RIYADH: Saudi Arabia’s Environment Fund on Wednesday signed an agreement with the Public Investment Fund-owned developer ROSHN to stimulate investment and boost research into sustainable building practices.
The agreement focuses on exploring sustainability in building designs, improving building standards, and introducing incentives to encourage environmental development practices.
The memorandum of understanding also aims to build upon the relationship between both parties, working toward the common goal of achieving environmental sustainability.
Both ROSHN and the Environment Fund will work together to improve awareness about environmental issues, according to the Saudi Press Agency.
Fawaz Al-Enezi, vice president of marketing and communications, signed on behalf of the Environmental Fund, while Wassim Khashan, executive general manager of marketing, signed for ROSHN Group.
Also on Wednesday, ROSHN signed another MoU with the National Center for Vegetation Cover Development and Combating Desertification, pledging to work together to increase vegetation cover and combat desertification.
The agreements were signed on the sidelines of the opening of the ROSHN Green Initiative Center in Riyadh.
The center will have a tree nursery that will produce greenery for ROSHN communities and surrounding areas.
The center will also have an educational hub that will be open to the public, offering interactive learning sessions for members of the public and organizations interested in supporting the Kingdom’s sustainability programs.
According to the company, ROSHN’s Green Initiative has so far produced more than 32,000 seedlings, 25,000 mangrove trees, and 4,300 other trees planted across the Kingdom.
More than 3,000 volunteers and 75 schools were enlisted to help achieve these results.
When fully operational, the center is set to be able to produce around 2,000 trees per year.
ROSHN is a major developer that was launched as part of Vision 2030, aiming to develop more than 400,000 energy-efficient homes in pedestrianized communities.
Tasked with developing a number of housing projects around the country, ROSHN espouses a particular focus on improving the quality of living for residents.
The Environment Fund was established in 2019 to provide financial support to environmental and meteorological initiatives.
