Saudi Minister of Municipalities and Housing Majed Al-Hogail led an inspection tour of international pavilions on the second day of Cityscape Global 2024, held at the Riyadh Exhibition and Convention Center in Malham. The event, which runs until November 14, is organized under the patronage of the Ministry of Municipalities and Housing in partnership with the Real Estate General Authority (REGA) and the Housing Program, a key initiative of Saudi Vision 2030, and is managed by Tahaluf, a joint venture involving the Saudi Federation for Cybersecurity, Programming, and Drones, the Events Investment Fund, and international company Informa.
Context and Background
Cityscape Global, recognized as the world’s largest real-estate exhibition, is being hosted by the Kingdom of Saudi Arabia for the second consecutive year. This reflects the nation’s growing role as a global hub for real-estate innovation and investment. The 2024 edition builds on previous successes, drawing participants from multiple countries to showcase cutting-edge housing solutions, financing models, and urban development strategies aligned with Vision 2030 goals.
Key Details
During his tour, Minister Al-Hogail visited pavilions of several participating countries, exploring diverse international experiences in housing and real-estate development. He reviewed real-estate services, housing solutions, and financing options offered by exhibitors. Al-Hogail emphasized the importance of exchanging expertise and exploring modern innovations to support Vision 2030’s objective of increasing homeownership rates and providing integrated housing solutions that enhance quality of life. He reaffirmed the Kingdom’s commitment to supporting Saudi real-estate developers and creating opportunities for international collaboration, noting that these participations are crucial for boosting real-estate investments and showcasing the advanced Saudi approach to enhancing the sector.
Notably, real-estate financing contracts provided to beneficiaries of housing support programs saw a 40% growth in the first two days of Cityscape Global 2024, with total financing value increasing by 54% compared to the same period last month. The Real Estate Development Fund, through the housing support program, offers diverse financing solutions and benefits in collaboration with financing entities, including the lowest financing profit margin of 2.59% and immediate, non-refundable housing support of up to SAR150,000.
Implications and Impact
These results underline the effectiveness of strategic partnerships between financing entities and real-estate development companies in empowering housing support beneficiaries. The growth in financing contracts and value enhances the sector’s momentum, diversifying housing products and financing solutions. For the international community, Cityscape Global serves as a platform for cross-border collaboration, showcasing Saudi Arabia’s leadership in sustainable urban development and its commitment to creating a vibrant, investment-friendly real-estate market.
Vision 2030 Alignment
The achievements at Cityscape Global 2024 directly support Saudi Vision 2030 by accelerating homeownership, fostering economic diversification, and promoting sustainable urban development. The exhibition’s success reinforces the Kingdom’s position as a global destination for real-estate innovation and investment, contributing to the long-term vision of a thriving society and a diversified economy for future generations.
20 Questions
Q1. What is Cityscape Global 2024?
A1. Cityscape Global 2024 is the world’s largest real-estate exhibition, hosted by the Kingdom of Saudi Arabia for the second consecutive year at the Riyadh Exhibition and Convention Center in Malham.
Q2. Who led the inspection tour on the second day?
A2. Saudi Minister of Municipalities and Housing Majed Al-Hogail led the inspection tour, visiting pavilions of participating countries and exploring international housing and real-estate experiences.
Q3. Who organized Cityscape Global 2024?
A3. The event is organized under the patronage of the Ministry of Municipalities and Housing, in partnership with the Real Estate General Authority and the Housing Program, and is managed by Tahaluf.
Q4. What is Tahaluf?
A4. Tahaluf is a joint venture that includes the Saudi Federation for Cybersecurity, Programming, and Drones, the Events Investment Fund, and international company Informa.
Q5. When does Cityscape Global 2024 take place?
A5. The exhibition began on November 12, 2024, and will continue until Thursday, November 14, 2024, at the Riyadh Exhibition and Convention Center.
Q6. What did Minister Al-Hogail review during his tour?
A6. He reviewed real-estate services, housing solutions, and financing options offered by participants, and emphasized the importance of exchanging expertise and exploring modern innovations.
Q7. What is the Vision 2030 homeownership goal?
A7. Vision 2030 aims to increase homeownership rates among Saudi citizens, and the Housing Program is a key initiative to achieve this by providing integrated housing solutions.
Q8. How much did real-estate financing contracts grow in the first two days?
A8. Real-estate financing contracts provided to housing support program beneficiaries saw a 40% growth in the first two days of Cityscape Global 2024.
Q9. What was the increase in total value of real-estate financing?
A9. The total value of real-estate financing increased by 54% compared to the same period last month.
Q10. What financing options does the Real Estate Development Fund offer?
A10. The fund offers diverse financing solutions and benefits, including a lowest financing profit margin of 2.59% and immediate, non-refundable housing support of up to SAR150,000.
Q11. Why is Cityscape Global significant for Saudi Arabia?
A11. It showcases Saudi Arabia’s real-estate innovations, attracts international investment, and supports Vision 2030’s goals of economic diversification and urban development.
Q12. How does the housing support program aid beneficiaries?
A12. The program provides immediate financial assistance and low-profit-margin financing in collaboration with financing entities, helping beneficiaries purchase homes more affordably.
Q13. What partnerships are highlighted in the article?
A13. Strategic partnerships between financing entities and real-estate development companies are highlighted as key to empowering housing support beneficiaries and enhancing the sector.
Q14. What international experiences were explored at the exhibition?
A14. Minister Al-Hogail visited pavilions of several countries to see diverse international experiences in housing and real-estate development, promoting cross-border collaboration.
Q15. What is the role of the Housing Program in Vision 2030?
A15. The Housing Program is an essential initiative under Vision 2030, focused on increasing homeownership and providing integrated housing solutions to improve quality of life.
Q16. How does Cityscape Global promote sustainable urban development?
A16. The exhibition showcases advanced Saudi approaches to urban environment development, including sustainable practices, which align with Vision 2030’s sustainability goals.
Q17. What is the location of Cityscape Global 2024?
A17. The event is held at the Riyadh Exhibition and Convention Center in Malham, located north of Riyadh, Saudi Arabia.
Q18. Who benefits from the housing support packages?
A18. Beneficiaries of housing support programs, who are Saudi citizens, benefit from packages that include immediate non-refundable assistance of up to SAR150,000.
Q19. What does the growth in financing indicate?
A19. The growth indicates effective strategic partnerships and increased momentum in the real-estate sector, diversifying housing products and financing solutions.
Q20. How does Cityscape Global support Saudi developers?
A20. It creates opportunities for international collaboration and showcases Saudi developers’ capabilities, boosting real-estate investments and enhancing the sector’s global standing.
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