Abdul Latif Jameel Energy has recently announced it is one-step closer to powering 80,000 homes in Jordan with clean energy, as part of its commitment to being the leading solar development company in the Middle East.
The announcement coincided with the visit of King Salman to Jordan.
Omar Al-Madhi, CEO of Abdul Latif Jameel Energy, Saudi Arabia, said: “Our projects around the region, including in Jordan, clearly exhibit the great potential for solar in the Middle East.
“The electricity we are producing in Jordan is being generated at low cost — less than the average price of electricity in the country. It is financially viable, as well as having a positive impact on the environment. Upon project completion, nearly 80,000 homes would be powered in the country. Such projects provide proof that solar can be the sustainable energy source for the region, including in Abdul Latif Jameel’s home market of Saudi Arabia.”
He added: “With their development we can contribute to the generation of clean and affordable energy, fostering the region’s sustainable growth. That is why we remain committed to being the leading solar development company in the Middle East and beyond.”
As proof of the progress being made in developing clean energy, FRV, which is part of Abdul Latif Jameel Energy, has announced the financial close of two of the largest solar PV projects in Jordan.
The solar plants — Mafraq I and Mafraq II — represent a combined investment of approximately $180 million and will start construction shortly in the region of Mafraq. Once completed, they will generate 133.4 MW DC in total — approximately two percent of Jordan’s total generation capacity and enough to supply more than 80,000 households. Each project will avoid the emission of over 80,000 tons of CO2 per year, equivalent to removing 17,000 cars from the country’s highways.
The projects will create an estimated 500 jobs during their construction phase and are expected to begin operations in June 2018.
As part of its commitment to the social and economic development of the communities where it operates, FRV together with IFC, EBRD and PROPARCO, has signed two scholarship agreements with IE University related to these projects. The scholarships, called Young Talented Leaders, are intended to cover the training and accommodation expenses of two Jordanian students for the completion of bachelor’s degree courses at IE University in Madrid.
ALJ Energy finalizes deal for Jordan solar projects
ALJ Energy finalizes deal for Jordan solar projects
Al-Saedan launches $400m investment platform for real estate, digital infrastructure
Al-Saedan Real Estate Company of Saudi Arabia, in collaboration with Serpentine Lake Capital of the UK and SGI Real Estate of Canada, have announced the establishment of a joint development and investment platform under the name SL Property. The platform will develop commercial, residential, and hospitality projects, alongside infrastructure and data center projects, across the Kingdom. It reflects the growing international interest in Saudi Arabia’s real estate and digital infrastructure markets and supports the development of high-quality, long-term assets within the Kingdom.
The agreement signing ceremony was held under the patronage of Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate General Authority Majid bin Abdullah Al-Hogail, as part of the Future of Real Estate Forum, in which Al-Saedan Real Estate participated as a strategic sponsor. The ceremony was attended by Dr. Badr bin Ibrahim bin Saedan, chairman of the board of Al-Saedan Real Estate; Ahmed bin Ibrahim bin Saedan, vice chairman of the board of Al-Saedan Real Estate; Ben Mikola, representative of Serpentine Lake Capital and SL Property; and Hassan Al-Shawwa, representative of SGI Canada.
The attendance reflects the strategic importance of the initiative and the continued support of the authority in facilitating the attraction of high-quality international investments into the Kingdom’s real estate and digital infrastructure sectors.
This development follows the issuance of the Regulation on Real Estate Ownership by Non-Saudis in Saudi Arabia, which came into effect in January. The updated regulatory framework is expected to expand access to international investment, facilitate foreign investor participation in strategic sectors, and increase the depth of institutional capital flowing into the real estate, infrastructure, and data center sectors in the Kingdom.
The platform is targeting initial joint investments of SR1.5 billion ($400 million) in partnership with Al-SaedanReal Estate, representing the first phase of a broader, multi-stage investment program. In its initial phase, SL Property — Al-Saedan intends to invest in six to eight projects across real estate, infrastructure, and data centers, with additional opportunities anticipated as the platform’s activities expand in the future.
The initial projects will be concentrated in Riyadh and Jeddah, and will include mixed-use developments, commercial assets, residential projects, and infrastructure related to data centers. These projects are designed to be scalable, sustainable, and aligned with national development priorities, including housing expansion, enhancement of urban quality of life, hospitality sector growth, and strengthening the Kingdom’s digital services capabilities.
Al-Saedan Real Estate is one of the oldest private real estate development companies in Saudi Arabia, with more than 80 years of operational experience and a strong track record that includes the development of seven major integrated urban communities, in addition to numerous commercial, hospitality, and associated infrastructure projects.
The SL Property platform will serve as a dedicated investment vehicle for this initiative, with Serpentine Lake Capital contributing its asset management expertise, and SGI Real Estate providing its specialized real estate sector experience. The platform’s structure is intended to combine local development capabilities with disciplined international investment practices and robust governance standards.
This initiative aligns with the Kingdom’s economic diversification objectives and reflects growing confidence in the updated regulatory framework governing the real estate and digital infrastructure sectors. As the platform evolves, it is expected to provide both local and international investors with access to high-quality investment opportunities across the real estate and data center sectors throughout the Kingdom.
Dr. Badr bin Ibrahim said: “At Al-Saedan, we are pleased to be among the first beneficiaries of the promising new foreign investment system. Following our success in raising several local investment funds, we look forward to expanding our expertise and partnerships at a global level.”
Mikola added: “We are pleased to partner with Al-Saedan, whose strong track record provides a solid foundation for this collaboration. As the platform develops, we expect to explore opportunities to expand into real estate and infrastructure projects within the Kingdom of Saudi Arabia and beyond. The Kingdom represents a fast-growing market driven by clear structural factors, and we look forward to developing high-potential opportunities through a disciplined and focused approach.”
