Global real estate event in Riyadh sees record transactions amid growing influence in sector
Cityscape Global achieves more than US$63 billion as Saudi Arabia positions itself as a major investment hub for urban development
Saudi Arabia is poised to become the world’s next major real estate investment hub, following record-breaking transactions at Cityscape Global, a Riyadh-based mega-event and platform for international exhibitors and investors shaping the future of global urban planning.
The four-day event last November reinforced its position as the largest real estate exhibition globally, achieving US$63.2 billion in transactions – almost 1 billion dollars up on the previous year; it also drew institutional investors with more than US$6 trillion in assets under management, representing an 85 per cent growth year on year. The exhibition space has doubled in size since the first event in 2023, accommodating exhibitors from 42 countries, including 15 newcomers, and hosting more than 350 meetings between investors and developers. The fact that the event attracted so many high-profile international exhibitors across the real estate chain, including developers, architects, technology providers and policymakers from countries including the United States, the United Kingdom, India and China is testament to the growing influence of Saudi Arabia in the global real estate development industry.
“We are proud to have witnessed a global exchange of ideas and the forging of new partnerships, helping shape the future of real estate,” says Rachel Sturgess, executive vice-president of Tahaluf, the event organiser. She noted the momentum reflects Saudi Arabia’s growing influence as a global hub for real estate and urban development.
Under the theme, “The Future of Urban Living”, Cityscape Global showcased Saudi Arabia’s ambitious objectives for urban development as set out in the nation’s Vision 2030 blueprint. The goal is to redefine the kingdom’s urban and economic landscape by fostering innovation, sustainability and global partnerships that will drive the economy away from oil, transforming it into a diversified financial system integrated with the global economy.
The event showcased the significant opportunities promised by a new home ownership law, which allows non-Saudis to own residential, commercial, agricultural and industrial properties in designated areas. The reform, which came into effect in January and is expected to cap non-Saudi ownership at somewhere between 70 and 90 per cent, is likely to be transformative in the way it brings new investment into the kingdom, unlocking unprecedented market entry for investors and developers, particularly those in other parts of Asia, where many governments are proactively seeking more partnerships and economic opportunities in the Middle East.
“This is a historic moment for Saudi Arabia, with exciting new changes that will pave the way for significant investments in the kingdom,” Sturgess says.
Several important agreements were made at the event, including a US$500 million Saudi-Chinese deal to establish aluminium plants in the kingdom that will supply the metal to developers, signalling a growing alliance between the Middle East and other parts of Asia.
As Saudi Arabia seeks more diversified economic opportunities, Hong Kong is positioning itself as a bridge between Asian – especially mainland Chinese capital – and Gulf markets. The city is also deepening its economic engagement with the kingdom. In 2024, the Hong Kong Monetary Authority and Saudi Arabia’s sovereign Public Investment Fund (PIF) established a US$1 billion co-investment fund to support Hong Kong companies seeking expansion into the kingdom. And last year, the two agreed to an information exchange of infrastructure and construction projects in Saudi Arabia and professional services in Hong Kong, to help strengthen access to reciprocal markets and economic relations.
Saudi Arabia’s real estate transformation comes at a time when global urbanisation is expected to reach 68 per cent by 2050, and climb to 75 per cent in the Middle East, requiring smarter, more liveable and resilient environments.
Cityscape Global highlighted the need to build intelligent, more resilient urban environments that are designed around the people living in them, and showcased the kingdom’s ambitious projects that go beyond technological innovation to build human-centric cities that prioritise people, health and equity.
At the heart of this is a mega-project ecosystem, centred around Vision 2030, in which Saudi’s most ambitious large-scale developments are reshaping its urban landscape while also developing new economies in tourism, technology, entertainment and sustainable development.
These include Qiddiya City, a mega-development and emerging destination capital for sports and entertainment comprising sporting arenas, concert and entertainment venues, racetracks and theme parks, which is expected to create more than 300,000 jobs and attract 48 million visitors each year; and Diriyah City, where the kingdom’s historical heart is undergoing a US$62 billion development of residential, hotel, and leisure and cultural facilities with an emphasis on water conservation, energy efficiency and heritage preservation.
The mega-project ecosystem, backed by regulatory and legislative frameworks and Saudi’s PIF, consists of more than 5,000 developments valued at more than US$5 trillion, led by the main strategic partners in the kingdom – NHC, Diriyah Company, ROSHN Group, New Murabba, Qiddiya City and Rua AlHaram Almakki.
As Saudi Arabia embarks on this urban and economic transformation, Cityscape Global aims to continue providing a platform that fosters collaboration and knowledge exchange among stakeholders.
“The scale of investment announced at Cityscape Global demonstrates the sector’s confidence in Saudi Arabia’s long-term urban development vision in addition to showcasing how Cityscape Global continues to function as a leading platform for translating investment deals into tangible projects and economic opportunity,” Sturgess says.
“Saudi Arabia’s developments are rewriting the global playbook for design and sustainability. Cityscape Global brings together leading developers and investors to explore the next era of living, deeply connected to place, culture and long-term growth.”