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King Abdullah Financial District now the world's biggest green development:

Massive real estate project seeking green accreditation

Riyadh's King Abdullah Financial District (KAFD) is now the largest project in the world that is seeking green building accreditation, MEED's Saudi Green Buildings Forum 2011 was told today.

The project involves building 34 towers in a site with a total area of 1.6 million square metres. It will provide more than 3 million square metres of space for various uses, 62,000 parking spaces and accommodation for 12,000 residents. The KAFD aims to create 44,000 new jobs and to be the largest financial centre in the Middle East.

The LEED director for the project at the Saudi BinLadin Group, Whysal Numan said that the drive to achieve the highest standards in sustainability has involved a wide range of initiatives designed to lift environmental standards during the construction process and after the opening of the project. This is scheduled to take place in 2014.

The Saudi Binladin Group is the principal design and build contractor on the project. Sustainability initiatives at the project include an erosion sedimentation control plan to reduce pollution from dust and to control soil erosion. "We have land-watering in the project each hour and every day and other measures to control dust coming from the site," Numan said. Traffic speed within the project is controlled for the same reason.

"Our construction waste management programme aims to divert at least 50 per cent of our construction waste from disposal in landfill and incinerators," Whysall said. "The indoor air quality plan is to reduce health risks for construction workers."

The project will use alternative transport systems. "The KAFD is to have a monorail system with six stations that will connect with public parking areas. There will also be parking for bicycles and changing rooms for people who come the district by bicycle.

LEED requirements demand that water consumption must be reduced by 20 per cent. To achieve this, technology being used in the project includes dual-flush toilet systems and low-water flow fittings. Buildings within the KAFD will also make use of greywater.

"Energy performance is most critical," Whysall said. "LEED requires a 10 per cent reduction in energy use. We have introduced a lot of strategies to achieve this and they include low ultra-violet materials; shading device systems; heat recovery systems and efficient light fixtures.

"We are aiming to use at least 50 per cent of the materials from recycled material," Whysall said. This has involved using recycled steel and porcelain. "We are aiming that at least 10 per cent of the total cost will be in the form of recycled material and we could get to 20 per cent and more."

"Building materials have been selected which are extracted and manufactured within 500 miles of the project site for a minimum of 10 per cent of the cost of the total value of the materials used in the project," Whysall said. "We are targeting 20 per cent." Sustainable adhesives, paints, flooring and composite wood are being used to reach this target.

The client for the King Abdullah Financial District is the Rayadah Investment Company.

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Green buildings movement is becoming increasingly influential 

UAE, Saudi Arabia and Qatar join green building agenda

Green Technologies managing director Mario Seneviratne told the MEED Saudi Green Buildings Forum 2011 in Riyadh this morning that the green buildings movement is becoming influential in a growing number of countries.

"There are more than 80 countries signed up to the green building agenda," Seniveratne said. "They include the UAE, Qatar and Saudi Arabia."

Seniveratne said that a coherent approach to applying green building principles will deliver economic and environmental benefits. "Green buildings are the solution to environmental and business challenges," he said. Seniveratne said that the Leadership in Energy & Environmental Design (LEED) green building rating system is still dominant in the Gulf.

"There are more LEED buildings than those rated by any other system," Seneviratne said. "It's been used in the region for 13 years. It's easily adaptable to the Middle East but you can use any one of the many green building rating systems."

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Incentives sufficient to promote green buildings, says Minister 

Existing regulations good enough in Saudi Arabia for sustainability

Saudi Arabia's Deputy Minister for Electricity Saleh Alawaji told the MEED Saudi Green Buildings Forum 2011 in Riyadh this morning that existing regulations are good enough to promote high standards of sustainability in new buildings.

"I think the Saudi building code is a sufficient document in my opinion," Alawaji said. "But I believe that we have a huge amount of energy being consumed in existing buildings.

"We need to work hard to tackle this issue. Providing (government) incentives is one of the effective tools but who will be in charge of these incentives? And the government needs to see a return on incentive.

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Conference to tackle challenges in green building 

The Saudi Green Building Forum will be held at Riyadh's Four Seasons Hotel on Oct. 13-16 under the aegis of Prince Mansour bin Miteb, minister of Municipal and Rural Affairs, and in the implementation of King Abdullah's initiative. High-profile experts from both the Kingdom and abroad will attend the event.

The third annual intellectual think-tank event will involve a conference, workshop, exposition, and project case studies of the current year as well as discuss green building and energy technologies.

According to Faisal Al-Fadi, the forum's secretary-general, the conference will provide a dominant platform for discussing challenges for green building related to the sustainability to promote green building initiatives in Saudi Arabia, to boost business collaboration, unveil new employment opportunities, and enhance the built environment across the kingdom. He said the presentations, panel discussion and case studies at the conference would challenge issues such as expansion of green building, sustainable urban development, and Saudi Arabia's position as a frontrunner – a hub of the fastest growing construction and projects market in the Middle East and North Africa.

Al-Fadi noted that the green market had witnessed swift expansion over the past three years and with the government and private sector companies in support of international green building standards and initiatives. The US Green Building Council's Leadership in Energy and Environment Design (LEED) registrations and certifications have significantly increased since the inception of the Saudi Green Building Forum in 2010. This increase makes it evident that more and more organizations, people and governments are aspiring to create a sustainably built environment and legislation.

The forum's conference and projects case studies will continue to stay as a significant means of aiding the development of laws and regulations set by King Abdullah Green Building initiatives; enhancing the comprehensive collection of standards and guidance systems that is being implemented in the Kingdom; signifying the building information modeling technology; strengthening relation with industry stakeholders; delivering information, analysis and insights into available business opportunities; and building cultural awareness of local urban development.

In his statement, Prince Mansour said: "This meeting represents a valuable opportunity to review the achievements of previous recommendations, including more than one axis, either as assigned to the government sector, professional bodies or entrusted to the private sector."

Among the distinguished speakers are Mohammed Al-Suwaiyel, president of King Abdulaziz City for Science and Technology; Abdullah Al-Muqbil, mayor of Riyadh municipality; Edward Burton, president and managing director of the US-Saudi Arabian Business Council; Mohamed Al-Mady, SABIC vice chairman and CEO; Amer Kayani, minister counselor of commercial affairs at Riyadh Embassy in the US; and Abdulrahman Al-Jeraisy, chairman of Riyadh Chamber of Commerce and Industry.

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Riyadh to host three-day summit of Saudi Mega Infrastructure Projects in September 

Saudi Arabia is about to witness one of the mega events of this year, Saudi Mega Infrastructure Projects Summit, beginning September 16, 2012 onwards for three days at Riyadh Marriott Hotel, Saudi Arabia.

Visit Direct Link Exhibition Site For All Details.

UAE & Egyptian Sustainability Industry Ties & Investment Partnership

 Hi Regional Economic News Focus - Middle East & African Investors - Egypt.

Citadel Capital bullish on Egypt’s return to growth

Citadel Capital Click Here to visit company web site, a major investment company in Africa and the Middle East with $9.5 billion in investments under control, was a key participant at the Egypt GCC Investment Forum Click Here to visit organizers web site for details, a two-day event hosted by the Egyptian Ministry of Investment in partnership with the UAE and Euro money Conferences.

"President Adly Mansour"

"President Adly Mansour received Thursday in the presidential palace a delegation from the Gulf-Egyptian investment forum, currently held in Cairo under the rubric "A Strategic Partnership and Economic Integrity." The forum is held under the auspices of Egypt and the United Arab Emirates (UAE)."

Investor

The event brings together top-tier Egyptian and GCC private sector investors, financiers and leading government officials from Egypt and the GCC to discuss strategic partnerships and new investment opportunities in Egypt as the government attempts to jump-start the economy and capitalize on rising investor confidence. 

Strategic Partnerships & New investment Opportunities. 

“Egypt has always had an economy that has the capacity to absorb investments and we as a country have always been able to find the right track. Granted, there may be heartache and frustration along the way, but when all is said and done, Egypt has always done the right thing. Right now Egypt needs investments. In order to achieve a growth rate of 7 percent, we need $20-$25 billion in new investments,” said Citadel Capital Founder and Chairman Ahmed Heikal during a keynote interview at the forum.

Economic Growth

“In this context, two things are clear: We enjoy immense support from the Gulf countries not just in budget support and direct aid to the government, but from companies and countries with a genuine interest in helping Egypt build its infrastructure base. Secondly, I believe it is patently obvious that energy policy is at the root of our macro challenges today. The simple fact is that had increased the price of petroleum products by 17 piasters per annul starting in 2000, the total debt of the Egyptian government today would have been zero,” he said.

Heikal pointed out that the startling statistic underscores the necessity of adopting a much more aggressive strategy as regards energy pricing. 

New Strategic Possibilities

“People are now aware of the problem — and that’s the first part of finding a solution. But talking isn't enough: Now is the time for implementing solutions. The funding that we have received from the Gulf States has allowed us to avoid major problems, this does not however change the fact that we cannot continue to ignore the impending crisis that will occur once this funding is discontinued. Energy prices need to be liberalized gradually lest we wish to see a spike in inflation at the same time as we face rising unemployment as a result of failing enterprises. With that in mind, we need to cushion the impact of price rises through a system of direct cash subsidies to consumers,” added Heikal.

Consumer Subsidies

Asked about the concerns of GCC investors — such as the legal environment and whether or not the current regulatory framework can ensure the safety of their investments — Heikal pointed out that “despite the uncertainty and the very real problems that are delaying the completion of projects in the interim, the risk-reward relationship is still very favorable in Egypt.” 

Egypt 

Heikal added: “I think that the lack of resolution on the political front and the bureaucratic delays have without a doubt hampered Egypt’s capacity to attract new investment, but GCC investors are still finding it worthwhile to invest in Egypt. There are still excellent opportunities out there for large deals in key sectors such as energy and infrastructure that have attracted and will continue to attract large amounts of capital coming from the Gulf.” 

Egypt's Capital

A case in point is Citadel Capital’s Egyptian Refining Company (ERC), a $3.7 billion second stage oil refinery that will reduce Egypt’s present day diesel imports by more than half, generate more than $300 million in annual benefits to the state treasury, and reduce by nearly one-third the country’s present sulfur dioxide emissions. The financing package for ERC, one of the largest-ever project finance deals in Africa, was completed post revolution with an international pool of investors that included Gulf-based sovereign wealth funds. 

Oil Refinery

Asked what advice he would give to the government, Heikal noted that a shield law for government officials who are taking legitimate decisions that are discretionary in nature is a must to avoid bureaucratic inertia. 

He also added that additional institutional capacity was required. “We need to be able to attract higher calibers in the government and we also need to raise the productivity of the Egyptian economy as a whole, which means enacting policies regarding the types of investments we want to encourage bearing in mind energy, water and electricity consumption,” said Heikal. 

Outlook 

Citadel Capital also participated in two targeted sector workshops on renewable energy and hydrocarbons that featured government ministers and industry experts. Leading the discussion on hydrocarbons was Citadel Capital Managing Director for Energy Investments Mohamed Shoeib who highlighted the importance of future cooperation between the government and private sector investors in the hydrocarbons sector.

Energy

“To keep pace with projected economic growth and provide much needed energy capacity in the region Citadel Capital has invested heavily in energy as one of its five core industries. Our integrated energy investments cover the full value chain and include refining, energy distribution, power generation and alternative fuels,” said Shoeib, an industry veteran with over 30 years experience in the upstream and downstream oil and gas sector in Egypt. 

Opportunity

Khaled Abu Bakr, executive chairman of Citadel Capital’s energy distribution platform, TAQA Arabia, participated in a workshop that discussed the role of renewable energy in sustainable development and explored the policy and regulatory framework that is required in order to facilitate and encourage more investments of this nature, which will be crucial for Egypt’s energy security going forward. 

Framework

TAQA Arabia is the largest private sector energy distribution company in Egypt with over 16 years of experience, investing and operating energy infrastructure including gas transmission and distribution through its largest operational arm, TAQA Gas. As part of it’s ongoing effort to grow the energy sector in Egypt and meet increasing domestic demand, TAQA Arabia recently entered into an agreement with the Egyptian Ministry of Petroleum and Natural Resources to connect 66,000 homes with natural gas. 

Development

The growth of Citadel Capital’s energy investment comes as the firm continues its transformation of its business model from a private equity firm to Africa’s leading investment company. Energy is one of Citadel Capital’s five core industries alongside transportation, agriculture agrifoods, mining, and cement.

Triumph

Egypt's GCC Investment Forum Further Information Links;

The Egypt/GCC Investment Forum Agenda - English  Click Here to download.

The Egypt/GCC Investment Forum Agenda - Arabic   Click Here to download.

Click Here or Image Above To Download Citadel Capital’s Annual Report 2012

Growing Investments

*The original publication referenced from was briefly edited & remains to be the main source of this publication article. The source of this article is published by Arab news & you may click here  to visit the site & view the original article source.