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Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector

Saudi Arabia’s commercial real estate sector is witnessing robust growth, driven by rising demand across key industries hospitality. Above, the lobby of the Ritz Carlton hotel in Riyadh. (AFP file photo)
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Updated 03 November 2024
MOHAMMED AL-KINANI
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Regulatory reforms helping drive growth in Saudi Arabia’s commercial real estate sector

Updated 03 November 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s commercial real estate sector is witnessing robust growth, driven by rising demand across key industries, including offices, hospitality, and data centers.

The sector is also evolving with a focus on smart technologies, sustainability, and specialized assets, reflecting the Kingdom’s broader economic transformation goals.

Strategic government initiatives, such as Vision 2030, and increased foreign investment are playing a crucial role in this expansion, as highlighted by the latest Knight Frank report.

The Kingdom’s major cities are becoming regional hubs for commercial activity, attracting international businesses and supporting Saudi Arabia’s economic diversification efforts.

As the Kingdom continues to implement its Vision 2030 strategies, the commercial real estate sector is poised to play a pivotal role in shaping the future of the country’s urban landscape and economic growth.

The capital city, Riyadh, remains at the center of this surge, attracting numerous regional and international companies, while other cities such as Jeddah show early signs of growth.

According to Knight Frank’s biannual review of key trends and the performance of the market in the Kingdom for summer 2024, this growth is driven by rising demand and supported by strategic government reform initiatives.

The report by the London-based global real estate consultancy firm showed that the office market in Riyadh is particularly dynamic, benefiting from the regional headquarters program initiative, which has attracted European companies and spurred demand for office space.

In 2023, Saudi Arabia’s non-oil revenue reached 50 percent of gross domestic product for the first time, amounting to $453 billion, according to the Ministry of Economy and Planning.

The report added that this economic growth has significantly boosted demand for commercial real estate across all sectors, with Riyadh’s office market seeing the most benefit as office space demand rises.

The commercial real estate sector remains strong, with office yields holding at 7.75 percent, supported by shrinking availability and fast-increasing rents.

Investor interest in Saudi Arabia is also surging, with the government granting a record 2,884 investment licenses in the last quarter of 2023, marking a 125 percent year-on-year increase.

Knight Frank further noted that in the first quarter of 2024, the Kingdom recorded 104,000 new business registrations, up 59 percent from the same period the year before, bringing the total to over 1.45 million registrations.

Speaking to Arab News, Elias Abou Samra, CEO at RAFAL Real Estate Development Co. highlighted the current trends shaping the commercial real estate market in Saudi Arabia which has seen Riyadh become a magnet for commercial real estate at a regional level.

“The capital has attracted more than 500 regional and international companies since the launch of the headquarters program by Royal Commission of Riyadh City in 2021. We are expecting a new supply of approximately 5 million sq. meters of office space by 2030, and we believe this will barely match the pent-up demand,” he said.

Abou Samra added that as for other major cities the demand remains local and growth is organic, pending the roll out of certain initiatives and incentives such as special economic zones in King Abdullah Economic City and Eastern Province.

The executive pointed out that Riyadh has absorbed 90 percent of the demand in recent years and is expected to continue to do so for the next four years. He also added that the coast city of Jeddah is witnessing early signs of growth as major master plans and infrastructure projects reach advanced design stages.

“Other cities continue to serve their local and regional markets with a healthy 5 percent growth per year that is sustained, yet no paradigm shifts are sensible yet,” he said.

The sector will continue to benefit from ongoing digital transformation efforts, with technology playing a crucial role in shaping smarter, more efficient spaces.

Mamdouh Al-Doubayan, managing director at Globant for Middle East and North Africa, said that government support coupled with a growing focus on sustainability and the implementation of smart technologies will drive the market’s expansion.

“Key factors such as foreign investment, the evolution of regulatory frameworks, and demand for innovative, flexible workspaces will also play a critical role in the sector’s growth, he said, adding that his company is well-positioned to support this transformation.




Mamdouh Al-Doubayan, managing director at Globant for Middle East and North Africa. (Supplied)

Regarding the future success drivers for Saudi Arabia’s sector, Abou Samra highlighted that they go beyond basic supply and demand, emphasizing the market’s shift toward mixed-use and transit-oriented developments, reflecting greater sophistication.

“As such, part of demand springs from upgrades within existing stock of office space, and conversion of old stock to alternative asset classes. Another driver is the modernization and openness of the regulatory environment and quasi-governmental entities that are jointly paving the way for innovative products,” the CEO said.

Abou Samra added that the Mukaab at Riyadh’s New Murabba mega project is a testament to the new frontiers of commercial real estate in Saudi Arabia.

Addressing the impact of Saudi Vision 2030 on the strategic direction of commercial real estate development, Rafal’s CEO noted that the Kingdom’s decade-end plan touches all sectors of the economy, enhancing existing industries and introducing new ones like mining, tourism, and cloud computing.

“As a result, we are migrating from a one-size-fits all commercial real estate market to specialized assets,” he said.

Abou Samra identified data centers as the leading new addition to the commercial real estate market, followed by logistics and biomedical sectors. He emphasizes that these developments are driven by Saudi Arabia’s Vision 2030, which aims to diversify the economy by fostering new industries and reducing dependence on oil.

Shedding light on the areas or sectors within commercial real estate that are currently attracting the most investment, Abou Samra noted that, in addition to mainstream commercial office space, the industrial and logistics sectors have experienced double-digit growth since 2021.

He also highlighted that major regional players are entering these markets, and foreign direct investments in these sectors continue to flow into the Kingdom.

On the other hand, technology has become essential to the success of every industry, and commercial real estate is no exception.

Globant’s Al-Doubayan said technological advancements, including smart building technologies and digital platforms, are shaping the commercial real estate industry in Saudi Arabia, emphasizing their transformative impact on the sector in the Kingdom.

“Smart building technologies, integrated with IoT, AI, and data analytics, are enabling the creation of more intelligent, efficient, and adaptive spaces,” he said, adding that his company focuses on enhancing connected experiences within smart venues, allowing building owners and operators to offer seamless experiences for tenants and visitors, while optimizing resource management.

He further said that digital platforms are also revolutionizing property management, making it possible to monitor and automate operations in real time. “This evolution is key to supporting the Kingdom’s broader vision of smart cities and sustainable urban growth.”

The Saudi government is prioritizing the real estate sector, enacting over 18 pieces of legislation, as of May, to drive its growth and significantly boost its GDP.

These include real estate systems, executive regulations, and regulatory rules, reflecting the government’s commitment to this sector as part of Vision 2030.

The sector’s role and contribution to the Kingdom’s GDP reached 5.9 percent in the fourth quarter of 2023.

Reflecting on the impact of recent regulatory and policy changes on the commercial real estate market, the Al-Doubayan stated that Saudi Arabia’s regulatory shifts, including the implementation of more transparent property laws and foreign investment incentives, have significantly increased the market’s attractiveness.

“These reforms are creating an environment conducive to international investment and collaboration, which aligns with Vision 2030’s goals of diversifying the economy, as more policies are introduced to attract global businesses,” he said.

Moreover, he anticipated that the real estate sector will see continued growth, especially in digital transformation projects that enhance operational efficiency and sustainability.

Al-Doubayan added that sustainability is central to the future of commercial real estate in Saudi Arabia.

He emphasized that the country is making strides toward green building practices, which are increasingly becoming a priority for developers and tenants alike.

“Certifications such as Leadership in Energy and Environmental Design, or LEED, are gaining traction, encouraging buildings to reduce energy consumption and carbon emissions,” he said.

Topics: main real estate property Saudi Arabia

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Land degradation driving global instability and forced migration, warns Saudi envoy at COP16

Updated 13 sec ago
MANAL AL-BARAKATI
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Land degradation driving global instability and forced migration, warns Saudi envoy at COP16

Updated 13 sec ago
MANAL AL-BARAKATI

RIYADH: Forced migration due to land degradation is a global challenge that needs to be tackled, according to Saudi Arabia’s climate envoy. 

Taking center stage at COP16 in Riyadh, Adel Al-Jubeir described the phenomenon as a driving force behind security crises, highlighting food, air quality, and biodiversity as areas of concern. 

Addressing delegates, Al-Jubeir painted a stark picture of the cascading impacts of degraded land, calling for unified global action to halt the alarming trend.

“Land degradation impacts every single human being,” he said, linking the loss of productive land to the displacement of millions and the destabilization of entire regions. “When people cannot grow food, they migrate. This migration often leads to tension and conflict in the receiving areas, creating a cycle of dislocation and violence.” 

The figures are sobering, with 100 million hectares of land lost annually — an area the size of Egypt — while the global population continues to rise, intensifying pressure on diminishing resources.

Al-Jubeir emphasized that addressing land degradation is a matter of environmental urgency and a cornerstone of global security. “This is an issue that touches every aspect of our lives — food security, national security, migration, air quality, and biodiversity,” he said, urging nations to collaborate on solutions to reverse degradation and restore the Earth’s ability to absorb carbon.

The discussion was further elevated by Ibrahim Thiaw, executive secretary of the UN Convention to Combat Desertification, whose address highlighted the profound human toll of land degradation.

“People do not migrate because they want to; they do so because they have no choice,” he said, he described how the loss of fertile land compels millions to flee their homes. 

Thiaw drew a direct line between environmental degradation and global displacement trends, citing data showing that up to 7 billion people could be affected by droughts by 2050. He linked 40 percent of interstate conflicts to disputes over natural resources, underscoring the link between environmental collapse and geopolitical instability.

His solution was clear and direct: land restoration. “Investing in land restoration is investing in keeping people safe at home,” Thiaw said, adding: “It is about giving them the dignity to produce food, educate their children, and live securely without being forced to migrate.” 

He called on global leaders to prioritize sustainable agricultural practices and ecological restoration, noting that these investments could break the cycles of forced migration and conflict.

The intersection of environmental sustainability, migration, and security presented at COP16 has underscored the need for urgent, united action. 

With Saudi Arabia championing this agenda on the global stage, and as negotiations proceed over the course of the next two weeks, the focus now shifts to translating bold commitments into tangible outcomes that safeguard communities and ecosystems worldwide.

Topics: COP16 Green & Blue Adel Al-Jubeir

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Sovereign wealth funds commit to advancing Paris Agreement goals at Riyadh summit

Updated 28 min 29 sec ago
MOHAMMED AL-KINANI
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Sovereign wealth funds commit to advancing Paris Agreement goals at Riyadh summit

Updated 28 min 29 sec ago
MOHAMMED AL-KINANI

RIYADH: Sovereign wealth funds have committed to intensifying their efforts to align financial investments with the goals of the Paris Agreement, marking a significant milestone in global climate finance.

At the 7th Annual One Planet Sovereign Wealth Funds CEO Summit in Riyadh, more than 140 global financial leaders, including French President Emmanuel Macron and Saudi Arabia’s Public Investment Fund Gov. Yasir Al-Rumayyan, presented strategies to accelerate the transition to a net-zero economy.

Held alongside COP29 and the Saudi Green Initiative, the summit brought together SWFs managing a combined total of $46 trillion in assets. These funds reaffirmed their dedication to integrating climate considerations into their investment portfolios.

In his speech, President Macron urged SWFs to play a more active role in driving sustainable investments. “Members of the OPSWF Network have the unique opportunity to lead a structural shift in global markets, steering investments toward climate resilience. By leveraging high-quality climate data and ensuring transparency, you are setting new standards for how markets assess sustainability,” Macron said.

He also highlighted the importance of innovative financial instruments, such as biodiversity credits, to help fast-track the transition to a sustainable global economy.

Al-Rumayyan echoed Macron’s call, emphasizing the PIF’s commitment to climate-aligned investments. “PIF is dedicated to achieving net-zero emissions by 2050, in line with Saudi Arabia’s goal of reaching net-zero by 2060. Renewables are a key focus for PIF, and we are working to localize renewable energy and hydrogen production to meet the target of developing 70 percent of the nation’s renewable energy capacity,” Al-Rumayyan stated.

The PIF governor also highlighted PIF's leadership in green finance, noting that it was the first sovereign wealth fund to issue a green bond and the first to launch a 100-year green bond.

“PIF, along with other OPSWF members, is fostering a sustainable and inclusive investment approach that ensures no one is left behind in the transition to net-zero,” he added.

A major theme of the summit was refining investment strategies to better incorporate climate considerations. Many OPSWF members have advanced their due diligence processes, using greenhouse gas emissions data and setting measurable climate-related targets. These efforts are geared toward scaling up investments in renewable energy, supporting green finance in challenging sectors, and utilizing AI technologies to enhance emissions reduction efforts.

During the summit, participants emphasized the need for greater transparency in climate data. OPSWF members agreed to improve climate-related disclosures, providing investors with clearer insights into risks and enabling them to align their portfolios with climate goals. A key initiative discussed was the development of platforms for real-time emissions tracking to support investment decisions.

Technology played a central role, with AI and climate data platforms highlighted as critical tools for improving investment efficiency and tracking emissions. The summit also focused on strategies for decarbonizing hard-to-abate sectors like energy, real estate, and hydrogen, with clean hydrogen identified as a pivotal solution for the global energy transition.

In addition, the summit addressed sustainable building practices to reduce emissions in real estate and launched initiatives to promote renewable energy investments in emerging markets, particularly in Africa. Participants committed to expanding nature-based solutions, aiming to deliver both long-term climate and financial benefits.

Topics: COP16 Green & Blue

Saudi Arabia’s shift to renewables is reaping economic rewards, says minister

Updated 52 min 11 sec ago
Reem Walid
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Saudi Arabia’s shift to renewables is reaping economic rewards, says minister

Updated 52 min 11 sec ago
Reem Walid

RIYADH: Saudi Arabia is the only country profiting from the global energy transition due to its sound economic approach, feasibility studies, and solid partnerships, according to the Kingdom’s energy minister.

Speaking at the opening of the fourth edition of the Saudi Green Initiative Forum in Riyadh, which runs from Dec. 3-4, Prince Abdulaziz bin Salman emphasized that Saudi Arabia is uniquely positioned to benefit from its shift toward a sustainable energy economy, particularly in comparison to other nations.

The Kingdom boasts the second-lowest methane intensity among major oil and gas producers. It also ranks second globally in terms of crude oil carbon intensity and plans to tender 20 gigawatts of renewable capacity in 2024 — a target exceeded only by China and the US.

“We are the only country on planet Earth that is making money out of the transition. Why? Because we are honest about our transition, we don’t do things without going through economics, without feasibility studies, without even choosing solid partners,” the minister explained.

“Total is a good example. They are working with us on petrochemicals, on gas stations, on renewables,” he added.

Prince Abdulaziz further noted that part of the Kingdom’s transition strategy involves replacing one million barrels of oil per day with gas and renewable energy — a significant milestone.

He stressed that energy security should not be compromised in the transition. “By the way, you would not be able to secure the other two, which are affordability and sustainability. The reality check is that the three things have to go hand in hand, and you should not compromise, and compromising one of the things will lead you to forfeit the other two, especially energy security,” he said.

On the Kingdom’s Vision 2030, the minister expressed confidence in long-term plans, stating: “I know for certain that there will be a 2040, there will be a 2050 because it works. People are on their doors; people are held accountable. People want to deliver because they see that whatever they were they’re delivering is impacting their daily life, is improving their lot.”

He continued: “We have a lot to show, and we want to make sure that aside from our commitments, with its own durations, we want to put this event, especially this Saudi Green Initiative, to make sure that people can continue seeing us progress our progress here in this country in a voluntary way because we are self-assured that every year we shall expose the world to new achievements, new targets, new approaches, and we are not shy from gathering people to see it.”

During the first day of the event, the Ministry of Energy signed 10 agreements and memorandums of understanding with various companies.

One of the key agreements focuses on deploying a carbon capture and utilization hub in Yanbu Industrial City, in collaboration with the Royal Commission for Jubail and Yanbu. The Ministry also signed a deal with King Abdullah University of Science and Technology on cryogenic carbon capture and another with the King Abdullah Petroleum Studies and Research Center and Climeworks for a direct air capture feasibility study.

Other MoUs included partnerships with Academy 32 to support the Regional Collaboration Initiative for Emissions Reduction, and with JEDCO and Tarshid to enhance energy efficiency efforts. Additionally, the Ministry inked agreements with SAL and Tarshid for a detailed facility study, and with Lindea and the Middle East Green Initiative to develop clean cooking solutions.

A funding agreement for the Clean Cooking Initiative was also announced in collaboration with Sipchem and the Middle East Green Initiative, as well as a similar deal focused on air products.

The Ministry of Energy also revealed plans to implement carbon-cured concrete in NEOM, in partnership with Abdullah Abdin, Carbon Cure, and Gulf Cryo.

This year’s edition of the Saudi Green Initiative Forum, held during COP16, aims to tackle pressing global environmental challenges, such as land rehabilitation, carbon reduction innovations, and sustainable financing. It will also explore the role of natural solutions in helping communities adapt to climate change, while emphasizing efforts to preserve the Kingdom’s rich biodiversity, according to an official statement.

Topics: COP16 Green & Blue SGI

Aramco CEO urges balanced energy transition, highlights need for conventional fuel

Updated 03 December 2024
Nour El-Shaeri
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Aramco CEO urges balanced energy transition, highlights need for conventional fuel

Updated 03 December 2024
Nour El-Shaeri

RIYADH: Saudi Aramco is committing substantial investments in renewable energy and sustainable solutions, while stressing the continued importance of conventional energy sources to meet global energy demands, according to the energy giant’s CEO.

Speaking at the Saudi Green Initiative Forum in Riyadh, Amin Nasser emphasized the need to balance affordability, security, and sustainability in energy policies, warning of the risks of moving away from fossil fuels too quickly.

“We need to always ensure that we do have available, affordable energy. If we don’t do that, what we are introducing is more coal,” Nasser said.

He pointed out that conventional energy remains crucial in addressing global energy demand, with 60 percent of last year’s 2 percent global energy consumption growth being met by traditional energy sources.

“Thirty years ago, conventional energy was at around 83 percent; today it is around 80 percent. However, in absolute terms, we are using 100 million barrels of oil equivalent more today than 30 years ago. So there is growth,” he explained.

Nasser also noted the resurgence of coal, driven by its lower cost and security of supply. “Coal, which was supposed to have peaked and declined, is increasing mainly because its profile is security of supply for certain countries, and it is a lower cost,” he said.

Saudi Aramco plays a key role in Saudi Arabia’s renewable energy expansion, helping the Kingdom work toward its goal of generating nearly 130 gigawatts of renewable energy by 2030.

“We will be 20 to 25 percent invested in renewable energy in the Kingdom,” Nasser stated, outlining efforts to reduce the country’s reliance on liquid hydrocarbons.

“Today, we burn close to 1 million barrels of liquid. By 2030, 50 percent of that will be replaced by solar and wind, and 50 percent will be replaced by gas,” he added.

While the company is making substantial investments in renewable sources like solar, wind, and hydrogen, Nasser stressed the importance of a pragmatic, multi-source energy approach.

“We need a pragmatic solution that takes into consideration that one size fits all is not going to work. We need to be working in parallel on all sources of energy, ensuring it’s affordable, secure, and sustainable at the same time,” he said.

Nasser also noted that mandates and policies alone won’t drive the energy transition, citing the need for technological innovation to lower costs.

“The biggest obstacle, I would say, is that policy from certain parts of the world is not reckoning with realities—what’s happening in terms of the cost of energy and what needs to be done to transition away from fossil fuels over the long term. So that is a challenge,” he added.

One of the key hurdles, according to Nasser, is the high cost of hydrogen, which limits its scalability.

“Today, for blue hydrogen, you are looking at $200 to $250 per barrel of oil equivalent. And for green, you are looking at north of $400 per barrel of oil equivalent,” he said.

Despite these challenges, Saudi Aramco is making significant investments in hydrogen, including large-scale blue hydrogen projects with an aim to produce 11 million tonnes.

However, Nasser pointed out that global hydrogen production forecasts have been scaled back. “Just a year ago, the prediction for hydrogen by 2030 was 60 million tonnes. Today, if you look at all the forecasts, it’s 10 to 20 million tonnes. These are forecasts, in terms of commissioned on the ground—there are not that many,” he said.

Aramco’s broader sustainability initiatives include investments in carbon capture and storage, geothermal energy, and advanced fuels.

“We are looking at maintaining that leadership by continuing to invest in carbon capture and storage. We have a project of 9 million tonnes by the end of 2027, early 2028, to come on stream,” Nasser said.

The company is also piloting geothermal drilling and direct air capture projects with partners such as Siemens and GE, as well as developing e-fuels in collaboration with entities like a subsidiary of NEOM and Spain’s Repsol.

In addition, Saudi Aramco is leveraging its $7 billion venture capital fund to support early-stage startups focused on sustainable solutions.

“If you look at Aramco today, we have $7 billion venture capital for startups and early-stage startups. Most of that fund is for sustainable solutions,” Nasser said, underscoring the company’s commitment to innovation and long-term environmental responsibility.

While Saudi Aramco remains committed to renewable energy, Nasser reiterated the importance of a balanced energy transition that aligns with economic and technological realities.

“We are investing in all of it. But at the same time, we are investing in gas, we are investing in oil and petrochemicals. You can do all of that, but at the same time, economics will dictate what will be scaling up in terms of demand,” he concluded.

Topics: COP16 Green & Blue energy SGI

Saudi Arabia’s innovation hub expands with global collaboration at SGI Forum

Updated 03 December 2024
MIGUEL HADCHITY 
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Saudi Arabia’s innovation hub expands with global collaboration at SGI Forum

Updated 03 December 2024
MIGUEL HADCHITY 

RIYADH: Over 50 countries are represented in Saudi Arabia’s creative lab, ‘The Garage,’ highlighting the Kingdom’s role as a global innovation hub, according to a senior official. 

Started in April 2022 in a parking building, the facility transformed into a dynamic workspace following its relocation to a 28,000-sq.-meter headquarters at King Abdulaziz City for Science and Technology in Riyadh.

It now hosts over 300 startups, featuring 24 conference rooms, meeting areas for 1,000 people, and training facilities.

It supports firms with programs for incubation, acceleration, and mentorship, fostering global collaboration and tech innovation. 

This initiative was a focal point during the first day of the Saudi Green Initiative Forum 2024. In a panel discussion titled “Does Green Justify Industrial Policy and Protectionism?”, Munir Eldesouki, president of KACST, highlighted the significance of global collaboration in the Kingdom’s innovation strategy. 

“Today, the companies in The Garage are 50 percent international, coming from over 50 countries around the world. Up to 400 companies fit in that Garage. But the point of The Garage is that it accesses all of our labs,” Eldesouki said, highlighting its role in connecting global research with local industry.  

Eldesouki noted that the recent open-access policy for publicly funded research infrastructure has further strengthened this ecosystem, opening KACST’s labs to private sector and startup communities.

This commitment to fostering innovation is part of a broader restructuring under Vision 2030, including the formation of the Upper Council for Science, Technology, and Innovation. This council ensures coordinated efforts across various sectors, aiming to bridge scientific research with practical applications.  

Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, stressed the importance of execution and practical implementation in achieving sustainability goals. “The art of ‘how’ is an important element in achieving our targets,” he said, underscoring the need for meticulous planning and structured policies alongside visionary objectives.  

Eldesouki echoed this sentiment, emphasizing the pivotal role of science and technology. “The ‘how’ comes from science and technology. They can bring forward many solutions and solve many challenges, especially in the existential challenges that we face today,” he said.  

The Kingdom’s industrial transformation initiatives, such as the Liquid Displacement Program and the Future Factories Program, demonstrate Saudi Arabia’s commitment to greener practices. These programs, supported by government funding, help industries adopt advanced technologies and transition toward sustainability.

Alkhorayef highlighted additive manufacturing as one such technology, optimizing resource use and reducing environmental impact.  

Both Alkhorayef and Eldesouki pointed to the transformative potential of emerging technologies, particularly artificial intelligence, in driving economic diversification. “Today, with how technology is accelerating, especially with AI, we see great opportunities that will actually bring down the cost, increase potential, and provide opportunities for the private sector, specifically startups,” Eldesouki noted.  

Beyond environmental targets, Saudi initiatives also aim for broader social and economic development. AlKhorayef cited the Waad Al-Shamal mining project as an example of how industrial policies can generate social benefits, particularly in underdeveloped regions.

“What we have done in Saudi Arabia, in the north of the country, in Waad Al-Shamal, in our phosphate investment today, has contributed to the society and the people,” he said.  

Looking forward, Eldesouki expressed confidence in Saudi Arabia’s leadership in green technology. “The Kingdom has now become the biggest green tech innovation hub in the world,” he said. 

Alkhorayef added that the country’s strategic geographic position enables it to connect global markets, enhancing collaboration.  

Saudi Arabia’s comprehensive approach — blending innovation, strategic planning, and international collaboration — positions it as a model for sustainable industrial transformation. These efforts, as highlighted during the SGI Forum, offer valuable insights for the global green economy. 

Topics: COP16 Saudi Green Initiative (SGI) Green & Blue

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