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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
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Saudi Arabia Witnesses Launch of Largest Global Real Estate Exhibition

Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)
Minister Majid Al-Hogail speaks during the launch of Cityscape Global (Photography: Yazid Al-Samrani)

Saudi Arabia unveiled investment projects worth more than SAR 68.7 billion ($18.3 billion) during the Cityscape Global exhibition, the largest real estate platform, which brought together more than 350 companies from 21 countries around the world to conclude major investment deals.

Speaking during the exhibition’s launch on Sunday, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail, said that the Kingdom has witnessed rapid urban growth that has surpassed the whole world.

He added that the coming years will see an expansion in the construction of residential suburbs throughout the Kingdom, with the participation of international real estate developers, amid an encouraging legislative environment that stimulates investments.

“We will together work on developing the housing sector in light of a legislative environment that stimulates investment and various financing options that have contributed to the highest ever percentage of real estate loans in the non-oil gross domestic product,” he stated.

The minister added that Cityscape Global will witness the launch of quality projects and the signing of many agreements to activate promising partnerships. He also noted that in light of the current and future project volumes, the focus will be on quality, shortening the time required to deliver units, and relying on modern construction methods.

For his part, Executive Vice President of Cityscape Global, Chris Speller, said that the current edition hosted by Riyadh was the largest in the history of the exhibition.

In turn, the CEO of Saudi NEOM, Nadhmi Al-Nasr, confirmed that the giant development embodied the vision of the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, for the new future of man and humanity.

Cityscape Global, held under the theme “The Future of Living,” will feature free seminars at the NEOM Future of Living Summit, the Real Estate Institutional Investor Forum, the Property Portfolio Forum, the PropTech stage, and the Design and Architecture area.

The event will review real estate ideas and experiences in the fields of architecture, designs, and city planning. Participants will also discuss the best international practices in future development and construction techniques, in addition to shedding light on the real estate legislation system.

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Saudi Arabia’s 2025 Budget Projects Revenues of $315.5 Bn

The Saudi government affirmed its commitment to adopting strategic expansionary spending policies that support economic diversification and sustainable growth (Asharq Al-Awsat)
The Saudi government affirmed its commitment to adopting strategic expansionary spending policies that support economic diversification and sustainable growth (Asharq Al-Awsat)
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Saudi Arabia’s 2025 Budget Projects Revenues of $315.5 Bn

The Saudi government affirmed its commitment to adopting strategic expansionary spending policies that support economic diversification and sustainable growth (Asharq Al-Awsat)
The Saudi government affirmed its commitment to adopting strategic expansionary spending policies that support economic diversification and sustainable growth (Asharq Al-Awsat)

Saudi Arabia is forecasting total revenues of SAR1.184 trillion ($315.5 billion) for 2025, with expenditures expected to reach SAR1.285 trillion ($342 billion).

This would result in a projected deficit of SAR101 billion, driven by expansionary spending policies to support economic growth, according to the preliminary budget statement.

The economy is anticipated to grow by 4.6%, a rise from just 0.8% in 2023, with non-oil sectors expected to expand by 3.7%.

Finance Minister Mohammed Al-Jadaan reiterated the commitment to increase spending on essential services and execute strategic projects. He stated that the positive economic outlook reflects Saudi Arabia’s dedication to its ambitious plans.

For the current year, the Kingdom expects revenues and expenditures of SAR1.23 trillion and SAR1.35 trillion, respectively, which could lead to a deficit of SAR118 billion.

According to the preliminary budget statement from Saudi Arabia’s Ministry of Finance, total revenues for the fiscal year 2025 are expected to be around SAR1.184 trillion, rising to about SAR1.289 trillion by 2027.

Total expenditures for 2025 are estimated at approximately SAR1.285 trillion, increasing to around SAR1.429 trillion by 2027.

The statement highlighted that, due to ongoing economic developments and various financial initiatives, Saudi Arabia expects a budget deficit of about 2.3% of GDP for the fiscal year 2025. This deficit is part of efforts to improve stability and sustainability in the state budget.

It noted growth in GDP, primarily driven by non-oil sectors, which have bolstered industries like tourism, entertainment, transportation, logistics, and manufacturing.

This growth has improved quality of life, supported the private sector, and lowered unemployment to historic lows, positively impacting forecasts from international organizations and credit rating agencies.

For 2024, the report projects a real GDP growth rate of 0.8%, with non-oil sectors expected to grow around 3.7%.

Recent drops in interest rates are likely to boost demand and further support economic growth. Preliminary estimates also suggest that inflation could reach about 1.7% by the end of 2024.