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Saudi real estate: Red Sea Residences expands with branded residences from Ritz-Carlton, Jumeirah & Miraval

Saudi real estate: Red Sea Residences expands with branded residences from Ritz-Carlton, Jumeirah & Miraval

Branded residences
Red Sea Residences expands its portfolio with ultra-exclusive homes, blending sustainable luxury, world-class hospitality, and breathtaking natural beauty
Armani
Armani Residences Diriyah will be the design firm's first branded residence in Saudi Arabia Al Marjan Island
The Dubai developer will join hands with Durar Group, a renowned Dubai luxury real estate major, to launch the two branded projects Branded residences
The off-plan development is now open for sale, targeting the demand for upmarket living spaces in Dubai's real estate market Branded hotels and residences
Saudi introduces riyal symbol, UAE visa news, Dubai real estate changes, UAE law changes and more top stories this week Branded hotels and residences
Corinthia Dubai will tower more than 500m and include branded real estate and the 'world's highest outdoor pool' Aman
Over the last three years, Aman has pre-sold over $5 billion worth of Aman Residences around the world, and Dubai is no exception, Doronin said Binghatti
In a year in which the company launched 16 new projects, net profit jumps 152% to $500mn and revenue backlog triples to $2.72bn Automobiles
Frank-Steffen Walliser suggested a lack of customer demand was the reason why Bentley has yet to launch an electric car Branded residences
Located in Mina, the project will include approximately 150 luxury apartments and standalone private villas Branded properties
Dubai set to open world's first Chedi branded residences in Dubai Branded residences
Each residence – ranging from apartments to penthouses, is completely furnished with Venere Group's Italian-made furniture, combining cutting-edge design with European elegance Branded residences
The project features 200 premium apartments in the highly sought-after South Investors Branded residences
Located in the Mina waterfront destination, the property will feature 150 rooms and 130 private residences Branded residences
The strengthening ties between the UAE and Georgia have created a natural investment corridor Branded residences
The company's expansion includes the launch of Cloud 7 Hotel in Rome and developments in Morocco, which align with the country's preparations for the FIFA 2030 World Cup branded real estate
Fashion house partners with Dubai's Samana for ultra-luxury water villas and apartments with nightly rates up to $8,000
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Where is Saudi Arabia on its plan to power itself on sun and wind rather than oil?
Where is Saudi Arabia on its plan to power itself on sun and wind rather than oil?

The National

time7 minutes ago

  • The National

Where is Saudi Arabia on its plan to power itself on sun and wind rather than oil?

"Saudi Arabia's renewables plans are overhyped and falling short!" "No, they're not, they're transformational and decisive for the future of the world oil market!" Between competing narratives, what is the truth of the kingdom's ambitious plans to power itself on sun and wind rather than oil? This debate arises from three key trends: Saudi power demand is growing steeply, the country burns huge quantities of oil for electricity and it has one of the world's most ambitious plans to build renewable generation. If it succeeds in phasing out petroleum in power generation by 2030, that could upset the global oil market – at least in theory. Let us break down these components. Saudi electricity consumption is powered by the push for diversification and industrialisation, and more recently by data centre construction. Power demand jumped 10 per cent in the first half of this year and peak needs exceeded 75 gigawatts for the first time. This is despite promotion of energy efficiency, and the effect of increases in prices of electricity and water in 2016, 2018 and (via a value added tax rate hike) in 2020. Tariffs were raised again this May. The country is both one of the world's biggest oil producers and consumers. While most utilities worldwide have phased out the use of costly oil for power generation, Saudi Arabia burns on average 1.1 million barrels daily to make electricity and desalinated water. In the summer, this rises to more than 1.4 million bpd of crude and fuel oil for power, driven by air conditioning needs. This consumption eats into Saudi oil exports and the seasonality limits its flexibility with Opec policy. By 2030, the government wants to eliminate this oil consumption. Instead, 130 gigawatts of renewable capacity is hoped to produce at least half its electricity, the rest coming from gas. The Saudi renewable programme has had several false starts, beginning with the King Abdullah City for Atomic and Renewable Energy, which in 2013 set a target of 58.7 gigawatts by 2030. Little progress was made, leading to scepticism from project developers. But over the last two years, progress has accelerated enormously. Today, the country has 10.2 gigawatts of operational renewable energy, mostly solar photovoltaic. By the end of 2028, the installed capacity should exceed 40 gigawatts. So hitting the 2030 target would require an average of 45 gigawatts built in both 2029 and 2030. With planned awards at 20 gigawatts annually, Riyadh looks behind schedule, but it could reach its goal by 2032 or 2033, still an impressive achievement. This is purely a question of organisation; national champion Acwa Power and the kingdom's sovereign wealth fund, the Public Investment Fund, plus numerous international renewable developers, are keen to deliver and finance has been readily available. Saudi Arabia's ambition would be less than 3 per cent of the total global solar installation this year forecast by BloombergNEF. This again looks highly achievable given its large land area, excellent solar conditions and other advantages. The very low costs achieved for large-scale renewables in its sunny, windy deserts are equivalent to oil priced at around $6 per barrel, below even its very low production costs, and far lower than world market prices. It also has a hefty investment programme to boost gas output, extend its gas pipeline network to the west coast and convert oil-fired power plants to gas. On Thursday, it signed an $11 billion deal with a consortium led by asset manager BlackRock, to finance processing facilities for Jafurah, its giant development of unconventional gas. By 2030, Jafurah should be producing 2 billion cubic feet of gas daily. This is a big chunk of raising overall gas output from 10.8 bcf per day last year to about 16 bcf daily by 2030. What will the effect of all this be? The answer is: it depends on demand. Going by the breakneck pace of this year, with almost 10 per cent annual rises in electricity demand by 2030, the kingdom will do well even to keep oil consumption flat, let alone eliminate it. At a more restrained but still strong pace of 4-5 per cent, seen over the last three years, oil burn could indeed be stopped entirely around 2031. To achieve its goals, Riyadh needs to work hard on energy efficiency. The recent subsidy reforms may continue to control consumption. Air conditioning, the main driver of summer electricity use, can be made more efficient, and supplemented by better building design, insulation and natural cooling systems. And, as the data centre sector booms, it would be helpful to allow them to source renewable energy directly, rather than drawing on the grid for power from oil or gas. If the country does indeed succeed in cutting most of its oil consumption for power around 2030, does that mean a further glut in the world crude market? On the face of it, eliminating 1.1 million bpd of demand would wipe out the equivalent of a whole year's global demand growth. But this is purely an arithmetic exercise. The impact on the world outside Saudi borders depends on whether it chooses to export the saved oil, or to cut back production correspondingly. Saudi Aramco was told in early 2024 to pause plans to expand production capacity, a possible acknowledgement of the expectation of lower domestic needs. There will be impact on specific parts of the petroleum business. For instance, the reduced burning of heavy fuel oil, a low-value product of refining, will saturate that market. The additional hydrocarbon liquids from Jafurah, which are not counted as crude oil, will mean Saudi exports and petrochemical feedstocks will grow regardless of Opec policy. But Riyadh, in co-ordination with its colleagues in the Opec+ alliance, will decide on overall oil output levels. Less domestic consumption will give it greater flexibility, especially in summer. It will have more spare capacity, a buffer against disruption elsewhere. Saudi Arabia's power shift will transform its domestic energy system – but do not foreshadow a practical peak in world oil demand.

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Serbia signs $1.63bn arms deal with Israeli company Elbit Systems

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NSG launches KSA’s first Earth Observation Marketplace
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NSG launches KSA’s first Earth Observation Marketplace

Operated by UP42 the Earth Observation platform was launched to meet the growing demand for high-resolution satellite imagery and space analytics across key sectors. Neo Space Group (NSG) has announced the launch of the Earth Observation (EO) Marketplace, the Kingdom’s first dedicated EO data marketplace, powered by UP42 – a company fully owned by Neo Space Group (NSG). The platform is designed to meet the growing demand for advanced EO and geospatial data solutions. The group stated that the EO Marketplace will bring together a growing network of EO data providers and value-added service providers offering advanced geospatial analytics and data processing capabilities. The platform is built to empower public sector agencies, Saudi companies and international users by offering a wide range of high-resolution satellite imagery and EO data products. It aims to serve as a comprehensive and simplified one-stop shop to support solution developers and service providers and is fully equipped to meet the future needs of government entities within the Kingdom. The platform is also expected to drive the expansion of EO data availability across a range of applications in key sectors, including environment, infrastructure, energy, real estate, mining, transportation, logistics, agriculture and others. This launch aligns closely with the initiatives and goals of Saudi Vision 2030. The launch follows the completion of NSG’s acquisition of UP42 GmbH from Airbus originally disclosed in December 2024. UP42 is a next-generation digital platform for EO that leverages cloud computing technology to provide leading solutions for accessing and analyzing Earth observation data. It enables seamless discovery, acquisition and management of EO data and large-scale image processing via unified formats, intuitive tools and fully automated workflows. The platform is designed to comply with the regulatory requirements of the Kingdom and is hosted on a secure and reliable infrastructure. Martijn Blanken, CEO of Neo Space Group, said: 'The launch of the EO Marketplace reflects the Kingdom’s remarkable trajectory of growth and the increasing demand for EO data. Today, more than ever, EO data plays a pivotal role in supporting Saudi Arabia’s transformational Vision 2030 — from infrastructure development and urban expansion to optimized resource management. Given the Kingdom’s vast geography — spanning over 2.15 million square kilometers, nearly the size of Western Europe — this platform will serve as both a valuable marketplace and decision-making tool across a wide range of sectors.' Frank Salzgeber, Acting Deputy Governor for the Space Sector at the Communications, Space & Technology Commission (CST), commented: 'Value creation is shifting downstream in the EO supply chain — where AI technologies intersect with space data. The market is now at a perfect inflection point.” He added: “Alongside enhancing national capabilities, the platform is expected to accelerate the adoption of space technologies in the Kingdom. It reflects our national priorities: fostering technological innovation, ensuring regulatory compliance, and building secure infrastructure.' Neo Space Group (NSG) also expressed its deep appreciation for the continuous guidance and support of the Communications, Space & Technology Commission (CST), which has played a vital role throughout this journey — from licensing and enabling the platform to ensuring strategic alignment.

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