Sign in
Cityscape Global’s first day kicked off with real estate announcements and agreements to the tune of SAR 180 bn, according to a post on X. The National Housing Company (NHC) accounted for the lion’s share of new projects, inking agreements worth upwards of SAR 142 bn. The Saudi spin-off of the global real estate forum runs until Thursday, 14 November.
DATA POINT- Saudi real estate has seen USD 168 bn in investments so far this year, Saudi Municipalities and Housing Minister Majid bin Abdullah Al Hogail said at the conference.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
NHC’s new housing developments took center: The state-owned developer signed 31 agreements with 23 firms during the forum’s first day at a total investment SAR 50 bn to develop 62k residential units, it said in a statement. The new developments will be distributed across Riyadh, Makkah, Madinah, and Eastern Provinces, NHC CEO Mohamed Albuty said (watch, runtime: 12:12).
Also from NHC: The Housing Ministry’s investment arm lined up SAR 10.5 bn in contracts for multi-use real estate developments throughout the Kingdom, including retail, hospitality, office, sports and recreation, and housing spaces, Albuty said. NHC also secured a SAR 1.4 bn agreement with Dr Sulaiman Al Habib Medical Group for healthcare facilities across four development sites, as well as an agreement with the Specialized Medical Center for a 200-bed hospital worth SAR 668.8 mn. The firm also sent a call for investors and developers, announcing open contracts for a SAR 75 bn investment pipeline set to kick off next year.
Other agreements and announcements from day 1:
- Retal Urban Development unveiled six new multi-use projects, at investments worth upwards of SAR 14 bn;
- Mohammed Al Habib Real Estate announced a SAR 5 bn real estate project, dubbed Enar, located in central Riyadh;
- Tilal is allocating SAR 6 bn to a 268k sqm mixed-use project in Al Khobar;
- Diriyah Company earmarked SAR 1 bn for investments in premium housing units, villas, and hotels in concert with the Ritz Carlton, Raffles Hotels and other brands;
- Kaden launched Jeddah Front, a 1 mn sqm project with a SAR 10 bn investment ticket ;
- US-based developer flow — founded in 2022 by former WeWork CEO Adam Neumann — launched a SAR 1.1 bn real estate fund with Sico Capital and local developer Safa,
- Real estate developer Mountain View unveiled its USD 320 mn 500-villa One compound in northern Riyadh.
