Adeer Company Sells Real Estate Project at $480 Million East of Saudi Arabia

 Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
TT

Adeer Company Sells Real Estate Project at $480 Million East of Saudi Arabia

 Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Adeer Real Estate Company announced selling Sumou Al-Khobar project east of the Kingdom for more than SAR1.8 billion ($480 million) during the public auction it organized on Thursday.

CEO of Adeer Mutab Al Saad said the auction’s success underlines the advantages that the project enjoys, including its strategic location in the Seef neighborhood, which is one of the most important neighborhoods in the center of Saudi Arabia’s Triplet Cities of Dammam, Khobar and Dhahran.

He pointed out that the area is distinguished by its many facilities and services that enhance the quality of life and advance the implemented investment projects.

Mutab pointed out that the Company always seeks to provide key real estate opportunities, which are characterized by their vital locations and components, to meet the investors’ needs.

It also contributes to enhancing the real estate sector, which is considered a major source of income to the Saudi economy and one of the main tools to achieve the objectives of the Kingdom’s Vision 2030.

He said the sector is witnessing a development in laws and legislations and an increase in government spending on huge infrastructure projects, which raised its reliability and contributed to attracting Saudi and foreign investors.



Dubai Forum Highlights 7 Key Developments the World Will Witness in the Future

Participants attend the opening session of the Dubai Future Forum. (Asharq Al-Awsat)
Participants attend the opening session of the Dubai Future Forum. (Asharq Al-Awsat)
TT

Dubai Forum Highlights 7 Key Developments the World Will Witness in the Future

Participants attend the opening session of the Dubai Future Forum. (Asharq Al-Awsat)
Participants attend the opening session of the Dubai Future Forum. (Asharq Al-Awsat)

Participants at the Dubai Future Forum 2024 identified seven transformative developments that will reshape humanity’s future: the shift in evaluating growth, the dominance of solar energy, a return to the moon, the creation of a genomic bank, brain-computer implants for healthy individuals, the rise of alternative education, and AI’s integration into corporate boardrooms.

Khalfan Belhoul, CEO of the Dubai Future Foundation, emphasized the need to plan for the future and seize emerging opportunities.

In his keynote, he called for leveraging innovation, policy, and technology to enhance quality of life and foster global collaboration, reflecting the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Belhoul questioned the continued reliance on GDP as a measure of national progress, noting its inability to account for well-being and environmental impact. He welcomed the UN’s ongoing revision of its framework to incorporate these dimensions, signaling a major shift in evaluating growth.

On renewable energy, Belhoul pointed to solar power’s vast potential, stressing that global solar capacity, which stood at 220 gigawatts in 2022, is expected to double by 2025. In this context, he underlined the importance of natural resources in advancing sustainability and energy security.

Humanity is also set to return to the moon, with NASA planning a lunar mission after a 50-year hiatus. Belhoul expressed optimism about the new knowledge this mission could yield given recent technological advancements.

Moreover, the establishment of a genomic bank with over one million samples is expected next year, paving the way for personalized healthcare and disease prevention. While he hailed this as a scientific milestone, Belhoul urged caution over its ethical aspects.

In education, he stressed that a shift toward personalized learning is evident, with five million students projected to study outside traditional schools by next year. This reflects the growing role of technology in tailoring education to individual needs, he said.

Belhoul also discussed brain-computer implants, predicting that the first implant in a healthy person could happen within a year, raising profound questions about humanity’s relationship with technology. Additionally, he foresaw the appointment of the first AI-powered board member at a Fortune 500 company, sparking debates about AI’s role in leadership.

Belhoul urged policymakers and innovators to address these trends responsibly to ensure that technological advances align with human values and boost global well-being.