230 Billion SAR Real Estate Deals Sealed at Cityscape Global 2024 in Riyadh

Riyadh: The Cityscape Global 2024 exhibition, held in Riyadh, ended with an impressive total of 230 billion SAR ($61.3 billion) in real estate transactions. The four-day event attracted more than 172,000 visitors and featured over 400 exhibitors. This marked a major achievement for Saudi Arabia’s growing real estate sector.

Key Announcements and Agreements

The exhibition served as a launchpad for several groundbreaking projects and agreements:

National Housing Company (NHC): It secured deals worth 142 billion SAR ($37.9 billion), reinforcing its leadership in the housing market.

Retal Urban Development Company: The company allocated over 14 billion SAR ($3.7 billion) for developments in Riyadh and Al Khobar.

Mohammad Al Habib Real Estate Co.: It announced the “Einar” project, a mixed-use development valued at 5 billion SAR ($1.3 billion), covering 250,000 square meters.

Tilal Real Estate: This developer revealed a mixed-use project in Al Khobar worth 6 billion SAR ($1.6 billion), spanning 268,000 square meters.

Flow Real Estate Company: In collaboration with Al Safa Company, it established a 1.1 billion SAR ($293 million) investment fund to develop 920 residential units in Riyadh.

Makkah Construction and Development Company: It introduced the “Boulevard Makkah” project, valued at 6 billion SAR ($1.6 billion), covering one million square meters with residential, commercial, and hotel facilities.

Retal’s Luxury Resort in Al Khobar: The company announced a 5 billion SAR ($1.3 billion) ultra-luxury resort managed by The Ritz-Carlton.

King Salman Park Project: The first real estate investment plot within this park was valued at 4 billion SAR ($1.1 billion).

Masar Destination: This development, worth 4 billion SAR ($1.1 billion), includes 18 residential towers, hotels, and office spaces.

Supporting Vision 2030 Goals

The event also included auctions for land and residential units valued at up to 1 billion SAR ($266 million). These auctions boosted investment opportunities, showcasing the Kingdom’s efforts to attract local and international stakeholders.

This success aligns closely with Saudi Vision 2030, which aims to diversify the economy and improve citizens’ quality of life. By focusing on sustainable urban growth, Saudi Arabia is positioning itself as a leader in real estate development.

Driving Future Growth

Cityscape Global 2024 reinforced Riyadh’s position as a global hub for infrastructure and real estate. The event provided a platform for companies to unveil projects that align with the Kingdom’s vision for the future. With continued support for investors and developers, Saudi Arabia is set to achieve even greater milestones.