‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
TT
20

‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.



New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed

Residential and commercial properties in Riyadh – Asharq Al-Awsat
Residential and commercial properties in Riyadh – Asharq Al-Awsat
TT
20

New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed

Residential and commercial properties in Riyadh – Asharq Al-Awsat
Residential and commercial properties in Riyadh – Asharq Al-Awsat

Saudi Arabia has approved a new law allowing non-Saudis to own real estate across the Kingdom, a move officials say will stimulate foreign investment, increase the quality and availability of housing stock, and help bring balance to the property market.

The decision, announced by the Council of Ministers on Tuesday, marks a shift in the structure of the real estate sector and aligns with the Kingdom’s broader strategy to diversify investment and improve urban development under its Vision 2030 reform agenda.

Municipal and Rural Affairs and Housing Minister Majid Al-Hogail said the new framework is expected to attract foreign developers and investors, increase competition in the domestic market, and ultimately help stabilize prices while improving housing options for Saudi citizens.

“A Strategic Restructuring”

“This step will encourage real estate supply and raise the quality of developments,” Al-Hogail said in a statement. “It supports the economic momentum and investment movement we are witnessing under Vision 2030.”

Khalid Al-Jasser, head of Amaken Group and a real estate specialist, said the updated system prioritizes Saudi citizens’ interests and will include mechanisms to regulate the market and achieve planned targets—chief among them, property market balance.

He added that the move would introduce global real estate standards to the Kingdom and draw capital to improve housing infrastructure, while creating jobs and lowering property prices.

“This is more than just an investment measure—it’s a structural shift,” Al-Jasser said.

Focus on Mega Projects and New Cities

Khaled Almobid, CEO of Menassat Realty Co., said the measure would allow foreign investors to buy properties in major development zones such as NEOM and the Red Sea Project—areas central to Crown Prince Mohammed bin Salman’s economic diversification efforts.

Almobid said the law is intended to protect Saudi homebuyers from being priced out of the market, while enabling high-value foreign investment that brings hard currency and supports large-scale development.

“The focus will be on strategic areas,” he said. “We expect foreign ownership will be restricted in districts designated for Saudi housing, with safeguards against speculation.”

He noted that details would become clearer once executive regulations are released.

Riyadh Housing Reforms

The foreign ownership law follows a series of housing reforms launched in March by Crown Prince Mohammed, aimed at curbing soaring land and rental prices in Riyadh.

As part of the measures, the government lifted bans on land sales, divisions, and permits, and instructed the Royal Commission for Riyadh City to develop 10,000 to 40,000 new residential plots annually over the next five years - priced at no more than 1,500 riyals ($400) per square meter - for eligible citizens.

Eligibility is limited to married Saudis or individuals over 25 years old with no prior property ownership.

The government also pledged to amend regulations governing undeveloped land fees and tenant-landlord relations within 60 to 90 days to boost supply and protect all parties’ rights.

The Real Estate General Authority and the Royal Commission were also tasked with monitoring Riyadh property prices and submitting regular reports.