Cityscape Global 2024 will pave the way for innovation in real estate, says minister
RIYADH: Cityscape Global 2024 is expected to drive innovation and sustainable advancements in the Saudi real estate market, expanding growth opportunities, according to a senior official.
During the opening day of the event, which will take place in Riyadh from November 11 to 14, Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail explained that the Kingdom is striving to further develop the sector to achieve the set objectives. the ambitions of the nation.
This comes as Saudi real estate is a vital part of the country’s economy, contributing around 7% of gross domestic product and supporting many additional sectors.
“The Kingdom’s hosting of Cityscape Global for the second time is an affirmation of the Kingdom’s position, which has become a leading model in the field of real estate innovation and development and a global center that leaves an imprint clear in building the cities of the future,” said Al-Hogail.
“Today we are not just organizing a real estate event, but we are opening the doors to new horizons of innovation and sustainable progress to realize the future of our ambitious country under the slogan “The Future of Life “, he added.
The minister added that the number of local developers at the exhibition doubled to over 100 and the total number of participating high-profile real estate companies increased from 54 to 69.
“Of course, this increase comes against the backdrop of the accelerated growth observed in the sector since the start of this year,” he added.
Al-Hogail further highlighted that this growth has led to an increase in real estate transactions, the value of which has exceeded SR630 billion ($167 billion) since the beginning of the year, making this sector one of the driving forces the most important economic factors contributing to the development of the economy.
“All these efforts are aimed at accelerating the development of real estate refinancing programs in the Kingdom and expanding through local and international capital market channels so that we can ensure the continued growth of this sector, which I no doubt hope achieve more than SR1.3. trillion, for the housing sector alone, in 2030,” he declared.
Towards the conclusion of his speech, the minister also highlighted that the total value of launches and strategic agreements in Cityscape Global 2024 exceeds SR180 billion.
In terms of announcements, Saudi National Housing Co. launched a new identity and strategy, which CEO Mohammad Saleh Al-Buty said included a “major expansion of pioneering projects.”
He added: “Today, from this location, I am happy to inform investors about investment opportunities for the year 2025 worth over SR75 billion in residential and other projects.
Saoud-based Retal Urban Development Co. also announced major projects for 2024.
“In the name of ambition and success, and for the sake of realizing and fulfilling hopes, Retal announces a group of projects for the year 2024 worth over SR14 billion,” said the CEO of the company, Abdullah Al-Braikan.
Moving to Diriyah Development Co., the developer announced the launch of 59 new luxury apartments and villas for the Signature Collection of Ritz-Carlton Residences in Diriyah, marking the latest release of its luxury branded residences.
This launch follows the successful sale of the initial 106 Ritz Carlton residences.
Diriyah Development Co. also launched the first luxury residential group, ‘Raffles Residences Diriyah’, affiliated with Raffles Hotels and Resorts, during its participation in the Cityscape Global exhibition in Riyadh, as part of the company’s continued provision of a high quality standard of living with international standards in Diriyah.
The new resort will offer 90 luxury residences, ranging from one, two and three bedroom suites to split-level villas and townhouses, with residents enjoying full access to the hotel’s world-class facilities.
Making the announcement, Mohamed Saad – from the company’s DevCo. division – has launched a new collection comprising 59 fully furnished apartments and villas, available in one to four bedroom configurations.
Mohammad Al Habib Real Estate Co. also announced a new development at the event, which will be located in Riyadh, while Mountain View founder and chairman Amr Soliman also highlighted his company’s first project in this day in the Kingdom.
“Mountain View One”, located north of Riyadh, will have an investment value of $320 million, with 500 villas.
Mohammad Al-Othman, CEO of Kaden, used the event to announce the Jeddah Front project, which spans 1 million square meters and involves total investments of up to SR10 billion.
“The waterfront will include 5,000 residential units, housing approximately 20,000 residents. It also includes leisure spaces covering 140,000 square meters and a commercial area reaching 138,000 square meters,” Al-Othman said, adding that there will also be around 800,000 hotel units.
Abdulrahman Al-Bassam, CEO of Tilal Real Estate Co., who also spoke at the event, discussed the “Heart of Khobar” project, which is expected to be valued at over SR6 billion upon completion of its phases.
“On this occasion, we are pleased to announce the signing of the operational agreement for the project with 25Hours from the Accor group. This project will be the second of its kind after Trojena in NEOM,” said Al-Bassam.
Flow co-founder Adam Neumann also unveiled the company’s first local real estate fund worth SR1.1 billion, with Sico and Safa as partners.