Cityscape Global 2023 Unveils $17.3 Billion in Saudi Real Estate projects, including residential towers, resorts, and mega-developments, demonstrating the kingdom’s growth in the sector.
Cityscape Global 2023 debuted in Riyadh, creating a buzz with the announcement of these new projects. The event is a global platform that brings together real estate developers, investors, architects, and designers worldwide to showcase and discuss the latest real estate innovations.
The Event’s Participants and Theme
The four-day event attracted participants from over 170 nations, with 350 exhibitors from 21 countries to explore potential investment opportunities in the Saudi real estate sector.
The event’s theme, “The Future of Living,” reflects the focus on innovative and sustainable urban development and the role of real estate in shaping the future of our cities.
Major Real Estate Developments in Saudi Arabia
The exhibition showcased numerous projects that will shape the future of Saudi Arabia’s real estate landscape, attracting many potential buyers, sector experts, and investors.
Business Center and Khuzam Sports City
In addition, the business center and the Khuzam sports city in the Khuzam Suburb were also launched, further contributing to the country’s urban development.
Roshn & China Harbour Collaboration
Roshn, in collaboration with China Harbour, announced a strategic collaboration worth SAR7.7 billion, demonstrating the power of international partnerships in driving real estate innovation.
Makkiyoon Urban Developers’ Boulevard Makkah Project
Makkiyoon Urban Developers unveiled their Boulevard Makkah project, valued at SAR6 billion. This comprehensive project encompasses administrative, commercial, and residential units and hotels, spanning an area of 1 million sq m.
Retal Agency’s Luxury Resort
Retal Agency has also launched a SAR5 billion project to establish an ultra-luxury resort in Al Khobar under the management of the prestigious Ritz Carlton.
King Salman Park Fund’s Investment
Furthermore, the King Salman Park Fund has announced a SAR4 billion investment to develop the first plot of land within the project. This investment will support the construction of 1,500 residential units in the Salmani architectural style, along with office, hotel, educational, and retail areas.
Masar Destination’s Project
Masar Destination has also launched a SAR4 billion project, set to construct 18 residential towers, four hotel buildings, and an office building.
The Future of Saudi Arabia’s Real Estate
Saudi Arabia is witnessing a period of rapid urban growth. The construction projects currently underway in the country reflect the nation’s commitment to sustainable urban development and providing high-quality housing and infrastructure.
NEOM’s Population Growth
One of the most ambitious projects in Saudi Arabia is NEOM. The population of The Line, a city within NEOM, is projected to reach 9 million by 2045.
AlUla’s Development Plan
AlUla’s development plan focuses on infrastructure and tourist facilities, with a keen interest in preserving the environment and its historical sites.
The Red Sea and AMAALA Projects
The Red Sea and AMAALA projects are designed to establish a sustainable tourism sector and will attract people from around the world. Six Senses is renowned for its high-end, sustainable resorts that offer a unique blend of luxury and environmental responsibility.
Six Senses resorts are known for their luxurious villas and suites. Private pools, spacious living areas, and high-end amenities are standard. Additionally, Six Senses properties feature world-class spa and wellness facilities. Guests can indulge in holistic treatments, yoga sessions, and fitness activities
Given the Red Sea’s rich marine life and coral reefs, resorts in this area typically offer a range of water activities such as snorkeling, diving, and boat tours. Lastly, expect other activities like desert safaris and hiking trips.
Riyadh’s Development Projects
Many development projects are also underway in Riyadh. One of these is the Sports Boulevard, which will attract pedestrians, cyclists, and horseback riders, along with art enthusiasts, intellectuals, and environmentalists.
The Future of Living: Saudi Arabia’s Vision
Saudi Arabia’s Vision 2030 serves as a guiding principle for these developments. The country aims to expand the construction of residential suburbs throughout the nation in the coming years, with the participation of global real estate developers.
The focus of these projects is quality, shortening the delivery time of units, and relying on modern construction methods. Furthermore, Saudi Arabia aims to develop the housing sector in light of a legislative environment stimulating investment.
Cityscape Innovation Challenge
To foster innovation within the sector, the Cityscape Innovation Challenge will allow startups to pitch their ideas towards creating a more innovative future. This competition is a testament to Saudi Arabia’s commitment to innovation and future-oriented development.
Reshaping the Country’s Landscape
The Cityscape Global 2023 exhibition has provided an ideal platform for showcasing these developments, reflecting the country’s commitment to sustainable urban growth and the future of living.
As these projects come to fruition, they will undoubtedly reshape the country’s urban landscape, enhancing the quality of life for residents and attracting investments from around the globe.