Cityscape Global 2024, the world’s largest real estate event, has returned to Riyadh with over $47.9 billion worth real estate projects, a massive 50% growth from last year.
Running under the theme “The Future of Living” until November 14th, the event was opened by Minister Majed Al-Hogail and has attracted over 200 local and international developers.
The Grand Opening of Cityscape Global 2024
The commencement of Cityscape Global 2024 marked a monumental moment in Saudi Arabia’s real estate sector. On November 12, 2024 morning, the Riyadh Exhibition & Convention Centre hosted the opening of Cityscape Global 2024.
His Excellency Majed bin Abdullah Al-Hogail, the Minister of Municipalities and Housing, took center stage to deliver the opening address of Cityscape Global 2024.
This year’s Cityscape Global is not just showcasing architectural marvels and cutting-edge developments; it’s painting a vivid picture of how our cities and communities will evolve in the coming decades.
From smart city initiatives to sustainable urban planning, the event is a testament to Saudi Arabia’s commitment to creating livable, technologically advanced, and environmentally conscious urban spaces.
The Numbers at Cityscape Global 2024
One of the most striking aspects of Cityscape Global 2024 is the significant increase in participation from both local and international developers.
Local Developers Participation
The number of participating local developers has witnessed an impressive twofold increase, with more than 100 Saudi-based companies showcasing their projects and vision for the future of the Kingdom’s real estate sector.
This remarkable growth in local participation can be attributed to several factors, such as government incentives, increased access to financing, capacity building, and nationalization efforts.
International Developer Participation
Equally impressive is the growth in international developer participation, with 96 companies from around the world showcasing their expertise and projects at Cityscape Global 2024.
This influx of global players highlights key trends, including Market Attractiveness, Eased Regulations, Strategic Partnerships, and mega-project appeal.
Investments at Cityscape Global 2024
The opening day of Cityscape Global 2024 in Riyadh has set a new benchmark for regional real estate investments.
The announcement of projects and strategic agreements worth over $47.9 billion (SAR 180 billion) has sent shockwaves through the industry, signaling a new era of growth and development in Saudi Arabia’s property sector.
This unprecedented level of investment represents a remarkable 50% increase compared to the opening day of last year’s event. Such exponential growth clearly indicates the burgeoning confidence in Saudi Arabia’s real estate market and the Kingdom’s overall economic vision.
Learning from Global Experiences
One of the event’s highlights was a panel discussion featuring former mayors from Dublin and Adelaide, who shared their experiences in developing smart city initiatives. Key takeaways from their presentations included:
- The importance of inclusive design in urban planning is ensuring accessibility for all residents.
- The value of creating vibrant public spaces that encourage social interaction and community building.
- The need for a balance between technological advancement and preserving cultural heritage and local character.
Smart Cities and Urban Innovation
At the heart of Cityscape Global 2024 lies a profound exploration of the future of urban living, with a particular focus on smart cities and innovative urban solutions.
Smart cities in Saudi Arabia are envisioned as urban environments that leverage cutting-edge technologies to enhance the quality of life for residents, improve resource management, and create more sustainable and efficient urban ecosystems.
Several Saudi cities are already making significant strides in implementing smart city technologies and approaches. Some notable examples include:
- Riyadh Smart City: The capital city’s comprehensive smart city strategy encompasses everything from smart traffic management to digital government services.
- NEOM: This futuristic mega-city project is set to become a global benchmark for smart, sustainable urban development.
- King Abdullah Economic City: This purpose-built city incorporates smart technologies from the ground up, focusing on creating a sustainable and efficient urban environment.
- Makkah Smart City: Initiatives to enhance the experience of pilgrims and residents through smart technologies and data-driven solutions.
Innovative Technologies and PropTech Solutions
Cityscape Global 2024 has significantly emphasized the role of innovative technologies and PropTech (Property Technology) solutions in shaping the future of real estate in Saudi Arabia.
This focus reflects the Kingdom’s commitment to embracing cutting-edge technologies to enhance efficiency, sustainability, and user experience across the real estate sector.
Cityscape Future Leaders Competition
The inaugural Cityscape Future Leaders Competition has commenced to empower students and recent graduates by solving practical architectural issues.
Additionally, over 60 startups focused on PropTech, Smart Cities, and ConTech have entered the Cityscape Innovation Challenge in hopes of advancing to the final round, which will take on a Shark Tank-style format on Thursday.
The ROSHN Hackathon, which Google Cloud and PwC back, is also underway, with 100 chosen participants and 40 teams competing for SAR 1.5 million in prizes.
Giga-Projects and Transformative Developments
Cityscape Global 2024 has spotlighted Saudi Arabia’s ambitious giga-projects, including NEOM, Red Sea Global, Diriyah, Qiddiya, and ROSHN, which are set to redefine the Kingdom’s urban landscape and economic future.
These massive, visionary developments are not just construction projects; they represent a bold reimagining of what cities can be in the 21st century and beyond.
Reshaping the Future of Urban Living
The announcement of projects worth US$47.9 billion is not merely a testament to Saudi Arabia’s economic prowess; it’s a bold statement of intent.
It signals the Kingdom’s unwavering commitment to transforming its urban landscape, diversifying its economy, and positioning itself as a global leader in sustainable and technologically advanced urban development.
More Planned Real Estate Projects in Riyadh
Dar Global and Mouawad’s Villa Project
Dar Global, an international real estate developer, has partnered with luxury jeweler Mouawad to unveil a $235 Million Villa Project in North Riyadh, close to the World Expo 2030 site.
The development will include 200 exquisite villas, similar to the prestigious Bulgari Residences, and aims to boost Riyadh’s reputation as a top luxury destination.
Scheduled for completion in 2026, this project represents Dar Global’s debut in Saudi Arabia and Mouawad’s entry into the real estate market.
The Avenues Riyadh
The highly anticipated Avenues Riyadh project, valued at $4.58 billion, has reached 44.5% completion and is scheduled to open in early 2026.
Situated in northern Riyadh, this iconic development, inspired by Salmani architecture, will cover 390,000 square meters and host one of the Middle East’s largest malls.
It will also feature three luxury hotel towers: Waldorf Astoria, Canopy by Hilton, and Conrad. This project supports Saudi Vision 2030’s goal of making Saudi Arabia a leading global tourist destination.
Boulevard Business Park
Saudi Arabia’s General Entertainment Authority has unveiled plans for a $266 million business park at Boulevard City in Riyadh.
Named the “Boulevard Business Park,” this new project will consist of nine buildings with views of the Boulevard City Fountain, an outdoor art gallery, and a suspended pool.
The initiative aims to promote creativity, innovation, and support for entrepreneurs and businesses, which is in line with Saudi Vision 2030.
New Murabba
The most recent video demonstrates significant advancements in the construction of the New Murabba, the largest contemporary downtown in northwest Riyadh.
A remarkable 5 million cubic tonnes of soil have already been removed, and the project is making notable headway.
This ambitious venture covers an area of 19 square kilometers and will include the distinctive cube-shaped Mukaab at its heart, capable of holding 20 Empire State Buildings.
King Salman Park
King Salman Park, the largest urban park in the world, is scheduled to open in 2024, covering a total area of 16 square kilometers.
The park includes 11 square kilometers of greenery and water features in the heart of Riyadh.
Its major attractions will be a Royal Arts Complex, an equestrian center, an 850,000-square-meter Royal golf course, and the city’s first skydiving center.
In addition, the park will offer over 2,000 hotel rooms and aims to elevate the quality of life in the city, following the goals of Saudi Vision 2030, thereby improving Riyadh’s global ranking.
Riyadh Rise Tower
Saudi Arabia Holding Co. has unveiled its plans for the Rise Tower, which is set to become the world’s tallest skyscraper in Riyadh, surpassing even the renowned Burj Khalifa. The unveiling of Rise Tower’s plans is a significant component of the broader North Pole Project in Riyadh.
Rise Tower is anticipated to exceed 828 meters to outshine the Burj Khalifa. There are speculations that Rise Tower might ascend to a staggering 2 kilometers, doubling the Burj Khalifa’s current height.
With these transformative projects, Riyadh, one of the world’s top 15 fastest-growing cities, is transforming into a city known for its accessibility and quality of life to become among the world’s top 10 cities with an investment of $1 trillion over the next seven years.
Keep Reading: Dar Global and Mouawad Announce $235 Million Luxury Villa Project in Riyadh
