Supporting the city’s dynamic business environment, employees in Jeddah are turning to co-working spaces, hotels, and retail outlets as office alternatives, highlighted JLL during its Future of Work exclusive roundtable.

In the first quarter of this year, the total existing office stock in Jeddah stood at approximately 1.2 million sq. m. with an additional 61,000 sq. m. scheduled to enter the market over the remainder of this year, whereas Jeddah’s retail stock increased to 1.8 million sq. m. with 478,000 sq. m. of retail floorspace scheduled for this year. This reflects new opportunities for businesses seeking modern and innovative workspaces in the city.

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The event witnessed experts and thought leaders from global real estate consultancy firm JLL, who shared valuable insights on emerging workplace trends and its profound impact on the Kingdom’s real estate sector. The roundtable enabled attendees to explore the escalating adoption of flexible work models, the integration of advanced workplace technologies, and the rising importance of sustainability in corporate real estate. Furthermore, the crucial role of creating exceptional ‘people experiences’ within organizations and work environments was also emphasized.

Speaking at the roundtable, Saud Alsulaimani, Country Head, KSA at JLL, said: “Corporate Real Estate is at a critical decision point, where strategies implemented now and over the next few years will determine the path to long-term success. It is clear that hybrid is here to stay; it is a permanent feature in the working landscape. While the office will continue to remain central and paramount to the hybrid model, co-working spaces and retail outlets are gaining popularity in line with Vision 2030, which focuses on the importance of providing an innovative and comfortable environment that encourages the workforce's productivity and creativity.”

With the rise of smart homes and green open spaces, a paradigm shift in the way we work in the coming years can be expected. The demand for sustainable workplaces will become more critical in the future. The Kingdom's focus on renewable energy and sustainable development aligns with this global trend.

During the event, Susan Amawi, Head of Strategic Consulting, KSA at JLL, delivered a thought-provoking presentation on the impact of changing work dynamics, which revealed:
• 36 percent employees not only work from their homes, but also from third-party locations such as co-working spaces, hotels and retail outlets.
• A higher spend on food and beverage, groceries and home goods and a decline in spend on formal clothing.
• More time spent working from hotels and other hospitality venues such as beach clubs, member clubs and golf clubs.

In the global commercial real estate arena, the focus on quality office spaces and the implementation of ESG solutions has become extremely important. Companies are increasingly building greener portfolios that align with the Kingdom’s sustainable development goals, which supports Vision 2030.

With Saudi Arabia's growing reputation as a hub for startups and multinational corporations, the Future of Work event in Jeddah offered a unique platform to gain insights into the evolving landscape of real estate, sustainability, and people experience with the insights and discussions generated to play a crucial role in driving innovation and propelling businesses forward.

Additional speakers include Aida Saleh, Head of Sustainability Consulting, MEA, JLL; and Dima Najib-Costa, Co-Head People Experience, MEA, JLL.

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Schneider Electric to host its first-ever Innovation Summit in Saudi Arabia

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Schneider Electric, a leader in the digital transformation of energy management and automation, will launch its first-ever Saudi Arabia Innovation Summit 2023 on June 13-14 in Riyadh.
Reflecting the growing importance of Saudi Arabia on the world stage, Schneider Electric’s Global Chairman, Jean-Pascal Tricoire, will join the landmark event.
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The Saudi Arabia Innovation Summit 2023 builds on Schneider Electric’s Middle East Innovation Summit 2022, which brought more than 3,700 delegates together for an open discussion on creating a digital path to a sustainable future.
More than 5,000 people have registered to attend as the company highlights how public-private partnerships can accelerate digital transformation, sustainability, and economic diversification in line with the Saudi Vision 2030 goals.
“I am thrilled to announce Schneider Electric’s first Saudi Arabia Innovation Summit 2023, where we gather under the theme of Innovations for a Sustainable World,” added Mohammed Shaheen, Schneider Electric’s Cluster President for Saudi Arabia and Yemen. “We will come together as a collective force, united in our pursuit of a more sustainable future for Saudi Arabia and beyond.”
“In the face of the pressing climate crisis, there is no time to spare. To remain competitive in today’s business environment and pave the way for a sustainable tomorrow, we must fully embrace digitization. And here is the exciting truth: the tools and technologies required to accelerate our transition to digital, electric energy are already within our grasp. The Saudi Arabia Innovation Summit 2023 will be a catalyst for Schneider Electric, our customers and partners to embark on a journey of exploration, collaboration, and decisive action. Together, we will embrace innovation, empower change, and build a better world.”
Schneider Electric will use the Riyadh Summit as an opportunity to expand its investment footprint in the Kingdom. This builds upon the company’s long commitment to Saudi Arabia.
Recently the company launched new electric vehicle (EVs) charging infrastructure to contribute to the Kingdom’s goal of manufacturing 150,000 electric cars. The company also welcomed 22 Saudi graduates – nearly two-thirds of whom were women – onto its Saudi Arabia Early Career Program to promote youth empowerment in the private sector.
With the stage set for the Saudi Arabia Innovation Summit 2023, Schneider Electric looks forward to fostering a strong ecosystem of innovation and sustainability in the Kingdom, further contributing to its socioeconomic progress.
The two-day summit will feature the company’s largest open technology showcase this year to help its partners become more efficient, reduce costs, and your sustainability goals.
Taking place under the theme Innovations for a Sustainable World, the flagship event will highlight why there’s no time to spare in the climate crisis. Staying competitive in today’s business environment — and creating a more sustainable Saudi Arabia — involves going all in on digitization and electrification.
Saudi Arabia Innovation Summit 2023 is where Schneider Electric, its customers and partners take collaborative action through leveraging cutting-edge software and technologies making the digital, electric world a reality across homes, buildings, data centers, industry, and infrastructure.

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Actis LLP and Edra Power Holdings Sdn Bhd revived their interests in buying a major Egyptian power plant, in a deal that may be worth about $2 billion and would boost the North African nation’s troubled economy.
Both companies intend to enter offers to purchase as much as full ownership and operate the facility that’s located in Beni Suef, south of Cairo, according to people familiar with the matter, who asked not to be identified as the deliberations are private. The firms expressed interest in 2019 for a mooted sale that didn’t materialize.

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The plant is one of three co-built by Siemens AG with a total capacity of 14.4 gigawatts that were inaugurated by President Abdel-Fattah El-Sisi in mid-2018 as the latest in a series of ambitious megaprojects. Now it’s on the auction block, as the Middle East’s most populous nation races to shrink the state’s economic footprint and secure badly needed foreign currency.

Egypt is seeking to offload parts of more than two dozen state-owned companies and assets, with Cairo’s energy-rich Gulf Arab allies expected to be the main buyers. But a pact with London-headquartered Actis or Edra of Malaysia would be a welcome infusion of capital from outside the region and potentially the
highest-valued individual deal of all.

Actis declined to comment. Edra, which is a subsidiary of China General Nuclear Power Corp., didn’t respond to a request for comment.

The three plants cost €6 billion ($6.4 billion) to build, with financ-ing mainly coming from a consortium led by Deutsche Bank AG, HSBC Holdings Plc, and KfW-IPEX Bank AG.

The state-owned Egyptian Electricity Holding Co. paid about 85 percentof the three power plants’ costs with the loan from the banking consortium backed by a sovereign guarantee.

A new buyer would assume responsibility for financial dues on the plant, according to the people familiar with the plans, helping Egypt ease one of the Middle East’s largest debt burdens. The $2 billion valuation includes debt on the facility, meaning the government would likely receive less than that sum for the sale.

Authorities have alerted the lenders to the potential deal and are awaiting their clearance before sending the so-called request for proposal to Actis and Edra, the people said.

A power-purchasing agreement would also be signed with the company, which would sell the electricity produced to the government.

Egypt’s sovereign wealth fund said in 2019 it may acquire a stake of about 30 percent in the plants, with international investors taking the rest.

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