Construction & Real Estate
From The Report: Saudi Arabia 2022
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The Saudi real estate and construction sectors have been experiencing a period of rapid expansion due in part to a string of giga-projects and an economy rebounding from the Covid-19 pandemic. Indeed, the Kingdom is currently engaged in some of the largest construction projects in the world, including NEOM, the $500bn new city in the north-west, and developments on the Red Sea coast and in the capital city, Riyadh. At the same time, population growth and a young demographic are pushing demand for a range of real estate options and supporting infrastructure such as mass transit. All of this is taking place within the framework of Saudi Arabia’s long-term socio-economic development plan, Vision 2030, which seeks sustainable growth and economic diversification.

This chapter contains an interview with Gautam Sashittal, CEO, King Abdullah Financial District.

Articles from this Chapter

Overview

Building up: Demographic changes and regulatory reforms offer opportunities for next-generation property owners
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The Saudi real estate and construction sectors have been experiencing a period of rapid expansion due in part to a string of giga-projects and an economy rebounding from the pandemic. Indeed, the Kingdom is currently engaged in some of the largest construction projects in the world, including NEOM, the $500bn new city in the north-west, and developments on the Red Sea coast and in the capital city, Riyadh. At the same time, population growth and a young demographic are pushing demand for a range…

Analysis

Looking skyward: Flagship development project adopts a new approach to urban design to create a future-focused economy
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The country is undertaking one of its most extensive construction projects to date, which is expected to transform the Kingdom’s north-west and set a benchmark for the future of smart city development worldwide. Located in Tabuk province, close to the Jordanian and Egyptian borders, NEOM will span the Red Sea coast with mountains, deserts and plains, and aims to use smart city technologies to achieve sustainable living and zero carbon emissions. Groundbreaking began in October 2021 and is scheduled…

Interview

Creating opportunities: Gautam Sashittal, CEO, King Abdullah Financial District (KAFD), on accelerating development and promoting sustainability
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Interview:Gautam Sashittal Where do you identify the key demand drivers for commercial real estate in Saudi Arabia? GAUTAM SASHITTAL: The economic growth that the country is experiencing acts as a magnet for international and regional businesses to set up a presence in Riyadh. In fact, Riyadh aims to be among the top-10 city economies in the world by 2030. This, together with projections that its population will double over this period, gives a clear idea of the potential growth opportunities…

Analysis

Sustainable by design: Innovative practices contribute to carbon-neutral building
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As the construction industry redefines its priorities to ensure sustainability, there is increasing recognition of the benefits of regenerative architecture as a means of lowering emissions. According to the “2019 Global Status Report for Buildings and Construction” published by the UN Environment Programme (UNEP), the construction sector accounts for nearly 40% of global energy-related greenhouse gas emissions. In light of this, a greater emphasis has been placed on sustainable architecture. The…