https://arab.news/4va7q
In line with Vision 2030 to transform Riyadh into one of the most sustainable cities in the world, the real estate industry must proactively contribute toward shaping a more human-centric, sustainable and innovative city, revealed JLL, a professional services firm that specializes in real estate and investment management, at a roundtable held recently in the Saudi capital. This will be essential not only in long-term asset value creation, but also in future-proofing assets and in value preservation.
In the last five years alone, sustainability efforts in the Kingdom’s real estate sector have advanced significantly to positively impact livability. Beyond building certifications, sustainability initiatives now include data capture, disclosure and benchmarking. As a key player in driving green innovation in real estate, the Kingdom has delivered on its commitment to sustainable development through initiatives such as the Mostadam and Saaf Certification Program, and the ambitious retrofitting of the Ministry of Municipal and Rural Affairs building in Riyadh.
Under the theme “Shaping Tomorrow’s Cities Today: Sustainability and Smart Cities,” JLL shared insights on retrofitting strategies and technologies to revitalize existing urban infrastructure; green financing to pave the way for responsible investments in cities; and the latest trends, innovations, and best practices in creating cities that are environmentally friendly, socially inclusive, and economically viable.
Saud Alsulaimani, country head of Saudi Arabia at JLL, said: “Today, decarbonization of the built environment is no longer up for debate. As governments continue to push for sustainable development, real estate stakeholders are increasingly aware of the critical role they play in driving progress to shape the future of real estate in the Kingdom.”
“Saudi Arabia is at the forefront of megacity construction, with over 5,200 ongoing projects worth $819 billion. From NEOM’s The Line project, a $500 billion smart city powered entirely by clean energy, to The Red Sea project, a luxury regenerative tourism destination, the Kingdom has made a mark for itself on the global stage ... We are committed to supporting Saudi Arabia’s sustainability ambition as it focuses on not only meeting sustainability goals, but also transforming the landscape of our cities and our planet for generations to come,” he added.
Louise Collins, head of project and development services at JLL Middle East and Africa, added: “With a staggering 1 billion square meters of office space requiring retrofitting to align with decarbonization targets globally, it is clear that retrofitting is imperative for a more sustainable future. As Saudi Arabia pledges to reach net-zero emissions and significantly invests in renewable energy projects, retrofitting is a step in the right direction to minimize carbon emissions.”
Alida Saleh, head of sustainability at JLL MEA, said: “Sustainable finance holds the key to the success of future projects in the realm of sustainability and smart cities. Investments in sustainability, through mechanisms like green sukuk and green bonds, are pivotal to realize smart cities and green building projects.”