Day two of Cityscape Global in Riyadh was nothing short of spectacular, with sports, stadiums, and mega events taking center stage. The event, renowned for attracting top-tier real estate investors and industry leaders, witnessed a flurry of activities that underscored the Kingdom’s commitment to transforming its urban landscape.
The Investor Forum on the second day saw the participation of major international institutional investors managing over $3.2 trillion in real estate assets. Representatives from more than 22 countries engaged in roundtables, keynotes, panels, and one-to-one matchmaking meetings. Notable names such as BlackRock, AGV Invest, Brookfield, CVC Capital Partners, Apollo, and Mapletree were among the esteemed attendees.
Hossam Y Radwan, CEO of the Saudi Real Estate Mortgage Guarantee Company (Damanat), provided an insightful update on the Saudi mortgage market. “We have successfully refinanced mortgage portfolios exceeding 37 billion riyals, offering tailored financial solutions for investors and developers,” Radwan explained. This achievement highlights the robust support systems in place to facilitate real estate investments in the region.
Major Investment Announcements Illuminate the Future of Living
Under the theme ‘The Future of Living’, the second day was marked by significant investment announcements totaling over US$5.44 billion (SAR 19.70bn). The Ministry of Municipalities and Housing (MOMAH), Developmental Housing, and SAKAN unveiled plans to invest US$1.28 billion in providing ownership for 16,000 housing units across the Kingdom next year. Additionally, the Saudi Investment Recycling Company and Dhahran Municipality announced a US$2.08 billion investment to support numerous upcoming projects in the eastern region.
These investments are poised to drive substantial growth in the housing sector, addressing the increasing demand for modern living spaces and supporting Saudi Arabia’s vision for a diversified and sustainable economy.
Panel Discussions Highlight Urban Planning and Sustainable Development
On the main stage, a ministerial session featured H.E. Amina bint AhKail Al-Rumaihi, Minister of Housing and Urban Planning in Bahrain, and H.E. Eng. Sherif El Sherbiny, Minister of Housing, Arab Republic of Egypt. The discussion delved into the future of urban planning, emphasizing sustainable development and the integration of smart technologies in city infrastructures.
“Urban planning must evolve to meet the challenges of rapid population growth and environmental sustainability,” Al-Rumaihi stated. El Sherbiny echoed these sentiments, adding, “Collaborative efforts between nations are essential to create resilient and adaptable urban environments.”
Table: Key Investment Announcements on Day Two
| Project/Initiative | Investment (USD Billion) | Description |
|---|---|---|
| Housing Units Ownership Program | 1.28 | Providing ownership for 16,000 housing units across KSA |
| Eastern Region Development Projects | 2.08 | Covering numerous upcoming projects in the eastern region |
| Damanat Mortgage Refinancing | 37 billion Riyals | Refinancing mortgage portfolios to support investors |
| Diriyah Signature Collection Launch | 0.037 | Launching luxury residences with Raffles Hotels and Resorts |
Building on Day One’s Momentum
The second day built on the excitement generated on day one, where Cityscape Global saw a plethora of deals and investment activities. Notably, NHC announced over $37 billion in new partnerships with multiple companies, along with a new identity and strategic direction. Diriyah Company unveiled its Signature Collection of The Ritz-Carlton Residences, Diriyah, marking the latest addition to its luxury branded residences. Additionally, the launch of “Raffles Residences Diriyah” introduced 90 luxury units affiliated with Raffles Hotels and Resorts, promising access to world-class facilities at the upcoming Raffles Diriyah hotel.
Sports and Mega Events: Catalysts for Urban Development
Sports and mega events were pivotal topics, with discussions on how stadiums and large-scale events can drive urban development and economic growth. The integration of state-of-the-art sports facilities is seen as a key component in enhancing the Kingdom’s appeal as a global tourism destination. These developments not only boost the local economy but also create numerous job opportunities and foster community engagement.
Customer Testimonials: Trust and Innovation in Real Estate
Participants shared their positive experiences and the tangible benefits of the strategic investments announced. “The new housing projects will significantly enhance the living standards and provide much-needed infrastructure to support our growing population,” remarked a real estate investor from Germany. Another attendee highlighted the importance of innovative financial solutions in driving market growth, “Damanat’s refinancing options are a game-changer for investors looking to expand their portfolios in the Middle East.”
Rhetorical Questions to Reflect On
- How will the recent investments announced at Cityscape Global impact the future of Saudi Arabia’s real estate market?
- What role will sports and mega events play in shaping the urban landscapes of Riyadh and beyond?
- Can the collaborative efforts between governments and private sectors sustain the momentum of economic growth in the region?
Metaphor: Building the Future Brick by Brick
Think of the investments and strategic initiatives announced at Cityscape Global as bricks in the foundation of a grand architectural masterpiece. Each project, partnership, and financial solution contributes to constructing a resilient and thriving urban environment, poised to support generations to come.
For many attendees, Cityscape Global represents more than just a conference; it embodies a vision of prosperity and innovation. The collective efforts to invest in housing, infrastructure, and technology resonate with the aspirations of building a modern, inclusive, and sustainable future for Saudi Arabia and the broader Middle East region.
