Saudi Arabia and India join forces to bridge startup ecosystems

by MMC
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RIYADH: Saudi Arabia is actively seeking to exchange experiences with countries around the world to ensure its sustainable development and achieve its goal of carbon neutrality by 2060, an official said.

Speaking at the Cityscape Global real estate show in Riyadh on Monday, Mohammad Albuty, CEO of Saudi National Housing Co., described economic, social and environmental sustainability as key elements of a thriving and sustainable community.

Albuty said his company works to develop innovative products that strengthen economic stability, necessary for sustainable development.

“We are working on a significant real estate offer. We initially announced 300,000 housing units, and now we have reached 140,000 buildings based on supply and demand studies,” Albuty said.

He said people aged under 35 represent 60 percent of the Kingdom’s total population, which means stable demand for years to come.

Social sustainability focuses on creating an environment that supports the stability of Saudi families and improves the quality of life of individuals and communities by introducing new concepts such as the 15-Minute City.

“We also take into account the increase in green spaces and open areas that allow families to enjoy various community amenities, as evidenced by the suburb of Khuzam, which is home to the second largest park in the Kingdom, spanning more than of 4.5 million square meters,” Albuty said. declared.

The 15-Minute City is linked to the third pillar, environmental sustainability, by reducing the number of cars in residential areas and suburbs and providing residents with all services within a 15-minute walk. This contributes to the Kingdom’s goal of achieving carbon neutrality by 2060.

This aspect also focuses on increasing green spaces in residential areas by using appropriate plants and trees in addition to waste management and recycling.

During an opening session titled “Technological Progress in Kingdom Tourism,” Fahd Hamidaddin, CEO of the Saudi Tourism Authority, highlighted how the Kingdom is a diverse destination and unlike “any other “.

“We are the largest tourism investment in the world. But I don’t think this is possible without the private sector,” Hamidaddin said.

He highlighted the critical role of the private sector in achieving the company’s ambitious tourism investment targets.

The event will be held from September 10 to 13 at the Riyadh Exhibition and Convention Center in Mulham. It was organized by the Ministry of Municipal and Rural Affairs and Housing under the theme “The Future of Life”.

So far, several agreements have been signed on the sidelines of the exhibition. According to the Saudi Press Agency, one of these deals concerns the Ritz-Carlton Khobar, the city’s first beach resort, which is being built and financed by the Saudi Tourism Development Fund in collaboration with the RC Beach real estate fund. from Riyadh.

TDF also signed an agreement with the Saudi Industrial Cities and Technology Zones Authority, also known as MODON, to develop multiple tourism projects in industrial cities and arrange the necessary investments and financing for both parties.

They will also collaborate on ways to support investors and entrepreneurs based on a shared investment vision, with the aim of achieving greater growth and prosperity in the tourism sector.

The partnership is in line with the objectives of Saudi Vision 2030 and the National Tourism Strategy to achieve balanced national tourism growth.

Umm Al-Qura for Development and Construction, owner and developer of the upcoming destination “Masar” in Makkah, signed an acquisition agreement with Scope International Real Estate Development Co., to build residential towers in collaboration with global operators .

The total investment for this partnership stands at an impressive SR900 million, highlighting the growing interest in Masar, which has already attracted around SR40 billion in investments.

The agreement aims to improve and develop the accommodation and hospitality sector in Makkah city.

The company also entered into an agreement to develop and operate the Sarah Al Oroubah Hotel in the destination, a four-star category hotel for SR450 million.

The exhibition brings together home buyers, real estate experts, designers and real estate developers from around the world to the Saudi capital.

Cityscape Global focuses on large-scale and high-profile projects in the Kingdom to open up promising investment opportunities and showcase advanced residential and commercial properties and communities. Many other projects from 24 countries will present investment opportunities.

Additionally, the Cityscape Innovation Challenge will allow startups to showcase their ideas for creating a more innovative future.

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