Saudi construction boom meets Cityscape Global 2023 in Riyadh
ALBAWABA – The Cityscape Global 2023 exhibition in Riyadh, Saudi Arabia launched with more than $17 billion in new real estate deals signed amid the Saudi construction boom that is already expected to amass more than one trillion dollars in assets across various sectors.
The Cityscape Global 2023 in Riyadh, from September 10 through September 13, is the biggest real estate event in the world.
More than SAR65 billion ($17.3 billion) in new real estate projects have been announced at the Cityscape Global 2023 exhibition in Saudi Arabia, news outlets reported Saturday and Sunday.
According to Arabian Business, the National Housing Company alone announced an initiative worth SAR42 billion ($11.20 billion) to build new real estate in the residential areas under their administration.
ROSHN, in collaboration with China Harbour, as part of SEDRA’s future projects, also announced a strategic collaboration worth SAR7.7 billion ($2 billion).
From the holy city of Mecca, Makkiyoon Urban Developers unveiled the Boulevard Makkah project, valued at SAR6 billion ($1.6 billion). The boulevard project includes administrative, commercial, residential units and hotels spanning a total area of one million square meters, Arabian Business reported.
This undated photo shows participants at the Cityscape Global 2023 exhibition in Riyadh attending a conference - Twitter
Also in the hospitality sector, Retal Agency launched a SAR5 billion ($1.3 billion) project to establish an ultra-luxury resort in Al-Khobar under the management of the Ritz Carlton.
Furthermore, the King Salman Park Fund announced a SAR4 billion ($1.1 billion) investment to develop the first plot of land within the project.
Masar Destination also launched a SAR4 billion ($1.1 billion) project to construct 18 residential towers, four hotel buildings, and an office building.
Other smaller projects were announced, including a business centre and the Khuzam sports city in Khuzam Suburb.
Cityscape Global 2023 adds more than $17b to historic one trillion dollars from Saudi construction boom
This worldwide event at the Riyadh Exhibition and Convention Centre is expected to attract over 180,000 global stakeholders from across the global real estate ecosystem.
In the last seven to eight years, some $250 billion worth of contracts were awarded amid the ongoing Saudi construction boom, as reported by Bloomberg, as the country pushes forward with its national transformation agenda.
Property and infrastructure projects valued at $1.25 trillion have been announced across the country including the high-tech new city of Neom, according to property consultant Knight Frank LLP.
“The launch of Cityscape Global in Riyadh ties perfectly into the three key pillars of the kingdom’s Vision 2030 strategy – vibrant society, thriving economy, and ambitious nation. In recent years, the real estate market in Saudi Arabia has grown exponentially, attracting large-scale foreign and domestic investment,” exhibition director of Cityscape Global 2023 Alexander Heuff told Gulf Business.
Better late than never: India responds to Belt and Road with Mideast-India railway-corridorSaudi Arabia has become a powerhouse in the property sector, boasting some of the world’s most ambitious giga-projects amid a massive Saudi construction boom.
With the support of partners MOMRAH and SAFCSP, Cityscape Global 2023 is poised to showcase the remarkable transformation that represents the future of Saudi Arabia’s real estate landscape.
