Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Real estate experts said that Riyadh’s goal to increase its population by about 15 million people in 2030 will contribute to its transformation into a city with an independent and sustainable economy.

They added that the Riyadh Season, as well as major projects and government plans will accelerate the realization of the Saudi capital’s objectives by 2030.

According to the official announcement of the Royal Commission for the City of Riyadh, the region aims to reach 15 million people by 2030 thanks to attractive factors and capabilities that further strengthen the Kingdom's efforts to diversify its economic resources.

In remarks to Asharq Al-Awsat, writer and real estate expert Sami Abdulaziz said the latest statistics indicate that the capital is currently home to about 7.5 million people, adding that the average occupancy of residential units reaches seven individuals, thus the number of units required by 2030 is around 350,000.

The Ministry of Housing alone will provide about 300,000 housing units until the target date, he remarked, noting that developers, contracting companies, and investors in the sector will secure the remaining amount, which will contribute to increasing the availability real estate units, therefore leading to price stability.

Abdulaziz pointed to the importance of studying the rest of the market factors, including the number of units required during the next five years, their locations, the construction costs, the public facilities and services needed, the size of the private sector’s participation and others.

He also expected the Riyadh Season and the city’s major projects to become a major contributor to achieving the capital’s goal of reaching 15 million residents in 2030.

Real estate expert Eng. Ahmed Al-Faqih highlighted Riyadh’s status as one of the most developed cities in the Middle East, in addition to the great progress the city is witnessing simultaneously with Vision 2030.

Achieving the target of 15 million residents would transform Riyadh into a city with an independent economy, he added.



Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
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Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)

The Cityscape Global exhibition, set to open on Monday in Riyadh, is expected to introduce more than 100,000 housing units, financing options with interest rates starting at 2.59%, and discounts of up to SAR 100,000 (around $26,600) on various projects. The event will also feature one of the largest real estate auctions in the Middle East, with an estimated value exceeding SAR 1 billion ($266.6 million).
This announcement was made by Abdullah Al-Hammad, CEO of the General Real Estate Authority, during the Cityscape Global introductory meeting held on Thursday in the Saudi capital.
Al-Hammad emphasized that Saudi Arabia’s hosting of this major real estate event reflects the economic momentum the Kingdom is experiencing under Vision 2030.
He explained that the exhibition will play a key role in showcasing investment opportunities by providing comprehensive insights into real estate market trends, noting that the Kingdom is witnessing unprecedented growth in real estate and economic projects.
The exhibition will primarily focus on the Kingdom’s mega-projects, with participation from over 400 exhibitors, 100 institutional investors, and more than 500 leaders from the global real estate sector.
He added that this major gathering will facilitate access to diverse investment opportunities within Saudi Arabia’s real estate market, thus boosting foreign investment, diversifying the national economy, and supporting sustainable development.
Al-Hammad highlighted that the previous Cityscape exhibition attracted over 160,000 visitors and secured investment projects and agreements valued at over SAR 110 billion ($29 billion), including $19 billion in foreign investments. This year, the second edition is expected to see a 50% increase in transactions, projects, and agreements.
Abdulrahman Altawil, the Deputy Minister for Residential Supply Stimulus and Real Estate Development, told Asharq Al-Awsat that this major real estate event will host leading global names from various areas of the real estate industry, including development, design, and operations.
“A large number of international real estate developers are expected to participate in the event, with over 10 developers already launching projects in Saudi Arabia. The aim is to attract even more developers in partnership with local counterparts”, Altawil said.
Altawil noted that Saudi Arabia’s real estate and investment environment is highly attractive, providing promising and accessible opportunities for investors. He mentioned that the ministry is working to create a diversified landscape focused on attracting global companies to invest in the Kingdom.
The exhibition will feature a selection of experts and CEOs and will include a Real Estate Investors Forum, hosting 150 investors from 22 countries. This event aims to strengthen collaboration on investment projects, establishing itself as a key center for opportunities and investment.