Saudi Arabia tops real estate project pipeline in GCC for 2024: CBRE
Updated 07 March 2024
ARAB NEWS
RIYADH: Saudi Arabia is powering growth in the Gulf Cooperation Council’s real estate sector, accounting for 63.1 percent of total projects in the region in 2024, a new report showed.
According to consultancy firm CBRE, the total value of the projects pipeline across the GCC is estimated at $1.68 trillion in 2024 – an increase from $1.38 trillion the previous year.
The Kingdom accounts for $1.06 trillion of this total.
The UAE follows Saudi Arabia, with $409 billion, representing 24.1 percent of the planned spend. Oman contributes 5.2 percent, Kuwait represents 3.2 percent while Qatar and Bahrain account for 2.9 percent and 1.3 percent resepectively.
In its report, CBRE revealed that the growth of real estate projects in the GCC is a fundamental component of the region’s diversification strategies.
Taimur Khan, head of research, Middle East and North Africa region at CBRE, said: “The region’s economic prospects remain positive, defying the global macroeconomic backdrop as regional economies are set for stronger growth and inbound investment levels, something which will continue to underpin a strong performance and demand in the region’s real estate sector.”
He added: “In the GCC’s residential market, price performance has almost uniformly been positive over the course of 2023. Whilst the direction of price changes has converged toward a largely positive territory, we continue to see a significant polarization in the rates of growth witnessed, something we expect to see continue.”
In its report, CBRE added that the Middle East real estate market is anticipated to sustain its upward trajectory in 2024, buoyed by robust economic growth, high demand, and limited supply.
According to the consultancy firm, office sector occupier activity in 2024 will center around Riyadh due to high demand from both national and international occupiers.
However, CBRE added that global economic headwinds and lack of stock in key GCC markets may hamper market activity levels in the office sector.
The report further pointed out that average price growth in Riyadh will materially outperform other key cities in the residential sector in Saudi Arabia.
In the hospitality sector, CBRE expects the Kingdom to witness a bright transition in 2024 as it is ready to receive visitors to its tourist destinations.
“In Saudi Arabia, the year will be a transitional one, as new destinations continue to be developed, and traditional homes of domestic leisure visitation such as Al Khobar, Jeddah and Abha find themselves in a more competitive market,” stated CBRE.
Using space science to protect Saudi Arabia’s environment
Kingdom is harnessing satellite technology to forecast disasters, boost agriculture
Updated 02 January 2026
Haifa Alshammari
RIYADH: Learning space science has delivered significant environmental benefits worldwide, helping many countries better understand and manage climate challenges.
Saudi Arabia is now taking steps not only to explore the galaxy but also to invest in future generations who can apply space science to pressing environmental issues at home.
Last November, the Space Academy, part of the Saudi Space Agency, launched a series of seminars designed to enhance knowledge and develop skills in space science and technology, with a particular focus on Earth observation.
Running for nearly a month, the program formed part of a broader strategy to nurture national talent, raise scientific awareness, and build data capabilities that support innovation and research across the Kingdom.
Developing space sector can eventually help reduce some of the critical climate issues such as drought and air pollution. (AFP)
As efforts to strengthen the sector continue, important questions remain: How can space science translate into tangible environmental benefits? And how large is the global space economy?
In an interview with Arab News, Fahad Alhussain, co-founder of SeedFord, highlighted the scale of the opportunity and its environmental impact.
“To be frank, the slogan that we always use in space is that ‘saving the Earth from the space.’ It is all about this,” Alhusain told Arab News.
“You can recall a lot of related environmental issues like global warming, related to forests, related to the damage that happens to the environment. Without space, it would be almost impossible to see the magnitude of these damages.”
According to Alhussain, satellites have transformed how experts observe environmental changes on Earth, offering a comprehensive view that was previously impossible.
“By collecting data and using satellites… You can better analyze and measure so many things that help the environment,” said Fahad Alhussain. (Supplied)
He said that “the transformation of technology allows even the non-optical ways of measuring, assessing, and discovering what is going on in the environment … you can even anticipate fire before it happens in the forest.”
“You can detect the ice-melt down, you can get huge amount of information and can see it through the weather maps…there is a huge section in the economy for the environment,” Alhussain commented.
A 2022 report by Ryan Brukardt, a senior partner at McKinsey & Company, published by McKinsey Quarterly, found that more than 160 satellites currently monitor Earth to assess the impacts of global warming and detect activities such as illegal logging.
Brukardt cited NASA as an example of how advanced satellite tools are used to track environmental changes, including shifts in ocean conditions, cloud cover, and precipitation patterns. He also noted that satellite data can help governments determine when immediate action is needed, particularly in response to wildfires.
FASTFACT
Did You Know?
Satellites collect massive amounts of data, and AI is used to help interpret this information more efficiently and predict future outcomes.
The global space economy surpassed $600 billion in 2024 and is projected to exceed $1 trillion by 2030.
Saudi Arabia has established three key entities: the Supreme Space Council, the Saudi Space Agency, and the Communications, Space, and Technology Commission.
Beyond disaster response, satellites offer vital insights for agriculture. According to Brukardt’s report, scientists can use space-based data to monitor crop development and anticipate threats to harvests, such as drought or insect infestations.
These wide-ranging applications explain the rapid growth of the global space economy.
According to World Economic Forum research, the sector is projected to reach $1.8 trillion by 2035, nearly tripling from $630 billion in 2023.
A deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity. (Supplied)
For Saudi Arabia, expanding space science capabilities could help address the country’s arid conditions by monitoring desertification and identifying sources of air pollution. Early detection of droughts, heatwaves, and crop stress could support more effective environmental planning and response.
Space-based data could also play a critical role in tracking environmental changes in the Red Sea and surrounding coastal ecosystems, strengthening marine conservation efforts and supporting the Sustainable Development Agenda.
As Alhussain emphasized, advancing knowledge in space science and satellite technology enables experts to measure environmental damage accurately and predict disasters before they occur, allowing for more effective responses.
By investing in space science education and research, the Kingdom can build national expertise, strengthen environmental protection policies, enhance food and water security, and contribute to global efforts to combat climate change—while also benefiting from the rapidly expanding space economy.
Ultimately, a deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity.
“By collecting data and using satellites, you can better analyze and measure so many things that help the environment,” said Alhussain.
“There will be patterns where you can warn people, scientists and decision makers to do something about it.”
