Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)
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Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)

Mediterranean union investment forum of renewable energy began in Egypt on Wednesday aiming to launch several opportunities in the field of renewable energy in the Euro-Mediterranean region, enhance cooperation on energy and climate actions, and create a more active involvement of the private sector in the regional-European-Mediterranean collaboration.

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi, Egyptian Minister of Investment and International Cooperation Sahar Nasr inaugurated on Wednesday the forum at the presence of Portuguese Secretary of State for Energy Jorge Seguro Sanches, Secretary General of the Union for Mediterranean (UfM) Fathallah Sijilmassi, official representatives, international financial institutions and private sector investors.

Minister Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute in attracting the investors to invest in the renewable energy, as well as in attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for the field.

“Renewable energy projects include providing job opportunities and contributing to achieving the sustainable development goals,” according to Nasr.

Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.

On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.

Minister Markabi highlighted the importance of the role played by the private sector and the Euro-Mediterranean cooperation in the fields of renewable energy and energy efficiency.



Saudi Real Estate Activities Record Deals Worth $170Bn Since Beginning of 2024

The Al-Qasr project, one of the projects of Dar Al Arkan Real Estate Development Company in Riyadh (Reuters)
The Al-Qasr project, one of the projects of Dar Al Arkan Real Estate Development Company in Riyadh (Reuters)
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Saudi Real Estate Activities Record Deals Worth $170Bn Since Beginning of 2024

The Al-Qasr project, one of the projects of Dar Al Arkan Real Estate Development Company in Riyadh (Reuters)
The Al-Qasr project, one of the projects of Dar Al Arkan Real Estate Development Company in Riyadh (Reuters)

Real estate activities in Saudi Arabia continued to grow since the beginning of 2024, recording more than 280,000 transactions worth more than $170 billion (SAR 636 billion), and extending over a total area of more than two billion square meters.

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

During the last week ending June 22, the real estate stock exchange witnessed 518 deals, with a transaction value exceeding SAR 331.7 million, and a trading area of about 900,000 square meters. The highest recorded price per square meter reached about SAR 15,000, while the average price was SAR 371 riyals.

Al-Wisam area in Jeddah topped the list of the most traded neighborhoods in Saudi Arabia on the real estate stock exchange during a week, with a value of transactions exceeding SAR 89.3 million, followed by the Arid district in Riyadh, with a value reached SAR 6.35 million.

The list included Al-Rimal neighborhood in Riyadh, with a value of SAR 5.59 million, followed by Jawharat Al-Arous in Jeddah, with a value of SAR 3.98 million, and the northwestern Al-Bukayriyah district, with transactions reaching SAR 700,000.

In remarks to Asharq Al-Awsat, real estate expert Eng. Ahmed Al-Faqih said the sector is seen as the safest option in light of the changes and fluctuations of the stock and gold markets and their impact on rising interest rates.

He added that the real estate market has shown stable and steady growth in all its sectors, thanks to the investors’ confidence in the government’s policies and the injection of large capital by launching huge real estate projects such as Qiddiya, NEOM, the Red Sea, and others.

In addition, the market has witnessed in recent years a package of legislation and regulations that have increased confidence and further attracted capital and real estate investments, he underlined.

He added that since the third quarter of 2023, the Saudi market has seen a remarkable increase in the number and value of real estate deals compared to the previous quarter, which indicates a change in the general mood of investors and their shift from a state of anticipation to seizing real estate opportunities.

Another real estate expert, Saqr Al-Zahrani, told Asharq Al-Awsat that the performance of the Saudi market reflected the remarkable growth and sustainability of demand for real estate, adding that the numbers and sizes of transactions registered through the real estate stock exchange highlighted the confidence of investors, thanks to government efforts and the economic reforms implemented within Vision 2030.

Al-Zahrani stressed that the real estate sector represents one of the basic pillars of the Saudi economy and contributes significantly to supporting the gross domestic product through huge investments and large development projects.

He also noted that government initiatives to regulate and promote investments in the real estate sector have revitalized the economy and created broad job opportunities for citizens and a variety of new skills in the real estate sector, thus reducing unemployment rates and achieving sustainable development.

He identified several reasons that supported the continued growth and sustainability of the Saudi real estate sector, including economic reforms and policies for investment, in addition to the government’s efforts to improve the business environment by facilitating procedures.

Al-Zahrani pointed to the mega projects taking place in the Kingdom and their role in attracting investments, as well as the increasing demand for housing and associated services as a result of urbanization.

In addition, political and economic stability played a vital role in enhancing investor confidence and encouraging long-term investment in real estate, he stated.