ACWA Power joins COP29 as energy and water partner

ACWA Power joins COP29 as energy and water partner
ACWA Power was established in 2004, expanding their operations to various countries in the region including in Africa, Central Asia, and Southeast Asia.
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Updated 31 min 11 sec ago
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ACWA Power joins COP29 as energy and water partner

ACWA Power joins COP29 as energy and water partner

RIYADH: ACWA Power, a developer, investor, and operator of power generation and desalinated water plants, joined COP29 as an energy and water partner, highlighting the company’s commitment to sustainable practices in the renewable energy landscape.
Along with ACWA Power’s role as a partner at the summit in Azerbaijan, the company will participate in the event’s Green Zone as an innovative leader in the energy sector.
The zone will host a variety of global businesses presenting climate-friendly solutions, serving as a dedicated space for private sectors.
The objective for ACWA Power at the global conference is utilizing the opportunity to create a platform for collaborations with other global industries, potential partners, and climate advocates, thereby fostering progress in the energy transition initiatives.
As the largest private water desalination provider in the world, ACWA Power is at the head of green hydrogen development. It also plays a critical role in the global energy transition.
“We believe that tackling this global challenge demands a paradigm shift in how we provide water and energy to our world. We must act fast to continue the transition away from fossil fuels, while providing reliable, competitive and sustainable supplies,” said Marco Arcelli, CEO of ACWA Power.
“It is with this focus that we deliver solutions that contribute to Net Zero goals and long-term climate ambitions, in a just and inclusive manner. Celebrating COP29 in Azerbaijan is of particular significance.”

He concluded: “Today, the country has the potential to turn into a bridge between Central Asia and Europe for new green sources of power and green molecules, technologies where ACWA Power has reached the most competitive costs and highest reliability in the world.”
ACWA Power, established in 2004, expanded its operations to various countries in the region including in Africa, Central Asia, and Southeast Asia. The Saudi company aligns its strategies with the UN climate change objectives.

Partners at COP 29 will have opportunities to participate in global climate policies, showcase sustainability efforts, and support climate action in their key business areas.


Saudi Arabia opens 9th round of ‘Sah’ savings products offering 4.89% return

Saudi Arabia opens 9th round of ‘Sah’ savings products offering 4.89% return
Updated 16 sec ago
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Saudi Arabia opens 9th round of ‘Sah’ savings products offering 4.89% return

Saudi Arabia opens 9th round of ‘Sah’ savings products offering 4.89% return

RIYADH: Saudi Arabia has launched the ninth round of its subscription-based savings product, Sah, for November, offering a competitive return of 4.89 percent.

This initiative aims to promote financial stability and growth among citizens.

The Shariah-compliant, government-backed sukuk began on Nov. 3 and will remain open until Nov. 5. Redemption amounts are expected to be paid within a year, as announced by the National Debt Management Center on X.

Organized by the NDMC and issued by the Ministry of Finance, these fee-free savings products provide low-risk returns and are available through the digital platforms of various approved financial institutions.

Sah is the first savings product specifically designed for individuals, taking the form of bonds within the Kingdom’s local bonds program, denominated in Saudi riyals. It supports the Financial Sector Development Program, part of Saudi Vision 2030, which aims to increase the savings rate among residents from 6 percent to the international standard of 10 percent by 2030.

The minimum subscription amount is set at SR1,000 ($266), corresponding to the value of one bond, while the maximum is SR200,000 for total issuances per user during the program period. The product is aimed at individuals, with monthly returns provided according to the issuance calendar.

The saving period lasts one year, with a fixed return, and accrued yields are disbursed at the end of the sukuk’s term. Future returns will be influenced by month-to-month market conditions.

The product is open to Saudi nationals aged 18 and above, who must open an account with one of the following: SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al Rajhi Capital.

In October, the Kingdom launched its eighth round of the Sah program, offering a 4.92 percent return, while the seventh round in September provided a return of 5.31 percent.

NDMC CEO Hani Al-Medaini has emphasized that the sukuk aims to foster private sector collaboration. Future initiatives will focus on developing tailored savings products for various individual categories through banks, fund managers, fintech companies, and other institutions.

Al-Medaini noted that the issuance of Sah is a significant financial initiative by the Saudi government to encourage saving and enhance financial inclusion, ensuring access to products and services that meet the needs of individuals, such as savings accounts like Sah.


Newcleo aims to transform nuclear energy with innovative safety solutions, says CEO

Newcleo aims to transform nuclear energy with innovative safety solutions, says CEO
Updated 16 min 2 sec ago
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Newcleo aims to transform nuclear energy with innovative safety solutions, says CEO

Newcleo aims to transform nuclear energy with innovative safety solutions, says CEO
  • Stefano Buono outlined the company’s approach to safer, more sustainable nuclear energy
  • He highlighted Newcleo’s distinct approach to waste recycling

RIYADH: French start-up Newcleo is progressing in the clean energy sector, aiming to transform nuclear technology with a focus on safety and sustainability, said the company’s CEO. 

Speaking to Arab News on the sidelines of the Future Investment Initiative in Riyadh last week, Stefano Buono outlined the company’s approach to safer, more sustainable nuclear energy as an alternative to fossil fuels. 

Founded in 2021, Newcleo specializes in small, advanced reactors designed to tackle key nuclear sector challenges, including waste management and plant safety.

Backed by the French government’s France 2030 plan, Newcleo has developed a lead-based cooling technology that enhances reactor safety and facilitates waste recycling, setting it apart from many competitors. 

“I started working on new technologies in the 1990s, especially after the Chernobyl accident,” Buono told Arab News. “Since then, we have been working to develop technologies that can deal with any nuclear accident, with an emphasis, of course, on the safety of facilities, to develop solutions that guarantee that nuclear accidents cannot happen.” 

One of Newcleo’s innovations is the use of lead as a coolant, which Buono says allows for cost-effective cooling while enabling compact reactor designs and recycling of radioactive waste. “This is why we have chosen to develop equilibrium solutions for reactor cooling,” Buono said. 

“It’s now possible to cool reactors with liquid metals like lead,” he said, adding that this method allows for the cooling of compact batteries at a very low financial cost. “Our technology also makes it possible to recycle radioactive waste.” 

According to the International Energy Agency, the nuclear sector could help reduce global greenhouse gas emissions by providing an alternative to fossil fuels. 

A key strength of nuclear power is its ability to generate electricity without emitting carbon dioxide during operation, making it a valuable ally in the push to meet emissions reduction targets. 

However, nuclear energy also presents challenges. Radioactive waste management, plant safety, and public perception are issues that demand clear solutions and technological innovation — areas where French start-up Newcleo aims to make a difference. 

Buono highlighted Newcleo’s distinct approach to waste recycling, describing it as a competitive advantage over American companies. “Recycling is one aspect, and the fact that there is no nuclear waste is a good thing,” he said, adding that the company’s methods make it easier to collaborate with industrial partners and data centers. 

Buono emphasized the importance of implementing technology already established in the region, citing the example of Italian company Fincantieri, a key partner for Newcleo. “These platforms also represent a meeting point between nuclear technology and industry, two worlds that have everything in common to make this collaboration a success,” he said. 

According to Buono, Newcleo’s technology is designed not only to generate electricity but also to provide heat and support industrial processes, which he described as “the beauty” of their approach. 

Commenting on the FII, Buono said Newcleo aimed to gain insights into Saudi Arabia’s nuclear landscape. “Our company is very European, and our aim is to raise awareness of our technology because we want to see it developed in the Kingdom,” he said. “For us, this was really a reconnaissance mission.” 

While nuclear sector growth is relatively slow, Buono believes demand for decarbonization is growing faster. “Growth and competition in the nuclear sector are slow, but we need to decarbonize a lot,” he added. “The demand is faster than the sector’s growth, and I do not think there are many players capable of innovating in these systems.” 

Newcleo’s ambitions are further bolstered by French government support, which Buono considers essential for its global aspirations. “Our start-up is directly supported by the French government as part of its France 2030 plan,” he said. “This is crucial support, and when we go to other countries, we can count on government backing through embassies, export ministries, and Business France.” 

As Newcleo looks to expand internationally, its innovative reactor technology aims to position nuclear energy as a viable, safe solution for future energy needs. 


Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push

Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push
Updated 03 November 2024
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Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push

Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push
  • Globant will work with QIC to develop the Qiddiya PLAY LIFE Connected Experience
  • Deal to showcase how digital ecosystems can enhance the entertainment and cultural sectors in the Kingdom

RIYAD: Qiddiya Investment Co., wholly owned by Saudi Arabia’s Public Investment Fund, signed an agreement with tech firm Globant to turn Qiddiya City into an immersive hub.

Under the deal, Globant will work with QIC to develop the Qiddiya “PLAY LIFE Connected Experience,” a digital entertainment, sports, and culture ecosystem designed to transform how visitors and residents interact with the destination’s wide range of offerings, according to a press statement. 

Developing mega projects like Qiddiya is one of the goals outlined in Saudi Arabia’s Vision 2030 program, as the Kingdom continues to evolve as a global tourism and entertainment destination. 

“Our partnership with Globant marks a pivotal step in realizing Qiddiya’s vision as the world’s first city dedicated entirely to play. The Qiddiya PLAY LIFE Connected Experience will enhance how visitors engage with our attractions and set a new standard for digital integration in entertainment and tourism,” said Abdulrahman Al-Ali, chief technology officer at QIC. 

He added: “We are creating a destination that is both innovative and unforgettable, and this collaboration will help ensure that every visitor’s journey is personalized, seamless, and truly unique.” 

The press statement said that the PLAY LIFE Connected Experience framework will leverage advanced systems like artificial intelligence, data analytics, and cloud technology to develop an interface that will personalize and enhance every interaction at Qiddiya City. 

The platform will also allow visitors to book events, manage their itineraries, discover new adventures, and engage with the community, all through a personalized, real-time interface. 

“Partnering with Qiddiya on this program is a major milestone for Globant. We are not building a smart city but creating an immersive, digitally connected experience that brings Qiddiya to life in ways that go beyond traditional entertainment. This is the future of how cities and people will interact, and we are thrilled to lead this transformation,” said Federico Pienovi, CEO and chief business officer of New Markets at Globant. 

The incorporation of technology in Qiddiya City will showcase how digital ecosystems can enhance the entertainment and cultural sectors in the Kingdom, according to the press statement.

Mamdouh Al-Doubayan, managing director for the Middle East and North Africa at Globant, said the deal will help the Saudi workforce advance in the technological sector. 

“Projects like Qiddiya provide unparalleled opportunities to transfer our expertise in digital transformation and innovation, especially in the entertainment industry, to the new generation of Saudis. As a result of creating opportunities for upskilling and reskilling, we are helping to build the future workforce and enabling the Kingdom to become a leader in digital ecosystems,” said Al-Doubayan.


Startup valuation adjustment reflects dynamic period of growth in KSA, VCs say

Startup valuation adjustment reflects dynamic period of growth in KSA, VCs say
Updated 03 November 2024
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Startup valuation adjustment reflects dynamic period of growth in KSA, VCs say

Startup valuation adjustment reflects dynamic period of growth in KSA, VCs say

RIYADH: Saudi Arabia’s startup ecosystem is undergoing a remarkable transformation, driven by increasingly attractive valuations and a surge in early-stage investment activity.

The Kingdom is establishing itself as a leader in venture capital funding across the Middle East and North Africa region, with government-backed initiatives, economic reforms, and digital transformation playing pivotal roles.

As valuations – once inflated by significant capital inflows – adjust to more reasonable levels, early-stage rounds are becoming particularly appealing to both regional and international investors.

In the first half of the year, 84 percent of total transactions in Saudi Arabia came from early-stage investments, a rise from 82 percent on the previous 12 months, with series A transactions increasing to 14 percent from 10 percent, according to venture data platform MAGNiTT.

The current state of valuations

In an interview with Arab News, Tushar Singhvi, deputy CEO at Crescent Enterprises, said that the current state of valuations in Saudi Arabia reflects a “dynamic period of growth.”

He acknowledged that while some valuations had become “excessively high” due to the substantial influx of venture capital, they have since moderated, offering more “reasonable levels,” which in turn create “attractive opportunities for investors.”

The executive added: “Although some valuations might still appear inflated, the strong underlying fundamentals and significant growth potential of these businesses justify these prices.”

Tushar Singhvi, deputy CEO at Crescent Enterprises. (Supplied)

Saudi Arabia led the MENA region in venture capital funding during the first half of 2024, with a total of $412 million, Singhvi highlighted.

“Additionally, foreign investments in Saudi Arabia rose by 12 percent year-on-year to $640 billion by the end of 2023, highlighting sustained investor confidence,” he added.

In agreement, Bundeep Singh Rangar, CEO of Fineqia and managing partner of Glass Ventures, emphasized that Saudi Arabia’s startup ecosystem is showing resilience.

“While the broader MENA region has seen a decline in venture capital funding, Saudi Arabia’s ecosystem remains resilient,” he said, noting that even with a slight year-on-year dip in funding, investor confidence remains high, particularly in sectors like fintech and e-commerce.

Rangar explained that the maturation of the Saudi startup ecosystem is increasingly aligning with “global standards,” making the valuations justifiable as the market sentiment continues to strengthen.

Underlying factors

Several key factors have driven investors’ increased interest in early-stage rounds in Saudi Arabia. Singhvi points to the Kingdom’s “vast market potential” supported by Vision 2030, which has catalyzed a wave of innovation and entrepreneurship.

Significant government support, such as initiatives from Monsha’at and the Public Investment Fund, have played a crucial role, while infrastructure spending has created new opportunities across multiple sectors.

“The ongoing digital transformation in the Kingdom has further enhanced its attractiveness,” Singhvi remarked, adding that digitally enabled businesses are well-positioned to capture the growth opportunities emerging from this transformation.

Bundeep Singh Rangar, CEO of Fineqia and managing partner of Glass Ventures. (Suppied)

Rangar also highlights the impact of Vision 2030, noting that the government’s proactive efforts, including initiatives like the LEAP conference where billions are being invested in tech, are creating fertile ground for early-stage investments.

He said: “The growing demand for technology-driven solutions in sectors like fintech, coupled with an 83 percent year-on-year rise in non-mega funding, makes early-stage investments particularly attractive to both local and international investors.”

Singhvi also stated that investor participation has grown significantly, with Saudi Arabia accounting for 54 percent of MENA’s total venture capital funding in the first half of the year, up from 38 percent in 2023.

Valuations and M&A

One significant outcome of these more attractive valuations is the potential for increased mergers and acquisitions activity within Saudi Arabia’s startup ecosystem.

Singhvi predicts “unprecedented growth” in the M&A market, noting that Saudi Arabia led the Middle East in M&A activity in the first quarter of 2024 and is projected to reach a transaction value of $4.8 billion by year-end.

“The startup sector is expected to see similar positive activity, with more realistic valuations making them more appealing to potential investors,” he remarked.

Rangar concurs, explaining that as valuations become more aligned with market norms, mature startups are likely to consolidate their positions and scale via strategic acquisitions.

He cited RasMal’s recent acquisition of UAE’s Pentugram as an example of how favorable valuations can facilitate cross-border deals that strengthen the regional influence of Saudi startups.

Future outlook

The trend of appealing early-stage rounds is likely to continue, according to both Singhvi and Rangar.

Singhvi emphasized that Saudi Arabia’s commitment to Vision 2030 creates a “stable and supportive environment for startups,” particularly in key sectors like fintech, e-commerce, health tech, ed tech, and renewable energy, which are expected to continue attracting significant investment.

He pointed to the Kingdom’s economic stability and the net inflow of foreign direct investments, worth $3.49 billion in the last quarter of 2023, as further reinforcing investor confidence.

Rangar also pointed out that rising investor participation – up 16 percent in the first half of 2024 – reflects a robust appetite for early-stage investments and suggests this trend will persist, supported by continued government backing and the availability of capital.

Optimism amongst investors

Positivity about the future of Saudi Arabia’s startup ecosystem is shared widely among investors, according to both Singhvi and Rangar.

“There is strong optimism about the future of the Saudi startup ecosystem among investors,” Singhvi said, highlighting the growing sophistication of the ecosystem.

The rise of corporate venture capital, with large corporations investing in startups for innovation, has been a major factor, offering funds, mentorship, and industry expertise.

The increasing alignment of valuations with market fundamentals is further contributing to this optimism.

“Investors are particularly encouraged by the growth potential in sectors like fintech, e-commerce, and digital transformation, which are expected to continue attracting significant capital,” Rangar added, noting that Saudi startups’ resilience amid regional challenges reinforces this positive outlook.

Saudi Arabia’s leading position

Comparatively, Saudi Arabia is surpassing other MENA markets such as the UAE and Egypt in terms of venture capital funding.

“It has more than 8,400 startups, of which two have already become unicorns – startups with a valuation exceeding $1 billion – namely stc pay and Tamara. While the UAE remains a strong competitor with a higher number of transactions, the gap in funding between the two has widened, with Saudi Arabia securing a larger share of the region’s total funding,” Rangar said.

“The Kingdom’s focus on high-growth sectors and the support from initiatives like the Saudi Unicorns program have positioned it as a rising star in the global startup ecosystem, setting it apart from its regional counterparts,” he added.

Crescent Enterprises, for its part, sees the Saudi market as a hub of significant opportunity. Singhvi explained that the firm is actively exploring investment opportunities across sectors and has already established a strong presence in the Kingdom.

Companies like Gulftainer Group, which manages terminals in Jubail, and Momentum Logistics, which operates a logistics hub in Dammam, are part of Crescent’s portfolio.

He also mentioned several portfolio companies that already have significant presence in Saudi Arabia, such as Kitopi, a cloud-based smart kitchen operator, and Transcorp, a temperature-controlled last-mile delivery service provider.

Looking ahead, Singhvi said: “We aim to deepen our presence in Saudi Arabia by investing in innovative startups and established businesses that align with our vision of sustainable growth and development.”

He mentioned that portfolio startups like BreakBread, a digital marketplace, and FreshToHome, a food tech company, are also planning to expand their operations into Saudi Arabia, signaling further growth potential.


Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector

Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector
Updated 03 November 2024
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Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector

Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector

JEDDAH: Saudi Arabia’s commercial real estate sector is witnessing robust growth, driven by rising demand across key industries, including offices, hospitality, and data centers.

The sector is also evolving with a focus on smart technologies, sustainability, and specialized assets, reflecting the Kingdom’s broader economic transformation goals.

Strategic government initiatives, such as Vision 2030, and increased foreign investment are playing a crucial role in this expansion, as highlighted by the latest Knight Frank report.

The Kingdom’s major cities are becoming regional hubs for commercial activity, attracting international businesses and supporting Saudi Arabia’s economic diversification efforts.

As the Kingdom continues to implement its Vision 2030 strategies, the commercial real estate sector is poised to play a pivotal role in shaping the future of the country’s urban landscape and economic growth.

The capital city, Riyadh, remains at the center of this surge, attracting numerous regional and international companies, while other cities such as Jeddah show early signs of growth.

According to Knight Frank’s biannual review of key trends and the performance of the market in the Kingdom for summer 2024, this growth is driven by rising demand and supported by strategic government reform initiatives.

The report by the London-based global real estate consultancy firm showed that the office market in Riyadh is particularly dynamic, benefiting from the regional headquarters program initiative, which has attracted European companies and spurred demand for office space.

In 2023, Saudi Arabia’s non-oil revenue reached 50 percent of gross domestic product for the first time, amounting to $453 billion, according to the Ministry of Economy and Planning.

The report added that this economic growth has significantly boosted demand for commercial real estate across all sectors, with Riyadh’s office market seeing the most benefit as office space demand rises.

The commercial real estate sector remains strong, with office yields holding at 7.75 percent, supported by shrinking availability and fast-increasing rents.

Investor interest in Saudi Arabia is also surging, with the government granting a record 2,884 investment licenses in the last quarter of 2023, marking a 125 percent year-on-year increase.

Knight Frank further noted that in the first quarter of 2024, the Kingdom recorded 104,000 new business registrations, up 59 percent from the same period the year before, bringing the total to over 1.45 million registrations.

Speaking to Arab News, Elias Abou Samra, CEO at RAFAL Real Estate Development Co. highlighted the current trends shaping the commercial real estate market in Saudi Arabia which has seen Riyadh become a magnet for commercial real estate at a regional level.

“The capital has attracted more than 500 regional and international companies since the launch of the headquarters program by Royal Commission of Riyadh City in 2021. We are expecting a new supply of approximately 5 million sq. meters of office space by 2030, and we believe this will barely match the pent-up demand,” he said.

Abou Samra added that as for other major cities the demand remains local and growth is organic, pending the roll out of certain initiatives and incentives such as special economic zones in King Abdullah Economic City and Eastern Province.

The executive pointed out that Riyadh has absorbed 90 percent of the demand in recent years and is expected to continue to do so for the next four years. He also added that the coast city of Jeddah is witnessing early signs of growth as major master plans and infrastructure projects reach advanced design stages.

“Other cities continue to serve their local and regional markets with a healthy 5 percent growth per year that is sustained, yet no paradigm shifts are sensible yet,” he said.

The sector will continue to benefit from ongoing digital transformation efforts, with technology playing a crucial role in shaping smarter, more efficient spaces.

Mamdouh Al-Doubayan, managing director at Globant for Middle East and North Africa, said that government support coupled with a growing focus on sustainability and the implementation of smart technologies will drive the market’s expansion.

“Key factors such as foreign investment, the evolution of regulatory frameworks, and demand for innovative, flexible workspaces will also play a critical role in the sector’s growth, he said, adding that his company is well-positioned to support this transformation.

Mamdouh Al-Doubayan, managing director at Globant for Middle East and North Africa. (Supplied)

Regarding the future success drivers for Saudi Arabia’s sector, Abou Samra highlighted that they go beyond basic supply and demand, emphasizing the market’s shift toward mixed-use and transit-oriented developments, reflecting greater sophistication.

“As such, part of demand springs from upgrades within existing stock of office space, and conversion of old stock to alternative asset classes. Another driver is the modernization and openness of the regulatory environment and quasi-governmental entities that are jointly paving the way for innovative products,” the CEO said.

Abou Samra added that the Mukaab at Riyadh’s New Murabba mega project is a testament to the new frontiers of commercial real estate in Saudi Arabia.

Addressing the impact of Saudi Vision 2030 on the strategic direction of commercial real estate development, Rafal’s CEO noted that the Kingdom’s decade-end plan touches all sectors of the economy, enhancing existing industries and introducing new ones like mining, tourism, and cloud computing.

“As a result, we are migrating from a one-size-fits all commercial real estate market to specialized assets,” he said.

Abou Samra identified data centers as the leading new addition to the commercial real estate market, followed by logistics and biomedical sectors. He emphasizes that these developments are driven by Saudi Arabia’s Vision 2030, which aims to diversify the economy by fostering new industries and reducing dependence on oil.

Shedding light on the areas or sectors within commercial real estate that are currently attracting the most investment, Abou Samra noted that, in addition to mainstream commercial office space, the industrial and logistics sectors have experienced double-digit growth since 2021.

He also highlighted that major regional players are entering these markets, and foreign direct investments in these sectors continue to flow into the Kingdom.

On the other hand, technology has become essential to the success of every industry, and commercial real estate is no exception.

Globant’s Al-Doubayan said technological advancements, including smart building technologies and digital platforms, are shaping the commercial real estate industry in Saudi Arabia, emphasizing their transformative impact on the sector in the Kingdom.

“Smart building technologies, integrated with IoT, AI, and data analytics, are enabling the creation of more intelligent, efficient, and adaptive spaces,” he said, adding that his company focuses on enhancing connected experiences within smart venues, allowing building owners and operators to offer seamless experiences for tenants and visitors, while optimizing resource management.

He further said that digital platforms are also revolutionizing property management, making it possible to monitor and automate operations in real time. “This evolution is key to supporting the Kingdom’s broader vision of smart cities and sustainable urban growth.”

The Saudi government is prioritizing the real estate sector, enacting over 18 pieces of legislation, as of May, to drive its growth and significantly boost its GDP.

These include real estate systems, executive regulations, and regulatory rules, reflecting the government’s commitment to this sector as part of Vision 2030.

The sector’s role and contribution to the Kingdom’s GDP reached 5.9 percent in the fourth quarter of 2023.

Reflecting on the impact of recent regulatory and policy changes on the commercial real estate market, the Al-Doubayan stated that Saudi Arabia’s regulatory shifts, including the implementation of more transparent property laws and foreign investment incentives, have significantly increased the market’s attractiveness.

“These reforms are creating an environment conducive to international investment and collaboration, which aligns with Vision 2030’s goals of diversifying the economy, as more policies are introduced to attract global businesses,” he said.

Moreover, he anticipated that the real estate sector will see continued growth, especially in digital transformation projects that enhance operational efficiency and sustainability.

Al-Doubayan added that sustainability is central to the future of commercial real estate in Saudi Arabia.

He emphasized that the country is making strides toward green building practices, which are increasingly becoming a priority for developers and tenants alike.

“Certifications such as Leadership in Energy and Environmental Design, or LEED, are gaining traction, encouraging buildings to reduce energy consumption and carbon emissions,” he said.