RIYADH: The Cityscape Global exhibition maintained its strong momentum into its second day, serving as a platform for multiple major deals that further transform Saudi Arabia’s real estate landscape.
The event featured several new agreements, including a SR200 million ($53.33 million) water park development and a partnership to establish international schools in new residential communities.
This builds on opening day announcements by Saudi Arabia’s Minister of Municipal and Rural affairs and Housing Majid Al-Hogail of real estate agreements and deals exceeding SR161.2 billion.
Strengthening the real estate sector is a crucial goal for Saudi Arabia as the Kingdom seeks to position itself as a global destination for business and tourism as part of its economic diversification efforts.
The Kingdom’s Real Estate General Authority expects the domestic market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.
Jazan water city project
On the second day, Jazan Municipality signed an investment contract valued at SR200 million with Alawaly Real Estate Co. to establish a 113,000-sq.-meter water city in Jazan.
According to a Saudi Press Agency report, the initiative aims to enhance tourism and investment in the region and develop infrastructure and investment opportunities across various sectors.
Located on the Jazan waterfront, the project is one of the largest entertainment developments in the Kingdom.
The water city will include a marine entertainment destination with water attractions, a marine museum, and supporting services to enhance the recreational experience.
ROSHN-Cognita education partnership
Image: Cognita Middle East
ROSHN Group has signed a memorandum of understanding with Cognita Middle East to establish world-class educational facilities in Saudi Arabia, according to a press statement.
Under the MoU, both parties will collaborate on developing build-to-suit private schools that will be operated by Cognita Middle East.
“Together, we aim to broaden access to high-quality education and deliver an outstanding educational experience that empowers students to reach their full potential and prepares them to thrive in a rapidly changing world,” said David Baldwin, CEO of Cognita Middle East.
Cognita has a global network of over 100 schools across 21 countries, supporting 100,000 students and more than 21,000 staff.
In the region, Cognita operates 14 schools, including Royal Grammar School Guildford Dubai, the Repton Family of Schools, and Kings College Riyadh.
Public parks development
During the event, Saudi Arabia’s Ministry of Municipalities and Housing signed a joint memorandum of understanding with Panda Retail Co. to develop investments in public parks and enhance the quality of life in the Kingdom’s cities.
The deal also includes cooperation in studying investment areas in public parks, whether existing or planned, and developing appropriate models for their operation, maintenance, and management.
The collaboration will also involve evaluating sports, entertainment, cultural, and social events that can be held within the parks and municipal squares to enhance their economic and social impact.
