Cityscape Global, held this month for the first time in Saudi Arabia, ushered in a new era in the kingdom’s real estate industry, a key pillar of the country’s economic diversification efforts as part of its Vision 2030 strategy.
The event brought together government and business leaders, as well as investors and experts in a place that many see as a new land of property development that will redefine the future of living.
‘Future of Living’ was the official theme for this inaugural CSG in the Saudi capital Riyadh.
Organized by Tahaluf, an Informa company, it welcomed over 160,000 visitors and more than 350 exhibitors. It also hosted 10,000 local and international investors along with 300 speakers and experts on real estate, proptech, design and architecture, and other key stakeholders in the property sector and related industries.
DEALS WORTH BILLIONS
Cityscape Global spurred robust investment in Saudi Arabia's real estate sector, with deals amassing a value of over SAR210 billion ($55 billion).
Faisal Al-Khamissi, board chairman of the Saudi Federation for Cyber Security, Programming, and Drones, highlighted a significant achievement at the event. He announced that over 3,800 housing units were booked for construction through the National Housing Company (NHC), demonstrating an impressive value of SAR3.8 billion ($1.01 billion).
In addition to the direct benefits, the NHC project would generate additional economic benefits amounting to SAR94 million ($25 million). These include a boost in hospitality services as well as flights and hotel stays, illustrating its wide-ranging ripple effects in Riyadh’s real estate sector.
Meanwhile, the Saudi Authority for Industrial Cities and Technology Zones (Modon) likewise signed multiple investment contracts that exceeded SAR500 million.
Significant projects were also announced by leading developers and organizations such as King Abdullah Financial District and Diriyah Gate Development Authority, among others, during the four-day event.
World-renowned trends and transformation expert, Tom Goodwin, who was one of the speakers at the event’s NEOM Future of Living Summit, said the developments currently underway in Saudi Arabia “are drawing interest from people from around the world because they present tremendous opportunities” that can propel the Kingdom to become a global investment hub in the property sector and beyond.
PROJECTS HAVE RIPPLE EFFECT
From housing projects and master-planned communities to sports-focused developments and sustainable, smart cities of the future, Cityscape Global galvanized the world’s attention towards an awe-inspiring future for Saudi Arabia and the rest of the world.
Other sectors stand to benefit as well. For instance, deals were announced involving Aric and MASIC Logistics to build, develop, and operate ready-made factories with a combined investment value of over SAR300 million ($80 million).
Located across Jeddah, Riyadh, and Dammam, these facilities serve as the cornerstone of venture support for small and medium enterprises.
In tandem, Retal Agency announced a landmark project, establishing an ultra-luxury resort in Al-Khobar. Managed by the prestigious Ritz Carlton, the investment exceeds SAR5 bn ($1.3 bn), further bolstering Saudi Arabia's hospitality sector.
Funding from the King Salman Park Fund and the launch of the Masar Destination project, both clocking investments of SAR4 bn ($1.1 bn) each, exemplify the widespread growth of commercial and residential infrastructure in the Kingdom.
Meanwhile, ROSHN and Makkiyoon Urban Developers unveiled extensive projects worth billions that will transform the commercial landscape.
David Groger, Group CEO, Roshn said, ‘We are witnessing unprecedented developments in the Kingdom, and we are honored to be at the forefront of these exciting times in Saudi Arabia’s real estate industry. We are looking to invest not just in developments, but more importantly in innovation and local talent.”
THE WAY FORWARD
Saudi Arabia's vision extends beyond the current real estate boom. Its focus on innovative and environment-friendly architectural strategies, along with investments in technology zones and SMEs, mirrors a future-minded approach.
The Kingdom is nurturing a shift towards green buildings, state-of-the-art technology, and smart cities. The aim is not merely to construct physical structures. Instead, it is about creating integrated living and working communities that will propel Saudi Arabia into becoming a global stronghold in the real estate sector and a great center of sustainable living.
As the new era of deals takes shape, Saudi Arabia's property projects are at the forefront of the country’s transformation. Cityscape Global, now based in Riyadh, stands testimony to this evolving reality, spotlighting the robust potential of the Kingdom's real estate industry.
