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Cityscape Global concluded with SAR 230 bn in real estate agreements, including SAR 20 bn in sales by developers, SAR 30 bn in strategic agreements, and SAR 180 bn in investments announced during launch day, state news agency SPA reports.
DATA POINT- The Real Estate Development Fund (REDF) provided SAR 1 bn in housing finance to Sakani beneficiaries during the expo, SPA reported separately.
REMEMBER- 77% of expatriates are interested in owning property in Saudi Arabia, according to a KPMG survey. Among prospective buyers, 75% prefer properties in residential communities, with 68% favoring apartments, particularly branded residences with 1-3 bedrooms.
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REAL ESTATE-
Egeez World and local developer Aqaratic are exploring a partnership to bring entertainment IP-themed branded real estate to Saudi Arabia, according to a press release. If finalized, the USD 1 bn (SAR 3.75 bn) partnership will develop mixed-use, IP-themed luxury urban living spaces that are inspired by entertainment brands such as Emoji, the Smurfs, and Youtooz. The developments will also see partnerships with major Hollywood and gaming studios, the statement said.
HOSPITALITY-
Rikaz Real Estate secured hospitality agreements worth SAR 440 mn, including a partnership with Kerten Hospitality to create destination experiences for hotel apartments worth upwards of SAR 260 mn in Zaya ’s Uptown project, and a partnership with Sedco Capital and Mishal Abdullah Al Rajhi Group to establish a real estate investment fund worth SAR 180 mn for a hospitality project in Riyadh, according to a statement and Aleqtisadiah.
LOGISTICS-
Kaden is developing three industrial logistics projects in Jeddah, Madinah, and Dammam. The company signed an MoU with Almqr Development to develop the 1 mn sqm Imdad industrial logistics project in Madinah, and partnered with Al Wabel and Alawwal Invest to establish a SAR 550 mn fund for the Logistics Park Dammam, Aleqtisadiah reports. Kaden also inked an agreement with Miyar Capital and Tilal Real Estate to establish a separate real estate fund to develop the 300k sqm Logistics Park Jeddah, valued at up to SAR 400 mn.
LAND SALES-
Ladun Investment is looking to acquire Jabal Omar land worth SAR 600 mn from Musharaka Capital, with total project investments exceeding SAR 1.45 bn, CEO Hassan Alhazmi told Argaam on the sidelines of the forum. AlHazmi also divulged a 30% partnership with Mawten Real Estate for land near the Haramain Station in Makkah, with investments surpassing SAR 840 mn.
FROM THE PROVINCES-
The Eastern Province Municipality inked over SAR 800 mn in contracts and launched investment projects worth SAR 8 bn at the conference, state news agency SPA reports. The province also showcased 18 recently-launched projects worth SAR 14 bn in the tourism, health, sports, entertainment, and residential sectors.
Madinah Municipality’s investment arm Al Maqar Development and Investment signed a slew of agreements. These include an investment and development contract for the 64k sqm King Abdulaziz Square project and an MoU with a local company to develop the 1 mn sqm Imdad logistics hub. Other inked agreements include an MoU to develop and operate a 95k sqm exhibition and conference center and a partnership with Integrated Mosques to develop smart and sustainable mosques within Al Maqar’s developments, SPA reported separately.
Asir signed five investment agreements, including partnerships for municipal asset investments, a commercial complex on King Fahd Road, community based recovery centers in Abha’s Al Mashhad area, and a hotel with a multi-use area, SPA reported separately.
Other agreements locked in:
- Retal Urban Development closed out its participation at the conference with 11 agreements signed and upwards of 1.2k units sold at a total value of SAR 2 bn, it said in a statement.
- Tilal Real Estate has developed 3k housing units across four Saudi cities in coordination with the National Housing Company at a SAR 3 bn investment, Aleqtisadiah quotes CEO Abd Al Rahman Al Bassam as saying on the sidelines of the expo.
- The Capital Market Authority and the Real Estate General Authority inked an MoU to boost governance, transparency, and enhance protection for stakeholder’s rights in real estate investments, according to a post on X.
- Monsha’at signed a cooperation agreement with PIF-backed developer Roshn Group to support innovation and startups in the real estate development sector, according to a post on X.
