On its third day, Cityscape Global saw the signing of a number of investment agreements and deals between local and international parties, reflecting the extent of global interest in Saudi Arabia’s real estate sector.
The Cityscape Global exhibition, which is currently being held in Riyadh, brought together more than 350 companies from 21 countries to conclude major investment deals.
CEO of Select Property Group Adam Price told Asharq Al-Awsat that the event facilitated communication opportunities with new partners and investors in the Kingdom and provided valuable insights into the local real estate market.
He stated that Saudis represented 30 percent of the total investors in One Port Street, the latest project by Select Property in the city of Manchester, United Kingdom.
He added that cooperation with Saudi real estate development companies will give his company the opportunity to benefit from their valuable expertise and to learn about emerging consumer trends and market dynamics.
He revealed the company’s ambitions to take part in Saudi projects, especially as the Kingdom has become the largest construction market in the Middle East.
Price emphasized that Riyadh was ready to transform into a global investment hub, making it one of the most prominent real estate destinations. He added that the Saudi real estate sector was about to witness a significant transformation.
CEO of Thabat Almaskan Company Yousef Al-Saleh told Asharq Al-Awsat that the real estate sector constituted a large part of the Vision 2030 programs and initiatives, pointing out the importance of the exhibition in building partnerships and alliances with foreign establishments.
Meanwhile, the Royal Commission for the Holy City of Makkah and the Holy Sites signed an agreement to launch a real estate fund worth SAR 11 billion ($2.93 billion) to develop Al-Kidwa area, located south of the Grand Mosque in Makkah.
According to a press statement, the fund has been launched in partnership with Thakher Development Co. and Albilad Capital. It will develop 2,614 properties in Al-Kidwa, spanning an area of 686,056 square meters.
