Projects, Agreements Exceeding $48 Billion Expected at Cityscape Global in Riyadh

National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
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Projects, Agreements Exceeding $48 Billion Expected at Cityscape Global in Riyadh

National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)
National Housing Company (NHC) CEO Mohammed Al-Buty speaks at Cityscape Global. (Asharq Al-Awsat)

Saudi Arabia’s real estate sector is experiencing a surge in growth, marked by record-breaking deals expected at the second annual Cityscape Global 2024, the world’s largest real estate exhibition.

Deals at this year’s event, held in Riyadh, are anticipated to exceed SAR 180 billion ($48 billion), representing an increase of over 50% compared to the previous edition.

According to Majid Al-Hogail, Saudi Arabia’s Minister of Municipal and Rural Affairs and Housing, real estate deals in the Kingdom have reached SAR 630 billion ($168 billion) since the beginning of the year, supporting national economic growth and diversification.

Cityscape, held at the Riyadh Exhibition and Convention Center, showcases Saudi Arabia’s ongoing real estate development and serves as a central platform for innovation and investment. The event is supported by the Ministry of Municipal and Rural Affairs and Housing, the General Real Estate Authority, and the Housing Program, a key initiative under Saudi Arabia’s Vision 2030.

The number of participants doubled from last year, with over 100 local and 69 international developers taking part, underscoring the strength and global confidence in Saudi Arabia’s real estate market.

Al-Hogail highlighted that Saudi banks have significantly increased real estate financing from SAR 200 billion ($53.3 billion) in 2018 to SAR 800 billion ($213.3 billion) this year, with the market projected to reach SAR 1.3 trillion ($346 billion) by 2030. The Saudi Real Estate Refinance Company has also supported this growth, providing over SAR 37 billion ($9.8 billion) in mortgage refinancing.

In line with this expansion, the Kingdom has seen a rise in homeownership rates, which reached 63.7% at the end of 2023. Over 20 new regulatory measures have been implemented to streamline the market, and more than 60,000 real estate broker licenses have been issued.

Al-Hogail noted that the real estate sector plays a critical role, impacting over 60 economic sectors and positioning Saudi Arabia as a global hub for urban development and sustainable cities of the future.

Supporting these objectives, Cityscape hosted 400 exhibitors from 50 countries and over 100 investors, with an agenda aligned with Vision 2030’s pillars: increasing supply, expanding financing, modernizing regulations, and adopting advanced technology.

The National Housing Company (NHC), represented by CEO Mohammed Al-Buty, unveiled a new brand identity at the event, symbolizing its commitment to creating integrated urban communities that elevate quality of life.

Al-Buty emphasized the company’s role in advancing infrastructure that aligns with Vision 2030’s sustainable development goals, aiming to build vibrant, livable environments with easy access to essential services, green spaces, and commercial areas.

Several significant agreements were also announced. The NHC signed deals worth over SAR 142 billion, while Retal pledged more than SAR 14 billion for four projects in Riyadh and Al Khobar. Mohammed Al-Habib Company revealed its “Enar” residential-commercial project, valued at SAR 5 billion, while Tilal committed SAR 6 billion to a mixed-use project in Al Khobar.

Caden announced a SAR 10 billion project to develop over one million square meters, and Mountain View earmarked SAR 1.2 billion to build 500 villas. Diriyah Gate Company also invested SAR 1 billion for luxury residential and hotel suites, in partnership with brands such as Ritz-Carlton and Raffles.

With the theme “Future of Living,” this year’s Cityscape Global highlights Saudi Arabia’s dynamic real estate sector and the nation’s commitment to transforming urban landscapes and meeting future lifestyle needs.



Oil Slips as Putin Agrees 30-day Halt on Energy Facility Strikes

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo
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Oil Slips as Putin Agrees 30-day Halt on Energy Facility Strikes

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol/File Photo

Oil prices edged lower on Wednesday after Russia agreed to US President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move analysts say could eventually pave the way for Russian oil to enter global markets.

Brent crude futures slipped 11 cents, or 0.16%, to $69.97 a barrel at 1130 GMT. US West Texas Intermediate crude (WTI) was down 12 cents, or 0.18%, at $66.78.

Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full 30-day ceasefire that Trump hoped for.

"Crude prices softened on signs of progress towards a ceasefire deal in Ukraine, coupled with wider market weakness as traders and investors worry about the fallout from tariff wars," said Panmure Liberum analyst Ashley Kelty, Reuters reported.

"Even if a deal is struck, it will likely take some time before Russian energy exports increase in a significant way, with the short-term impact being around diversion of flows in order to attract better pricing."

Russia is one of the world's top oil suppliers, but its output has waned since the beginning of the war, which resulted in sanctions on Russian energy.

The deal reduces supply disruption risks and increases the chances for peace that could lead to an easing of energy sanctions on Russia, allowing more supply into the market, said Charalampos Pissouros, senior investment analyst at brokerage XM.

Meanwhile, US tariffs on Canada, Mexico and China have raised recession fears, which also weighed on oil prices as that would have a dampening effect on demand for crude.

Oil markets remain focused on price downside despite rising Middle East tensions, Goldman Sachs analysts said in a note on Wednesday.

Traders are awaiting the outcome of the US Federal Reserve policy meeting which will conclude later in the day.

Interest rate cuts typically boost economic activity and energy demand. However, the Fed is expected to hold its benchmark interest rate steady in the 4.25%-4.50% range, amid investor worries over an economic slowdown due to Trump's tariffs.

Trump vowed to continue his country's assault on Yemen's Houthis and said he would hold Iran responsible for any attacks carried out by the group that has disrupted shipping in the Red Sea.

Israeli airstrikes in Gaza, meanwhile, killed at least 200 people, Palestinian health authorities said, which ended a week-long ceasefire and elevated risks of oil supply being threatened from the broader region.

In the US, crude oil stocks data painted a mixed picture, with crude stocks rising while fuel inventories fell.

Crude stocks were up 4.59 million barrels in the week ended March 14, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.71 million barrels and distillate stocks were down 2.15 million barrels, they said.

Official government data is due on Wednesday.