.
The agreement aims to enhance and develop the accommodation and hospitality sector in Makkah city.
The company also entered into an agreement to develop and operate the Sarah Al Oroubah Hotel in the destination, a four-star category hotel for SR450 million.
The exhibition gathers homebuyers, property experts, designers, and real estate developers from around the world in the Saudi capital.
Cityscape Global focuses on high-profile and giga-projects in the Kingdom to open up promising investment opportunities and highlight advanced residential and commercial properties and communities. Many other projects from 24 countries will present investment opportunities.
In addition, the Cityscape Innovation Challenge will allow startups to pitch their ideas toward creating a more innovative future.