The Real Estate Future Forum began in Riyadh, Saudi Arabia on Monday. On the first day of the industry conference in Saudi Arabia, real estate agreements totaling more than $2.66 billion were inked.
The collaboration agreements and memoranda of understanding were signed during the second Real Estate Future Forum, which is taking place this week from January 23 to 25.
The deals were focused on real estate development and construction techniques, as well as the establishment of four investment funds to develop commercial, tourism, and residential projects.
Saudi Arabia is touting the forum as an example of how important the real estate sector is to the government’s plans for the economy, especially as the country moves to diversify its revenue away from oil through the Vision 2030 program.
A report from S&P Global published in December 2022 said Kingdom has $1 trillion slated for real estate and infrastructure projects, with at least eight new cities planned predominantly along the coast of the Red Sea.
At the conference, Saudi Aramco highlighted its experience with sustainable development.
The company’s mega project to build homes for employees, named Ajyal, was highlighted by Saudi Aramco’s executive vice president of human resources and corporate services, Nabeel Al-Jama. It is the first infrastructure in the Middle East to receive an Envision Award for sustainable facilities.
Al-Jama said the project includes an integrated infrastructure, meets international specifications, and incorporates technologies to reduce water consumption.
Another project highlighted by the Saudi Aramco executive was the King Salman Energy Park, for which the company adhered to all environmental, social, and corporate governance standards.
The fully integrated industrial ecosystem has drawn more than 40 major energy and technology companies, with total direct investment in the Eastern Province project expected to exceed $3 billion in the coming years.
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