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What’s next for real estate developers in Saudi Arabia? With Cityscape Global now in the rearview mirror, we sat down with our friend Tamer Elfiky (LinkedIn) to talk over market dynamics and what’s next for the industry as more developers — Saudi, Egyptian, and others — look to Saudi Arabia as the next great regional growth market.
Tamer is an insider’s insider: He was a partner and head of operations in Egypt for Knight Frank MENA and was previously a senior exec at both Savills Middle East and at high-end Egyptian developer Sodic. Today, he is the co-founder of Ctrl+, a regional real estate marketing consultancy. Edited excerpts from our conversation follow:
ENTERPRISE- Now that you’ve had time to digest it, what stands out after last week’s event?
TAMER ELFIKY- The energy was palpable — buzzing with excitement and curiosity. Cityscape felt more like a festival of ideas than an exhibition. The halls were packed with developers. The majority of them were Saudi, but Egyptian players were well-represented, as were others from the region and beyond.
The market dynamics will be challenging for some: What really stood out was how locals gravitated toward familiar names, the big Saudi players they trust. Newer foreign entrants, including those from Egypt, faced a more reserved welcome, but the interest in homegrown offerings was undeniable.
E: On the issue of “big Saudi players they trust” — is it fair to say there are no undisputed “champions” of the Saudi market the way there are in the UAE and Egypt?
T: That’s actually spot on. Unlike the UAE, where giants like Emaar dominate, or Egypt, where TMG and SODIC are household names, the Saudi market is more diffuse. There isn’t that one private-sector developer everyone sees as the go-to. Trust here tends to rest on familiarity and family legacies. State-backed entities like Roshn and NHC are solid and respected, but they don’t carry that same private-sector “star power.” There’s definitely room for a standout to emerge as the market matures.
E: There was a lot of focus on megaprojects including Neom and Roshn. As a market insider, what’s your take?
T:The mega projects were the showstoppers, no doubt. They’re bold, massive in ambition, with virtual showcases and enormous models that felt almost like science fiction brought to life. They scream “Future” and reflect Saudi’s determination to redefine itself. But here’s the thing: They’re still aspirational at this stage, not quite where investors can jump in. The allure is there, but so is the distance between vision and reality for most who want to invest now.
E: How are the megaprojects and the drive to grow Riyadh’s population changing market dynamics?
T: It’s a double-edged sword. The influx of expats drawn by these ambitious projects and the spotlight on Saudi real estate have driven up rents, making it tough for middle-income and affordable housing seekers in Riyadh. There’s some nervousness about competing with foreign investors as the rules evolve. But that’s just one side of the coin. Many Saudis are genuinely excited — Vision 2030’s push to turn renters into homeowners is pivotal, and the next decade will be about whether locals can keep up with fast-changing market dynamics.
E: How do foreign investors see the megaprojects?
T:From a Western and European lens, Saudi’s mega projects look ambitious, maybe even audacious — there are echoes of Dubai’s rise a couple of decades back. For professionals in engineering and project management, these are opportunities with serious upside. But there’s a touch of skepticism around whether these projects can be sustained at such a scale. Here in the region, and in Egypt in particular, developers are looking at Saudi megaprojects with excitement tempered by caution. The potential is clear, but there’s also a watchful eye on what this could mean for the balance of power in the region.
E: Outside of the megaprojects, who are the developers getting traction today?
T: Saudi developers such as Dar Wa Emaar, Osos, Ajlan — and even Egypt’s TMG — are doing the quiet, crucial work that often gets overlooked. They’re focused on practical housing solutions, addressing real local needs and bringing regional expertise into play. There are definite opportunities for Emirati and Egyptian players, given their deep expertise in real estate marketing. They may not have the glitter of a Neom, but they’re foundational to sustaining the market and deserve more recognition.
E: What could these changes mean for the region as a whole?
T: Saudi’s ambitions are shaking up the regional real estate scene. The kingdom’s push to become a hub for tourism, investment, and real estate could start drawing attention away from traditional heavyweights. For a place like the UAE, with an economy so intertwined with its expat community, this is worth watching. But for Egypt, which has a strong local population, the impacts might be more manageable. It’s a balancing act for everyone.
However you look at it, Cityscape Global 2024 was a clear statement of intent from Saudi Arabia, but it was far from being “global.” The kingdom is playing a high-stakes game, but it’s also a delicate one: Aligning grand ambitions with the practical realities of affordability, sustainability, and local needs is no small feat. The coming years will show whether Saudi can turn its visions into reality that benefits not just itself, but the region as a whole.
