MENA's $2 Trillion Investment in Construction Sparks Innovation and Job Growth
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Exciting news for the Middle East and North Africa region as it takes the lead in sustainable constructions! With a planned $2 trillion investment in new "built environments," the region is set to create 4.3 million annual jobs.
What are "built environments"? Think buildings, neighbourhoods, cities, and the vital infrastructure supporting them, like water supply and energy networks.
A recent report by Strategy& Middle East highlights the potential of sustainability-focused construction technologies, projecting a 50-60% reduction in lifecycle emissions during the $2 trillion construction surge.
Key Takeaways:
Why is this important for the construction industry in Saudi Arabia? According to a Strategy & Middle East report, "built environment" contributes significantly to global emissions. Adopting sustainable methods and technologies could take the region more than halfway to realizing its net-zero emissions goals.
Innovation is Key! The report identifies existing technologies like solar photovoltaics, greener construction materials, and AI systems in buildings that can be implemented soon. However, it also acknowledges the need for additional investment and time to develop, test, and integrate other innovations.
What’s Next? Collaboration among stakeholders is crucial for success. The report outlines the need for regulators to stimulate demand for sustainable technologies, developers to adopt eco-friendly construction techniques, and financiers to drive the transition.
17 High-Potential Applications! The report provides 17 high-potential and actionable applications across multiple areas to reduce emissions, including mobility, managed landscapes, development density, mechanical systems, and construction processes.
Exciting times lie ahead as the construction industry in Saudi Arabia embraces sustainability!