Cityscape Global is a premier gathering that convenes the who’s who in real estate. Its 2024 edition took place in Riyadh, Saudi Arabia, from November 11 to 14.
In this interview, Rachel Sturgess, senior vice president at Tahaluf — the event’s organizer — talks about how this year’s installment confirmed Cityscape Global’s position as the largest real estate exhibition in the world. She discusses key highlights, including the Stadiums and Mega Events Zone, which is a new edition to the event.
What were the key takeaways and statistics from Cityscape Global 2024?
Under the theme “The Future of Living”, this year’s exhibition saw a mammoth transaction total of over $61 billion in real estate transactions — which was more than double that of last year’s exhibition. Furthermore, Cityscape Global’s floorspace grew 61 percent year-on-year, spanning 121,000 square meters this year.
There were also 426 exhibiting companies in attendance, signaling a 37 percent increase in 2023, with international exhibitors also growing by 47 percent. In addition, we hosted 550+ speakers, seven conferences, and three start-up competitions. There were also 20+ content tracks and 180+ hours of content.
We also saw developer participation rise 64 percent, with local developers up 117 percent and international developers growing by 28 percent.
In addition, a new Guinness World Record was set for the highest auction lot sold, a 600,000 sqm parcel of land in North Riyadh. The landmark sale achieved a price of SAR3.68 billion ($979 million).
All these highlights, for me, just demonstrate the rapid acceleration of the Saudi property sector, as shown by the above statistics and record attendance of 172,000.
What were some of the key highlights for attendees?
Cityscape Global attracted top-tier international investors and developers due to the exciting opportunities available in Saudi Arabia, one of the fastest-growing real estate markets worldwide. The event provided a unique platform for global industry leaders to connect with key stakeholders from Saudi mega projects and explore opportunities with innovative international developers.
On the developer front, 70+ international developers exhibited throughout the week, including Egypt’s Hyde Park Developments and AlAhly Sabbour Development, UK-based Regal London Properties, and Bahrain’s Diyar Al Muharraq. On the interiors side, Cityscape Global facilitated a dedicated design consultation zone set up by Umq Design Company, a Saudi-owned interior design firm dedicated to transforming homeowners’ visions into reality.
The exhibition’s global perspective was emphasized through the International Pavilions, which included more than 22 countries. Oman, Bahrain, Türkiye, Thailand, Pakistan, and Portugal were some of the International Pavilions that enabled networking and collaboration opportunities with some of the most esteemed developers in the region.
For the B2C attendees, they were able to view hundreds of new developments under one roof and purchase properties onsite. There were exclusive offers from SAKANI for Saudi homebuyers, including special mortgage rates offered by Saudi banks to on-site attendees buying off-plan, purchasing ready-made property, or undertaking self-construction.
How did the event cater to the investor community this year?
This year, we hosted senior international investors who represented more than $3.3 trillion AUM in real estate assets from over 22 countries. These investors participated in a number of activities, including pre-arranged 1-1 meetings, exhibition tours, and interactive workshops, in addition to a range of off-site activities, including tailored site visits, networking dinners and events, and exclusive golf tournaments.
The “matchmaking” investment meetings and networking events hosted household names, such as BlackRock, AGV Invest, Brookfield, CVC Capital Partners, Apollo, and Mapletree. There was also an Investors’ Forum with focused discussions on mixed-use real estate investments, family offices, ESG, and alternative investments.
Furthermore, global investors witnessed the most promising trends from the PropTech Stage, where a panel discussion took place to explore several pressing topics. These included the imminent evolution of construction tech from artificial intelligence (AI) and digitalization to automation, the challenges facing the construction industry, and the nuances of investing in different regions, particularly the Global South.
Can you tell us more about the Stadiums and Mega Events Zone, which is a new addition to Cityscape Global?
Worldwide, the sports and mega events sector is growing with significant potential for real estate developments and investment. To support this, Cityscape Global added a dedicated Stadiums and Mega Events Zone, highlighting Saudi Arabia’s commitment to developing a world-class sports infrastructure. This platform allowed industry professionals working across stadium and mega-event developments to network, learn, and collaborate on the latest trends and innovations.
We welcomed a plethora of sports industry leaders, including Adwa AlArifi, assistant minister for Sporting Affairs, Ministry of Sport, Kingdom of Saudi Arabia; Dario Perego, an award-winning architect and founder and director at ATP Architects; Helmut Spahn, director of Safety & Security Access at FIFA; and Jed York, CEO of San Francisco 49ers NFL Franchise. Speakers from Misk City, NHC, NEOM, New Murabba, and ROSHN also spoke about Saudi stadium developments.
In addition, world-renowned current and former athletes were on hand to discuss everything from their investments in real estate to the prospect of a FIFA World Cup in the Kingdom.
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How did Cityscape Global 2024 highlight the emerging trends in AI, IoT, and other advanced technologies that are shaping the future of real estate?
Emerging technologies are shaking up the real estate world. Extended reality and AI are changing how buildings are designed, creating detailed, lifelike renders.
So, Cityscape Global this year brought together leading futurists and technology innovators from around the world under the event theme “The Future of Living”. These experts provided insights into how AI, IoT, and other advanced technologies are shaping smarter, more sustainable cities. With a focus on these groundbreaking innovations, the event highlights how the real estate sector is on the cusp of a transformative evolution.
On our Future Living Stage, the focus was on sustainable cities in the desert. Jayne McGivern is the CEO of Sports Boulevard Foundation, which is developing a 135-km “green spine” that will run through the very heart of Riyadh. The former president of Madison Square Gardens in New York and Las Vegas explained how Sports Boulevard is fundamental to Saudi Arabia’s Vision 2030. It aims to improve the quality of life in the capital, promote exercise and outdoor living among the city’s young people, and provide the population with easy access to more than 50 different sports.