SHARM EL-SHEIKH, Egypt: The European Union warned it was prepared to walk away from climate negotiations if a satisfactory outcome could not be reached, but said it still believed a deal could be struck on Saturday between negotiators at the COP27 summit in Egypt.
“We need to move forward, not backwards and all (EU) ministers ... are prepared to walk away if we do not have a result that does justice to what the world is waiting for — namely that we do something about this climate crisis,” said EU climate policy chief Frans Timmermans.
Speaking to reporters on the sidelines of the summit, he called on other parties to the negotiations to reciprocate efforts to find a deal, particularly on the issue of funding for poorer countries hit by climate disasters.
“We believe that a positive result today is still within reach. But we are worried about some of the things we have seen and heard over the last, let’s say, 12 hours,” he said.
“We’d rather have no decision than a bad decision.”
EU would walk away from a bad COP27 deal, warns climate policy chief Timmermans
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EU would walk away from a bad COP27 deal, warns climate policy chief Timmermans
- Calls on other parties to the negotiations to reciprocate efforts to find a deal
New ownership rules spark foreign demand for Saudi real estate
RIYADH: Property developers in Saudi Arabia are seeing increased interest from international investors following the Kingdom’s recent amendments to real estate ownership laws, industry figures told Arab News.
Speaking at the Real Estate Future Forum in Riyadh, developers said the new regulations permitting foreign ownership of land are beginning to influence market behavior, including decisions by developers and speculators.
The updated regulatory framework officially came into effect on Jan. 22, enabling non-Saudis to apply for property ownership through the Saudi Arabia Real Estate digital platform.
Under the new rules, foreign individuals, companies, and entities are allowed to own property across the Kingdom, including in major urban centers such as Riyadh and Jeddah. Ownership in Makkah and Madinah, however, remains limited to Saudi companies and Muslim individuals.
Developers say the policy shift is already shaping large-scale projects, including Alma Destination on the Red Sea coast.
The waterfront mixed-use tourism development is opening opportunities for hospitality operators and investors, with plans encompassing residential units, hospitality offerings, marina facilities, and entertainment venues.
Zuhair Bakheet, CEO of Al Thuraya Al Omranya Properties and master developer of Alma Destination, said the project’s location in Jeddah, situated between the holy cities of Makkah and Madinah, enhances its appeal to international buyers.
“If we attract people who would love to have a unit within the Makkah and Madinah region, it’s a good option. If we think of Muslim countries like … Malaysia, Indonesia, Egypt, they would love to have a unit within close proximity of the holy cities,” he said.
Another developer factoring the regulatory change into its strategy is Emaar Economic City, the main developer of King Abdullah Economic City.
Emaar Economic City Chief Investment Officer Ali Al-Khatib told Arab News that the new framework represents a major shift for the sector. “We believe these new regulations for non-Saudi ownership are a significant turning point in the real estate sector in the Kingdom, and specifically for King Abdullah Economic City.
“We’ve already seen interest before the system was launched from last year … we’ve had interests from all around the world from Southeast Asia, from Africa, from Europe, from the West.”
