RIYADH: Cityscape Global 2024 is expected to drive innovation and sustainable advancements within Saudi Arabia’s real estate market, broadening growth opportunities, according to a top official.

The opening day of the event, which is taking place in Riyadh from Nov. 11 – 14, saw the Saudi Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail, explain that the Kingdom is working to develop the sector further to achieve the nation’s ambitions. 

This comes as Saudi Arabia’s real estate is a vital element of the country’s economy, contributing around 7 percent of gross domestic product and supporting numerous additional sectors. 

“The Kingdom’s hosting of the Cityscape Global for the second time is an affirmation of the Kingdom’s position, which has become a leading model in the field of innovation and real estate development and a global center that leaves a clear imprint in building the cities of the future,” Al-Hogail said.

“Today, we are not only hosting a real estate event, but we are opening the doors to new horizons of innovation and sustainable advancement to achieve the future of our ambitious country under the slogan ‘The Future of Life,’” he added. 

The minister went on to say that the number of local developers at the exhibition has doubled to more than 100, and the total of high-level real estate firms participating is up from from 54 to 69. 

“Of course, this increase comes in light of the accelerating growth witnessed by the sector since the beginning of this year,” he added. 

Al-Hogail further highlighted that this growth has brought about a rise in real estate deals, the value of which has exceeded SR630 billion ($167 billion) since the beginning of the year, making this sector one of the most important economic engines contributing to the development of the economy. 

“All these efforts aim to accelerate the development of real estate refinancing market programs in the Kingdom and expand through local and international capital market channels so that we can ensure the continued growth of this sector, which I undoubtedly expect to reach more than SR1.3 trillion, for the housing sector alone, in 2030,” he said. 

Toward the conclusion of his speech, the minister also underlined 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 in pioneering projects.”

He added: “Today, from this place, I am pleased to inform investors about investment opportunities for the year 2025 with a value exceeding SR75 billion in residential projects and others.” 

Saud-based Retal Urban Development Co. also announced major projects for 2024. 

“In the name of ambition and achievement, and out of our keenness to achieve and realize hopes, Retal announces a group of projects for the year 2024 worth more than SR14 billion,” the firm’s CEO Abdullah Al-Braikan said.

Moving on to Diriyah Development Co., the developer announced the launch of 59 new luxury apartments and villas for the Signature Collection of The Ritz-Carlton Residences, Diriyah, marking the latest release of its luxury branded residences.

This launch follows the successful sell-out 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 high-quality living standards with international standards in Diriyah.

The new residence will offer 90 luxury residences, ranging from one, two and three-bedroom suites to duplex villas and townhouses, with residents enjoying full access to the hotel’s world-class facilities.

During the announcement, Mohamed Saad – from the firm’s DevCo. division – introduced a new collection featuring 59 fully furnished apartments and villas, available in one- to four-bedroom configurations. 

Mohammad Al Habib Real Estate Co. also announced a new development during the event, which will be located in Riyadh, while founder and Chairman of Mountain View Amr Soliman also shed light on his firm’s first project to date in the Kingdom.

“Mountain View One”, situated in the 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 sq. meters and involves total investments of up to SR10 billion. 

“The waterfront will feature 5,000 residential units, housing approximately 20,000 residents. It also includes recreational spaces covering 140,000 sq. meters and a business sector area reaching 138,000 sq. meters,” Al-Othman said, adding that there will also be around 800,000 hotel units. 

CEO of Tilal Real Estate Co. Abdulrahman Al-Bassam, who also spoke during the event, tackled the “Heart of Khobar” project, which is set to be valued at above 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,” Al-Bassam said. 

Co-founder of Flow Adam Neumann also disclosed the company’s first local real estate fund worth SR1.1 billion, with Sico and Safa as partners.