RIYADH: The Cityscape Global exhibition maintained its strong momentum into its second day, serving as a platform for multiple major deals that further transform Saudi Arabia’s real estate landscape.
The event featured several new agreements, including a SR200 million ($53.33 million) water park development and a partnership to establish international schools in new residential communities.
This builds on opening day announcements by Saudi Arabia’s Minister of Municipal and Rural affairs and Housing Majid Al-Hogail of real estate agreements and deals exceeding SR161.2 billion.
Strengthening the real estate sector is a crucial goal for Saudi Arabia as the Kingdom seeks to position itself as a global destination for business and tourism as part of its economic diversification efforts.
The Kingdom’s Real Estate General Authority expects the domestic market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.
