Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
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Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)

The Middle East and North Africa (MENA) Climate Week which kicked off in Riyadh on Sunday witnessed international consensus on unifying efforts to confront climate change.

Several ministers and officials who attended the event stressed that it represents a regional platform to provide solutions and innovations that help in achieving the targets of regional countries and in facing climate change.

Saudi Minister of State for Foreign Affairs Adel al-Jubeir revealed the allocation of more than $186 billion to implement the Saudi Green Initiative.

Al-Jubeir went on to say that the Kingdom was seeking to transform itself through carbon recycling to turn cities into green unpolluted areas.

Egyptian Foreign Minister Sameh Shoukry underlined the importance of holding Climate Week in the Middle East, noting that the event is bound to yield partnership and cooperation related to climate, as well as stress the importance of sharing responsibility and adapting to climatic conditions.

The minister pointed out that Climate Week highlights the main elements of climate change and the need for action plans and underscores the importance of unifying efforts to come up with solutions and capacity-building.

“We cannot stop using the sources of energy we are using today before securing alternative, sustainable sources of energy for the future,” said UAE Energy Minister Suhail Al-Mazrouei.

“The Middle East and North Africa region is at a crossroads, facing not only the devastating impacts of climate change, but also the challenge of transitioning their economies to ensure prosperity in a 1.5C aligned world,” said Simon Stiell, Executive Secretary of UN Climate Change.

Aramco president and CEO Amin Nasser stated that there is a gap between the needs of developing and developed countries.

He added that the company seeks to achieve balance and to achieve carbon neutrality and reduce emissions in 2050.

He noted that Climate Week provides a platform to highlight regional solutions and innovations, paving the way for reinforcing cooperation between countries, sectors, and specializations.

The third ministerial session of the event discussed the need for sustainable development and adaptation to climate challenges to ensure a sustainable and clean future in MENA.

The first session focused on Saudi Arabia’s ongoing efforts to achieve the Paris Agreement's goals and a more sustainable world.

The Climate Week reinforces the significance of circular frameworks in reducing emissions and the role this plays in boosting the economy and supporting sustainability.

Saudi Arabia is aware of the significance of a circular economy in reducing emissions and building economic competency. Its Circular Carbon Economy National Program supports the state’s commitment to achieve a flexible and clean energy system.



Saudi PIF Invests in Workers' Housing to Meet Demands of Megaprojects

Housing complexes for workers affiliated with the Royal Commission in Yanbu (SPA)
Housing complexes for workers affiliated with the Royal Commission in Yanbu (SPA)
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Saudi PIF Invests in Workers' Housing to Meet Demands of Megaprojects

Housing complexes for workers affiliated with the Royal Commission in Yanbu (SPA)
Housing complexes for workers affiliated with the Royal Commission in Yanbu (SPA)

The Public Investment Fund (PIF) has announced plans to invest in workers’ housing and develop more residential complexes for laborers involved in Saudi Arabia’s major construction and development projects. Experts say this move will increase the supply of housing solutions, especially in light of upcoming global events such as Expo 2030 and the 2034 FIFA World Cup, as well as the ongoing megaprojects in the Kingdom.
The PIF has launched the Smart Accommodation for Residential Complexes Co. (SARCC), a company focused on the development and operation of residential complexes for workers across key construction and development projects in the country. SARCC aims to meet the growing demand for worker housing solutions and provide services for both public and private projects nationwide.
Real estate experts believe this new company will help ease pressure on family housing by creating additional housing options for workers. This is expected to boost the overall supply of housing and, in turn, help reduce prices and contribute to the goal of increasing the homeownership rate for Saudi families to 70% by 2030.
Khaled Al-Mobid, CEO of Menassat Real Estate, highlighted that one of the biggest challenges for the Kingdom’s development is the rising demand for labor due to the ongoing megaprojects. He pointed out that these workers need suitable housing, but the market currently suffers from a shortage of available options, many of which are not suitable for workers.
Al-Mobid noted that the PIF’s decision to launch a real estate development company focused on worker housing is a timely and beneficial step that will address the issue of workers living in inadequate areas.
Ahmed Omar Basodan, another expert in real estate, said that establishing SARCC aligns with the scale of the ongoing megaprojects and upcoming global events like Expo 2030 and the 2034 FIFA World Cup, which will require a massive workforce. Basodan emphasized that the new company will help move workers out of family housing and into specialized residential complexes, increasing the supply of housing and supporting the goal of 70% homeownership by 2030.
He further noted that the PIF has already launched companies in the real estate sector, such as Roshn Group, Saudi Downtown Company, and New Murabba Development Company, recognizing the significant opportunities within Saudi Arabia’s real estate market.
According to the PIF’s statement, SARCC will play a key role in developing the housing sector by investing in and managing worker housing complexes. It will also enhance housing standards for workers by developing and operating projects that meet international standards set by the European Bank for Reconstruction and Development and the International Finance Corporation, which is part of the World Bank.