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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)

Saudi Arabia unveiled investment projects worth more than SAR 68.7 billion ($18.3 billion) during the Cityscape Global exhibition, the largest real estate platform, which brought together more than 350 companies from 21 countries around the world to conclude major investment deals.

Speaking during the exhibition’s launch on Sunday, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail, said that the Kingdom has witnessed rapid urban growth that has surpassed the whole world.

He added that the coming years will see an expansion in the construction of residential suburbs throughout the Kingdom, with the participation of international real estate developers, amid an encouraging legislative environment that stimulates investments.

“We will together work on developing the housing sector in light of a legislative environment that stimulates investment and various financing options that have contributed to the highest ever percentage of real estate loans in the non-oil gross domestic product,” he stated.

The minister added that Cityscape Global will witness the launch of quality projects and the signing of many agreements to activate promising partnerships. He also noted that in light of the current and future project volumes, the focus will be on quality, shortening the time required to deliver units, and relying on modern construction methods.

For his part, Executive Vice President of Cityscape Global, Chris Speller, said that the current edition hosted by Riyadh was the largest in the history of the exhibition.

In turn, the CEO of Saudi NEOM, Nadhmi Al-Nasr, confirmed that the giant development embodied the vision of the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, for the new future of man and humanity.

Cityscape Global, held under the theme “The Future of Living,” will feature free seminars at the NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

The event will review real estate ideas and experiences in the fields of architecture, designs, and city planning. Participants will also discuss the best international practices in future development and construction techniques, in addition to shedding light on the real estate legislation system.

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Saudi Arabia Leads Int’l Efforts to Combat Climate Change, Land Degradation

Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
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Saudi Arabia Leads Int’l Efforts to Combat Climate Change, Land Degradation

Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)

The presidencies of the next three upcoming Conferences of the Parties (COP) — Saudi Arabia, Azerbaijan, and Colombia — held a meeting on the sidelines of the United Nations General Assembly in New York to outline their ambitions regarding the three Rio Conventions.

Additional meetings are scheduled for the last quarter of this year to address the pressing challenges of climate change, desertification, and biodiversity loss.

The Rio Initiative takes its name from the historic agreements made at the 1992 Earth Summit in Rio de Janeiro, Brazil. It aims to foster cooperation in tackling land degradation, climate change, and biodiversity loss, while boosting international efforts under the United Nations' environmental agreements.

On Sunday, world governments gathered in New York to establish a framework for addressing the threats posed by climate change, desertification, and biodiversity loss. The meeting focused on enhancing cooperation between the upcoming COP presidencies.

The participants included Saudi Arabia, set to lead the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16); Azerbaijan, which will chair the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29); and Colombia, which will head the 16th Conference of the Parties on Biological Diversity (COP16).

Saudi Arabia's presidency of COP16 highlighted the crucial importance of land restoration for the well-being of both people and the planet. It also underscored the devastating economic, social, and environmental impacts of land degradation and drought, which threaten biodiversity and increase greenhouse gas emissions, worsening food and water security challenges.

Dr. Osama Faqeeha, Saudi Arabia’s Deputy Minister of Environment, Water, and Agriculture, and advisor to the COP16 presidency, stated: "Climate change, biodiversity loss, and land degradation are interconnected aspects of the same crisis facing the planet, and they must be addressed in a more integrated and effective manner."

"This year presents a unique opportunity to unite efforts with Azerbaijan and Colombia and rally global support to address these interlinked environmental challenges, which have a destructive impact on the planet and its people," he added.

Colombian Minister of Environment and Sustainable Development Susana Muhamad emphasized the need for a unified agenda to be implemented on the ground. She expressed her readiness to establish a working group to bolster coordination and cooperation.

"The just transition in climate change must reflect interconnected efforts to protect natural ecosystems from degradation and harm," she said, adding: "We have a valuable opportunity to plan land use through a more integrated approach: decarbonization, environmental restoration, and improving human living conditions. COP16 for Biological Diversity is the ideal platform to deepen understanding and action on these efforts."

Mukhtar Babayev, president of COP29 for Climate Change, stressed the importance of "fostering cooperation, enhancing action efficiency, and achieving tangible results that benefit people and the planet by strengthening collaboration across the three Rio agreements."

He continued: "It’s essential to recognize that the goals of these agreements are fundamentally interconnected, and progress in one area can drive advancements in others."

Saudi Arabia called on governments attending the UN General Assembly to take decisive actions during COP16 for the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

The UN Convention to Combat Desertification has set a target of restoring 1.5 billion hectares of degraded land by 2030. In Riyadh, Saudi Arabia's COP16 presidency will push for further concrete commitments to help achieve this goal.

The upcoming COP16 will be the largest and most comprehensive conference in the history of the convention, providing a global platform for collaboration. It will also offer opportunities for the private sector, civil society, and the scientific community to exchange solutions for combating land degradation, desertification, and drought.