Saudi Arabia Mobilizes Local, Int'l Investors to Convert Waste into Economic Value

Saudi Minister of Environment, Water, and Agriculture Abdurrahman al-Fadhli at the inauguration of the Investment Forum in the Waste Management Sector (Asharq Al-Awsat)
Saudi Minister of Environment, Water, and Agriculture Abdurrahman al-Fadhli at the inauguration of the Investment Forum in the Waste Management Sector (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Local, Int'l Investors to Convert Waste into Economic Value

Saudi Minister of Environment, Water, and Agriculture Abdurrahman al-Fadhli at the inauguration of the Investment Forum in the Waste Management Sector (Asharq Al-Awsat)
Saudi Minister of Environment, Water, and Agriculture Abdurrahman al-Fadhli at the inauguration of the Investment Forum in the Waste Management Sector (Asharq Al-Awsat)

Saudi Arabia hosted an “Investment Forum in the Waste Management Sector” with the participation of over 300 local international investors from 25 countries aiming to transform waste from an environmental burden into an economic value.

Minister of Environment, Water, and Agriculture, and Chairman of the Board of Directors of the National Center for Waste Management (MWAN) Abdurrahman al-Fadhli, inaugurated the Forum, which holds many promising investment opportunities for economic development in the Kingdom.

MWAN CEO Abdullah al-Sbaei said that the Forum aims to introduce the transformation journey in the waste management sector, stimulate investment, and value the participation of the private sector.

Sbaei indicated that the transformation is the most important building block on which waste management and environmental sustainability are established, asserting the Kingdom’s endeavor to transform the sector from a load into an economic value.

On the sidelines of the Forum, Saudi Downtown Company, wholly owned by the Public Investment Fund (PIF), signed a memorandum of understanding (MoU) with MWAN to cooperate in programs and initiatives related to waste management.

The MoU also targets training, raising the level of performance of technical personnel, ensuring compliance with legislation and controls, and boosting joint work to improve the services provided to residents and visitors of Downtown Company projects in 12 cities in the Kingdom.

Downtown Company board member Naif al-Hamdan and MWAN CEO signed the MoU.

Hamdan explained that the agreement aims to develop integrated plans and programs to achieve sustainability and optimal use of resources and enhance the quality of life through the 12 projects.

The agreement comes within the framework of the Company’s strategy for environmental, social, and corporate governance practices, whose objectives include sustainability, community participation and interaction, and efficient use of resources.

Downtown Company aimed to achieve these goals by adopting best governance practices, practical cooperation with all relevant parties, formulating policies, using modern technologies, and spreading awareness.

It focuses on developing and establishing urban destinations and centers with a sustainable economic and social impact in 12 cities: al-Madinah, al-Ahsa, al-Khobar, Buraydah, al-Taif, Arar, Hail, Tabuk, Dumat al-Jandal, Jizan, Najran, and al-Baha.

The projects will be built on a total area of more than 10 million square meters. They aim to provide a platform to enhance lifestyles and promote economic growth and offer diverse choices of shopping, business, and living experiences that improve the quality of life and catalyze development.

Meanwhile, MWAN concluded a memorandum of understanding with the Federation of Saudi Chambers at the Forum to enhance economic sustainability by stimulating investment and improving the quality of waste management.

The agreement aims to ensure environmental protection and public health, reduce waste production by applying the best technical practices of circular economy, increase public awareness to reduce waste production, and encourage reuse and recycling.



Projects, Agreements Exceeding $48 Billion Expected at Cityscape Global in Riyadh

National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
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Projects, Agreements Exceeding $48 Billion Expected at Cityscape Global in Riyadh

National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)

Saudi Arabia’s real estate sector is experiencing a surge in growth, marked by record-breaking deals expected at the second annual Cityscape Global 2024, the world’s largest real estate exhibition.

Deals at this year’s event, held in Riyadh, are anticipated to exceed SAR 180 billion ($48 billion), representing an increase of over 50% compared to the previous edition.

According to Majid Al-Hogail, Saudi Arabia’s Minister of Municipal and Rural Affairs and Housing, real estate deals in the Kingdom have reached SAR 630 billion ($168 billion) since the beginning of the year, supporting national economic growth and diversification.

Cityscape, held at the Riyadh Exhibition and Convention Center, showcases Saudi Arabia’s ongoing real estate development and serves as a central platform for innovation and investment. The event is supported by the Ministry of Municipal and Rural Affairs and Housing, the General Real Estate Authority, and the Housing Program, a key initiative under Saudi Arabia’s Vision 2030.

The number of participants doubled from last year, with over 100 local and 69 international developers taking part, underscoring the strength and global confidence in Saudi Arabia’s real estate market.

Al-Hogail highlighted that Saudi banks have significantly increased real estate financing from SAR 200 billion ($53.3 billion) in 2018 to SAR 800 billion ($213.3 billion) this year, with the market projected to reach SAR 1.3 trillion ($346 billion) by 2030. The Saudi Real Estate Refinance Company has also supported this growth, providing over SAR 37 billion ($9.8 billion) in mortgage refinancing.

In line with this expansion, the Kingdom has seen a rise in homeownership rates, which reached 63.7% at the end of 2023. Over 20 new regulatory measures have been implemented to streamline the market, and more than 60,000 real estate broker licenses have been issued.

Al-Hogail noted that the real estate sector plays a critical role, impacting over 60 economic sectors and positioning Saudi Arabia as a global hub for urban development and sustainable cities of the future.

Supporting these objectives, Cityscape hosted 400 exhibitors from 50 countries and over 100 investors, with an agenda aligned with Vision 2030’s pillars: increasing supply, expanding financing, modernizing regulations, and adopting advanced technology.

The National Housing Company (NHC), represented by CEO Mohammed Al-Buty, unveiled a new brand identity at the event, symbolizing its commitment to creating integrated urban communities that elevate quality of life.

Al-Buty emphasized the company’s role in advancing infrastructure that aligns with Vision 2030’s sustainable development goals, aiming to build vibrant, livable environments with easy access to essential services, green spaces, and commercial areas.

Several significant agreements were also announced. The NHC signed deals worth over SAR 142 billion, while Retal pledged more than SAR 14 billion for four projects in Riyadh and Al Khobar. Mohammed Al-Habib Company revealed its “Enar” residential-commercial project, valued at SAR 5 billion, while Tilal committed SAR 6 billion to a mixed-use project in Al Khobar.

Caden announced a SAR 10 billion project to develop over one million square meters, and Mountain View earmarked SAR 1.2 billion to build 500 villas. Diriyah Gate Company also invested SAR 1 billion for luxury residential and hotel suites, in partnership with brands such as Ritz-Carlton and Raffles.

With the theme “Future of Living,” this year’s Cityscape Global highlights Saudi Arabia’s dynamic real estate sector and the nation’s commitment to transforming urban landscapes and meeting future lifestyle needs.