As 2024 approaches, Saudi Arabia will continue fulfilling its Vision 2030 aims. As part of these aims, the Kingdom strives to transform Riyadh into one of the world's most sustainable cities. JLL supports this by promoting sustainability, innovation, and human-centred urban development. This not only enhances long-term asset value but also future-proofs assets.
The company made its sustainability ambitions known at a recent roundtable event in Riyadh, according to Construction Week.
ADVANCEMENTS IN SUSTAINABILITY
Over the last five years, Saudi Arabia's real estate has made big progress in sustainability. This makes the country more livable in the future. Beyond building certifications, efforts now encompass data capture, disclosure, and benchmarking. Some major sustainability projects are Mostadam, the Saaf® Certification Program and the renovation of the Ministry of Municipal and Rural Affairs building in Riyadh.
SUSTAINABILITY AND SMART CITIES
JLL explores sustainable urban development with a focus on "Shaping Tomorrow’s Cities Today: Sustainability and Smart Cities." They provide a range of useful insights. These explore upgrading existing city infrastructure, promoting responsible investments through green financing, and showcasing the latest trends and innovations. Each of these aspects combine to create sustainable, inclusive, and economically successful cities.
THE ROLE OF SUSTAINABLE URBAN DEVELOPMENT
Saud Alsulaimani, JLL's Country Head in KSA, says that making cities sustainable is crucial. Saudi Arabia is a key player in building mega cities with 5,200 projects valued at $819 billion. One example is NEOM's The Line, a $500 billion smart city powered by clean energy. It shows Saudi Arabia's global influence. JLL is dedicated to helping Saudi Arabia achieve sustainability goals and change the landscape for future generations.
RETROFITTING FOR A SUSTAINABLE FUTURE
Louise Collins, Head of Project & Development Services at JLL Middle East & Africa, highlights the critical role of retrofitting in addressing climate change. With a billion square meters of office space needing retrofitting to meet global decarbonization targets, retrofitting is vital for sustainability. It aligns with Saudi Arabia's goal to achieve Net Zero emissions and invest in renewable energy projects. Here, collaboration is essential to speed up decarbonization for a sustainable future.
THE SIGNIFICANCE OF SUSTAINABLE FINANCE
Alida Saleh, Head of Sustainability at JLL for the Middle East & Africa, emphasizes the importance of sustainable financing. He stressed that it is the key to the success of future sustainability and smart city projects. Investments in sustainability include mechanisms like Green Sukuk and Green Bonds. These are crucial for realising smart cities and green building projects. So, with increased climate change awareness and government support, green financing will increase in the MENA region.
JLL’S VITAL ROLE IN A SUSTAINABLE SAUDI FUTURE
JLL says that it plays a key role in supporting Saudi Arabia's real estate and Giga projects. They align with the nation's vision for sustainable urban development. With ten years of growth in the Kingdom, JLL will shape a sustainable and innovative future for real estate in the Kingdom. These efforts will keep attracting investment to the Saudi real estate market in the future.
