Saudi Arabia’s Real Estate Summit: A Leap Towards Tomorrow
Under the compelling theme “Together Towards Tomorrow,” the recent summit showcased Saudi Arabia’s remarkable transformation, particularly in the real estate and construction sectors. With a pipeline that now surpasses an impressive $2 trillion, the nation is setting new global standards in development, hospitality, sustainability, and design.
Investment and Sustainability at the Forefront
The summit kicked off with an insightful opening address by Ravi Kumar Chandran, Founder and Managing Director of GBB Venture. He announced the introduction of a dedicated investment track at the summit, which attracted over 200 global investment leaders. In a move reinforcing Saudi Arabia’s commitment to sustainability, Chandran also shared a new partnership with VCM aimed at facilitating a net-zero summit through carbon measurement and reduction efforts.
Featured in the opening fireside chat was Eng. Essam Ahmad Kalthoum, CEO of Asmou Development Company. Drawing from his four decades of industry experience, Kalthoum emphasized the evolving market demand for housing that is smart, compact, and rich in amenities. He also touched on the burgeoning mixed-use developments emerging across the Kingdom as well as expansion plans into urban centers like Cairo, Muscat, and Amman. He pointed out that governance, ESG (Environmental, Social, and Governance) alignment, and public listings are crucial for sustainable growth and credibility in the long term.
Focus on Localisation and Industrial Advancement
A significant revelation came from Jalal Al Kurdi, Commercial Director at HH Shaker, who introduced the Midea Shaker Company (MSA), a joint venture geared towards promoting manufacturing localisation. The initiative will kick off with a state-of-the-art 20,000 sqm facility aimed at producing up to 650,000 air-conditioning units annually. Future plans include expanding this facility to 85,000 sqm and incorporating component manufacturing, such as compressors and robotics. This development aligns with major projects like NEOM, the Red Sea project, and Qiddiya, positioning Saudi Arabia as a key export hub for the Gulf Cooperation Council (GCC) and Levant regions.
In another dynamic session, Osan Ghaddaf, Founder and Creative Director of Artevo Consulting, discussed the vital role of art in transforming development projects into immersive cultural destinations. By highlighting iconic initiatives like The Red Sea and Diriyah Gate, he illustrated how storytelling and experiential design can redefine luxury spaces.
Nicolás Otero from BIOO introduced innovative biotechnology solutions that can generate energy, conserve water, and cool urban environments using biopanels, bioswitches, and bioluminescent features. This technology, forecasted to deliver returns within five to seven years, positions Saudi Arabia prominently within the sphere of biotech-driven urban planning.
Navigating Carbon Markets and Zero-Carbon Goals
Miklós Veszprémi, Senior Strategic Partnerships Manager at VCM, delved into the swift expansion of Saudi Arabia’s voluntary carbon market, which was established in 2021 with the backing of the Public Investment Fund. He framed sustainable real estate not only as a regulatory imperative but also as a promising financial opportunity aligned with the Vision 2030 objectives.
Emphasizing Human-Centric Design
Ron Bakker, Co-Founder of PLP Architecture, highlighted a shift towards human-centric architecture, emphasizing designs that integrate biophilia and research-driven insights. Case studies from cities like Rotterdam and Tokyo illustrated how quality public spaces, mobility, and cohesive lifestyles can enhance urban vitality.
A panel led by Siddharth Peters of Love That Design gathered leaders from various sectors to discuss the essence of luxury hospitality, focusing on storytelling, cultural heritage, wellness, and the seamless blend of indoor and outdoor living.
Moderated by John Fekete, General Manager at CBRE Saudi Arabia, the panel “Innovation Defining the Real Estate Projects of Tomorrow” explored how emerging technologies, including AI and digital transformation, can facilitate public-private partnerships.
Insights on Market Trends and Investment Prospects
Matthew Green, Head of Research at CBRE MENA, provided an insightful market outlook for 2025, revealing that real estate contributes roughly 12% to Saudi Arabia’s GDP. He noted an astounding 98% occupancy in Riyadh’s office market, with rental prices increasing by 15% annually. The residential sector is also gaining momentum, with projections of around 200,000 new units by 2030, driven by regulatory reforms, foreign investment, and participation from sovereign funds.
The summit featured various signing ceremonies, including the launch of 26H Jeddah, a mixed-use development comprising a Hilton Tempo Hotel and residential units. This demonstrates sustained investor confidence in the market.
Additionally, the GBB Future Minds Programme, designed to engage students from Effat University with global architects and designers, and the REDS Industry Choice Awards recognizing excellence in architecture and design, wrapped up the event.
The overarching narrative from the summit affirmed Saudi Arabia’s status as one of the world’s most dynamic real estate markets, propelled by Vision 2030, institutional investment, and international confidence. The emphasis on balancing financial returns with sustainability and cultural authenticity suggests a bright future for developments rooted in long-term value. With a strong commitment to net-zero initiatives in partnership with VCM, this summit has set a pivotal benchmark for responsible leadership in the industry.
