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Home Sector Real Estate Cityscape Global 2024 reveals $3.36 billion worth of new projects, strategic agreements

Cityscape Global 2024 reveals $3.36 billion worth of new projects, strategic agreements

More than $3.2 trillion AUM in Real Estate Assets represented during Cityscape Global
Cityscape Global 2024 reveals $3.36 billion worth of new projects, strategic agreements
Sports, stadiums, and mega events steal spotlight on star-filled second day of Cityscape Global. (Photo Credit: Cityscape Global 2024)

The second day of Cityscape Global 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.

Over the past two days, roundtable discussions sparked engaging conversations about the future of mixed-use real estate investments, the enhancement of collaborations between family offices and real estate developers, insights into retail and hospitality sectors, essential ESG principles for investors, and strategies for balancing portfolios with alternative assets.

Hossam Y. Radwan, CEO of the Saudi Real Estate Mortgage Guarantee Company (Damanat), provided an insightful update on the Saudi mortgage market and its opportunities. He noted that his company successfully refinanced mortgage portfolios exceeding SAR37 billion, offering financial solutions tailored for investors and developers.

Under the theme “The Future of Living,” the second day at the Riyadh Exhibition & Convention Centre in Malham announced 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 unveiled a notable investment of $1.28 billion aimed at facilitating the ownership of 16,000 housing units across the Kingdom by next year.

Additionally, the Saudi Investment Recycling Company and Dhahran Municipality are set to invest over $2.08 billion in various upcoming projects in the eastern region.

A key ministerial session on the main stage featured H.E. Amina bint AhKail Al-Rumaihi, Minister of Housing and Urban Planning in Bahrain, and H.E. Eng. Sherif El Sherbiny, Minister of Housing of the Arab Republic of Egypt, who discussed the future of urban planning.

Panel discussion with blue backdrop.
(Photo Credit: Cityscape Global 2024)

Building on Day One’s momentum

In tandem with today’s investment announcements, Cityscape Global also reported a flurry of deal-making and investment activity on the first day. The National Housing Company (NHC) revealed partnerships worth over $37 billion with more than five companies, along with a new identity and strategic direction. Furthermore, Diriyah Company announced the launch of its Signature Collection of The Ritz-Carlton Residences, Diriyah, showcasing its latest luxury branded residences. They also unveiled “Raffles Residences Diriyah,” a new luxury residential group affiliated with Raffles Hotels and Resorts, featuring 90 exclusive residences with access to first-rate amenities at the forthcoming Raffles Diriyah hotel.

Panel on regional self-sufficiency through inter-city investment on stage.
(Photo Credit: Cityscape Global 2024)

RETAL announced the completion of 4,498 residential, mixed-use, and commercial units in collaboration with regional developers and investors, valued at over $3.73 billion. KADEN reported investments exceeding $1.47 billion for its “CITY WITHIN CITY” project. Mohammed Al Habib presented Enar, a mixed-use mega development covering 250,000 square meters with a value surpassing $1.33 billion.

Moreover, TILAL introduced the Heart of Khobar, a mixed-use development spanning 268,813 square meters, valued at $1.6 billion. Flow announced its inaugural local real estate fund, worth $293.3 million, in partnership with Sico and Safa, aiming to develop 920 units. Mountain View also revealed its entry into the Saudi market with the launch of “One Mountain View,” an investment to build 500 upscale villas in partnership with leading Saudi developers, valued at $320 million.

Read more: Cityscape Global 2024: Diriyah Company launches Raffles Residences Diriyah, promoting world-class luxury living

Cityscape Global
(Photo Credit: Cityscape Global 2024)

Elevating global sports

Cityscape Global further explored the intersection of professional sports and fan experiences on its second day, with a focus on its future-driven theme. The event welcomed numerous sports industry leaders and renowned athletes to the new Stadiums & Mega Events Stage.

Attendees were captivated by insights from FIFA World Cup champions, UEFA Champions League winners, and other global football icons. Notable figures such as Didier Drogba from Ivory Coast, former Brazil captain Gilberto Silva, and legendary players like Sol Campbell, Louis Saha, Jens Lehmann, and Emile Heskey took the stage to discuss topics ranging from their real estate investments to the potential of hosting a FIFA World Cup in the Kingdom. These former athletes added a touch of glamour to an event already brimming with luxurious real estate projects and cutting-edge innovations.

Emile Heskey expressed his support for Saudi Arabia’s bid to host the FIFA World Cup in 2034, highlighting its potential to inspire healthy and active lifestyles. Additionally, he conveyed that hosting the event would be significant, remarking that experiencing it in the Kingdom would motivate the next generation to play. He further emphasized the unique opportunity of being in a local stadium, close to some of the world’s best players.

Helmut Spahn, director of Safety, Security & Access at FIFA, later shared his vision for the future of stadiums, predicting that advancements in artificial intelligence will enhance the matchday experience. He projected a future where baggage checks are obsolete, food and drink orders are delivered directly to seats, and stadiums are designed with inclusivity in mind.

Spahn noted that technology is evolving rapidly, making it difficult to predict what innovations will be available in the next few years or by 2034 when Saudi Arabia might host the World Cup. He emphasized that the most significant change for organizing major events will be AI-powered stadium security, enabling real-time threat detection and proactive crowd management.

Two individuals converse onstage at a conference, with headshots displayed behind them.
(Photo Credit: Cityscape Global 2024)

Vision 2030 driving increased access to Saudi sports facilities

Adwa AlArifi, assistant minister for Sporting Affairs at the Ministry of Sport in Saudi Arabia, emphasized the importance of promoting sports within the Saudi populace in her keynote address. She highlighted how Vision 2030 has made sports, along with access to facilities and infrastructure, essential components of contemporary life in the Kingdom. AlArifi pointed out that prior to Vision 2030, there were only a few sports federations; now, Saudi Arabia boasts over 100. She reiterated that a strategic focus on expanding facilities and infrastructure is crucial for ensuring sport is accessible to everyone in the Kingdom.

Cityscape Global 2024 is proudly sponsored by the Ministry of Municipalities and Housing (MOMAH), in collaboration with the Real Estate General Authority (REGA), Vision 2030, and the Housing Program, and is organized by Tahaluf. The event’s supporting Foundation Partners include the National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company, and Destination Partner, MASAR.

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