Majed Al-Hogail, Saudi Arabia’s Minister of Municipalities and Housing, inaugurated the second edition of Cityscape Global 2024 on November 11, 2024, in Riyadh, under the theme ‘The Future of Living’. The event, recognized as the world’s largest real estate exhibition, was attended by senior officials, developers, and financiers, marking a significant milestone for the Kingdom’s rapidly expanding property sector.
Context and Background
Cityscape Global 2024 comes at a pivotal time for Saudi Arabia, as the nation accelerates its economic diversification under Vision 2030. The real estate sector, a key driver of non-oil growth, has seen a surge in activity, with total transactions exceeding SAR630 billion since the start of 2024. The event’s theme reflects a broader focus on sustainable urban development and innovative living solutions, aligning with the Kingdom’s ambitious giga-projects and housing goals.
Key Details
During the opening ceremony, Minister Al-Hogail announced the launch of strategic projects and agreements valued at over SAR180 billion, a more than 50% increase from the first edition. ‘It is indicative of the accelerated growth of the Saudi real estate sector, which the leadership’s support has facilitated,’ he said, emphasizing the creation of an attractive investment environment. The number of local developers participating doubled to over 100, with 69 international developers present. The event, spanning four days at the Riyadh Exhibition and Convention Center, also hosts the Real Estate Investors Forum, featuring 150 investors from 22 countries aimed at fostering cross-border cooperation.
Implications and Impact
The substantial increase in project value and participation underscores Saudi Arabia’s emergence as a global real estate hub. The forum serves as a central platform for investors to explore opportunities, particularly in residential, commercial, and mixed-use developments. This initiative strengthens the Kingdom’s ties with international markets, promoting foreign direct investment and knowledge exchange. By attracting top-tier global developers, Cityscape Global positions Riyadh as a key destination for real estate innovation and partnership.
Vision 2030 Alignment
Organized under the patronage of the Ministry of Municipalities and Housing, in partnership with the Real Estate General Authority and the Housing Program—a key Vision 2030 initiative—Cityscape Global 2024 directly supports Saudi Arabia’s goal of increasing homeownership to 70% by 2030. The event also complements the Kingdom’s broader strategy to enhance quality of life and urban sustainability. As Saudi Arabia continues to transform its economy, events like Cityscape Global showcase the nation’s commitment to building a resilient and future-ready society.
20 Questions
Q1. Who inaugurated Cityscape Global 2024?
A1. Minister of Municipalities and Housing Majed Al-Hogail inaugurated the event on November 11, 2024, in Riyadh, under the theme ‘The Future of Living.’
Q2. What is the value of projects announced at Cityscape Global 2024?
A2. Strategic projects and agreements worth over SAR180 billion were announced, marking a more than 50 percent increase from the 2023 edition.
Q3. How many local developers participated in Cityscape Global 2024?
A3. The number of local real estate developers doubled to over 100, reflecting the sector’s rapid growth.
Q4. How many international developers attended the event?
A4. There were 69 international developers present at Cityscape Global 2024.
Q5. What theme was adopted for Cityscape Global 2024?
A5. The event was held under the slogan ‘The Future of Living,’ emphasizing innovation in urban development.
Q6. What was the total value of real estate transactions in Saudi Arabia this year?
A6. Real estate transactions have exceeded SAR630 billion since the beginning of 2024.
Q7. How many investors participated in the Real Estate Investors Forum?
A7. The forum hosted 150 investors from 22 countries to foster cooperation in investment projects.
Q8. Where was Cityscape Global 2024 held?
A8. The event took place at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh.
Q9. How long did the event last?
A9. Cityscape Global 2024 ran for four days, from November 11 to 14, 2024.
Q10. Who organized Cityscape Global 2024?
A10. The exhibition was organized by Tahaluf, a joint venture of the Saudi Federation for Cybersecurity, Programming, and Drones, the Events Investment Fund, and Informa.
Q11. What is the role of the Ministry of Municipalities and Housing in the event?
A11. The ministry provided patronage, overseeing the event’s alignment with national housing and urban development goals.
Q12. How does Cityscape Global support Vision 2030?
A12. The event supports Vision 2030 by promoting homeownership and sustainable urban development as part of the Housing Program.
Q13. What is the significance of the SAR180 billion in projects?
A13. It demonstrates accelerated growth in the real estate sector, attracting investment and enhancing economic diversification.
Q14. Why did the number of local developers double?
A14. This increase is attributed to consistent growth in real estate transactions and a supportive investment environment.
Q15. What sectors are highlighted at the event?
A15. The event focuses on residential, commercial, and mixed-use developments, along with innovative living solutions.
Q16. How does the event attract international investors?
A16. The Real Estate Investors Forum provides a hub for networking and project opportunities, drawing global interest.
Q17. What is the role of the Real Estate General Authority?
A17. REGA partnered with the ministry to regulate and promote the real estate sector at the event.
Q18. Who attended the opening ceremony?
A18. Senior officials from government agencies, companies, developers, and financing entities were present.
Q19. What is the long-term goal of the Housing Program?
A19. The program aims to increase homeownership among Saudi citizens to 70 percent by 2030.
Q20. How does Cityscape Global contribute to Saudi Arabia’s global role?
A20. It positions the Kingdom as a leading real estate investment destination, fostering international partnerships and economic growth.
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