Aramco to Launch 65 New Projects in 2023

Future Projects Forum in Riyadh (Asharq Al-Awsat)
Future Projects Forum in Riyadh (Asharq Al-Awsat)
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Aramco to Launch 65 New Projects in 2023

Future Projects Forum in Riyadh (Asharq Al-Awsat)
Future Projects Forum in Riyadh (Asharq Al-Awsat)

Major government and private entities reviewed their future projects worth billions of dollars to allow contractors to benefit from their implementation, coinciding with the 4th edition of the Future Projects Forum in Riyadh.

The Saudi Contractors Authority, in partnership with several public and private entities, launched the Forum on Sunday, showcasing nearly 3,000 projects worth $213 billion.

The participating agencies disclosed projects for more than 13 government agencies and the private sector, including five ministries.

The Authority signed ten memoranda of understanding (MoU) with several agencies, and the winners were crowned with Excellence Awards.

Saudi Arabian Oil Company (Aramco) announced it will launch 55 new projects in 2023 and ten other gas and oil projects.

Aramco will also launch 30 digital solutions that manage more than 100 indicators, with its plan to launch 24 other technical solutions to meet the increased demand during the next three years.

Aramco explained that it is adopting high-level technical solutions to increase its growth globally, as it has provided more than 160 technical solutions in its projects, indicating that it employs its capabilities to launch huge technical applications.

Aramco's Project Management has launched 14 applications to manage more than 160 jobs with more than 3,000 employees.

Meanwhile, the major corporations of the Saudi oil, gas, chemical, and iron industries confirmed their growth, noting that they will transfer the challenges created by the coronavirus pandemic into real opportunities.

Representatives of the sectors highlighted the requirements of the contracting industry to achieve Vision 2030 projects and the primary impulse of many vital industries.

The Saudi Ministry of Energy participated in the Forum by presenting executive plans in developing renewable energy projects and its most prominent achievements to enable its promising sector in the next stage.

The Ministry indicated that it is about to launch new projects at the beginning of 2023, revealing many initiatives to localize and enable renewable energy opportunities.

The ministry is implementing its plans under Vision 2030 while working to develop its digital tools and solutions. It also stressed the need to stimulate sustainable development of renewable and green energy and green hydrogen.

Saudi SABIC stated that it generates 150 new products annually and world-class processing technologies worldwide, revealing it has over 66 facilities and more than 10,000 inventions and applications.

SABIC explained that its assets amount to $85 billion, making it the second-best brand in the industry globally.

Several memoranda of understanding were signed between the Saudi Contractors Authority and King Abdulaziz City for Science and Technology on the sidelines of the Forum



Five Benefits of the New Foreign Property Ownership Law in Saudi Arabia

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Five Benefits of the New Foreign Property Ownership Law in Saudi Arabia

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

A newly updated property ownership law approved by Saudi Arabia’s cabinet earlier this month is expected to deliver five major benefits to the Kingdom’s real estate sector, including attracting foreign capital and enhancing transparency, according to industry experts.

Set to take effect in January 2026, the law enables non-Saudis to own property under a regulated framework aimed at modernizing the sector and supporting the country's broader economic transformation goals under Vision 2030.

Real estate experts said the law will draw foreign investment through sovereign wealth funds and international developers, transfer global expertise in property management and development, expand the supply of residential and commercial units, unlock new financing channels for large-scale developments, and generate new job opportunities for Saudi citizens.

“This is a pivotal step toward creating a more transparent, professional, and investor-friendly real estate market,” said Khaled Al-Mobid, CEO of property firm Manassat.

“The new system regulates relationships between all market players, speeds up processes, protects rights, and raises the overall quality and diversity of real estate projects,” he told Asharq Al-Awsat.

He said the streamlined regulations are expected to make the Saudi property market more appealing to both local and international investors, particularly with improved governance and legal clarity. The law is also anticipated to support price stability by reducing speculation and ensuring more equitable property valuations.

With a more welcoming investment climate, Al-Mobid expects a wave of international developers to enter the market, especially in major cities and emerging economic zones.

“This framework reduces operational risks and facilitates licensing for major projects,” he said.

Ahmed Al-Faqih, a real estate consultant and appraiser, told Asharq Al-Awsat the reform marks a shift in Saudi Arabia’s investment landscape, offering promising returns to global funds and real estate entities.

He highlighted the law’s potential to attract capital from around the world while transferring expertise in property development, facility management, and project execution to the local market. “It will enrich the supply across all real estate segments, from residential to industrial and tourism-related projects,” Al-Faqih said.

One of the most notable features, he added, is the introduction of internationally recognized financial mechanisms such as profit-sharing structures to fund large-scale developments. These changes are also expected to create thousands of new jobs in the Kingdom’s growing real estate sector.

Al-Faqih pointed to the law’s removal of the residency requirement for foreign ownership as a key draw. “It adds much-needed flexibility and enhances the appeal of Saudi Arabia’s real estate market,” he said, predicting it will boost the sector’s contribution to non-oil GDP and ensure long-term sustainability.

According to the Real Estate General Authority (REGA), the new law will come into force 180 days after its publication in the official gazette. The executive regulations outlining implementation procedures and conditions will be issued within the same period.

Ownership will be permitted in specific areas of Riyadh and Jeddah under a structured geographic framework designed to protect market balance. However, property ownership in Makkah and Madinah will be restricted to Muslims under special conditions or regulated arrangements.

The system permits full ownership, as well as other real rights, such as usufruct and easements, provided the property is recorded in the national real estate registry and all ownership data is fully disclosed as stipulated in the executive regulations.

The Kingdom’s real estate sector has witnessed robust growth in recent years, contributing about 14% to GDP by the end of 2024, according to REGA CEO, Abdullah Al-Hammad.

The updated law, experts say, is expected to further strengthen that trajectory by fostering a more competitive, transparent, and globally integrated market.