Cityscape Global 2024, the world’s largest real estate exhibition, concluded yesterday at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh. Organized under the theme ‘The Future of Living’, Cityscape Global 2024 ran for four days and witnessed the participation of key local and international players in the real estate sector.
In his speech at the closing ceremony, REGA chief executive Abdullah Al-Hammad commended the organizing teams for the event’s success in meeting the expectations of all target audiences. He also announced that the total sales by local and international developers at the exhibition surpassed SAR20 billion, while strategic agreements between various entities exceeded SAR30 billion. He also noted that the total value of real estate transactions at the exhibition exceeded SAR230 billion ($61.24 billion).
Advancing Saudi Vision 2030’s objectives
Minister of Municipalities and Housing Majed Al-Hogail and Tahaluf chairman Faisal Al-Khamisi, also attended the closing ceremony along with housing leaders, officials, and heads of the organizing committee.
In his closing remarks, Al-Hogail highlighted the remarkable achievements at Cityscape Global 2024, which reflect the continuous focus on developing the real estate sector and enhancing its appeal. Al-Hogail added that the volume of investments and agreements, besides the active participation from both local and international stakeholders, underscores the sector’s ongoing growth and aligns with the ministry’s strategic objectives within Saudi Vision 2030.
In an interview with Economy Middle East, Al-Hogail said: “Over the last five years, Saudi Arabia has been highly focused on improving legislation. We have passed more than 20 legislations over the last four to five years to make sure investors are protected when they do business in Saudi Arabia. The legislation provides assistance to stakeholders, even as it ensures a transparent market. Most importantly, the legislations are focused on the ease of doing business in Saudi Arabia.”
Event attracts over 172,000 visitors
Meanwhile, Al-Khamisi expressed his satisfaction with Cityscape Global 2024’s achievements, noting that attendance and success had doubled thanks to the efforts of participating and organizing entities. He said that the event attracted over 172,000 visitors and hosted more than 400 exhibitors, including some of the biggest local and global companies, with international participants making up 47 percent. About 550 speakers from more than 50 countries, comprising top experts and industry leaders, also contributed to the event.
Real estate investment in the spotlight
Spanning four days, Cityscape Global 2024 illustrated the comprehensive journey of real estate investment, simplifying the process for participants as they explored properties, secured tailored mortgage rates, and designed their ideal homes.
Numerous Saudi banks, including Alinma Bank, Riyad Bank, and Bank Albilad, presented exclusive mortgage options to Cityscape Global 2024 attendees interested in off-plan purchases, ready-made properties, or self-construction projects.
In addition, over 70 international developers showcased their offerings this week, featuring prominent names such as Egypt’s Hyde Park Developments, AlAhly Sabbour Development, Regal London Properties from the U.K., and Bahrain’s Diyar Al Muharraq. Additionally, a dedicated design consultation area, established by Umq Design Company — a Saudi-owned interior design firm — was available to help transform homeowners’ visions into reality.
“Cityscape Global in Riyadh has not only highlighted the impressive growth and innovation within the real estate and construction sectors, but has also served as an inspiring platform to connect with industry leaders and visionaries driving the future of these industries,” said Faisal Sultan, chairman of Oman-based Majan Engineering Consultants.
Sales of residential units surge
Notably, sales of residential units have surged, with the National Housing Company reporting that total sales by its partners jumped from SAR2 billion on the first day to over SAR5 billion by the end of the second day. Cityscape Global 2024 also featured special offers, discounts, and a range of financing solutions provided through partnerships with local Saudi banks.
The National Housing Company has also introduced exclusive discounts of up to SAR100,000 on residential units during the exhibition, with the goal of facilitating the ownership of over 100,000 units across the Kingdom.
Additionally, the company offered financing options with benefits such as a fixed, reduced monthly instalment throughout the construction phase and a competitive profit margin rate as low as 2.59 percent until the end of November. During the exhibition, the profit margin declined further to 2.49 percent, making it a prime opportunity for buyers.
Sakani program offers 17,684 residential units
The Sakani program’s pavilion at Cityscape Global 2024 also saw remarkable attendance, welcoming 14,756 visitors who gained entry after confirming their reservations through the Sakani platform.
Throughout the event, participants secured a total of 2,299 residential units at the Sakani pavilion, representing over SAR1.15 billion ($306 million) in value, from the 17,684 units that the program made available to attendees. Additionally, the program’s financial advisory service conducted 394 consultations on-site at the pavilion.
Read: Cityscape Global 2024 offers attendees access to entire real estate ecosystem
$3.36 billion in new projects and investments
The second day of Cityscape Global 2024 also attracted significant attention from major international institutional investors, collectively managing over $3.2 trillion in real estate assets. The Investor Forum welcomed participants from more than 22 countries, featuring a variety of activities including roundtables, keynote speeches, panel discussions, and one-on-one matchmaking sessions. Notable attendees included industry giants such as BlackRock, AGV Invest, Brookfield, CVC Capital Partners, Apollo, and Mapletree.
The second day witnessed the announcement of an impressive $3.36 billion (SAR12.62 billion) worth of new projects and strategic agreements in the Kingdom. The Ministry of Municipalities and Housing (MOMAH), Developmental Housing, and SAKAN also unveiled a notable investment of $1.28 billion that seeks to facilitate the ownership of 16,000 housing units across the Kingdom by next year.
