Saturday, July 13, 2024
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RIYADH: Saudi Arabia is expected to witness a boom in the housing sector, with the government announcing projects worth over SR65 billion ($17.3 billion) on the opening day of the Cityscape Global exhibition at Riyadh’s Exhibition and Convention Center. This four-day event, themed “The Future of Living,” is being led by Majid Al-Hogail, the minister of municipal and rural affairs and housing, the Saudi Press Agency reported.   

It has drawn participants from over 170 nations and 350 exhibitors from 21 countries, all looking to explore investment opportunities in the Saudi real estate sector. During the exhibition, more than 250 international and local speakers will share their views and experiences.

The event will feature projects related to Saudi Vision 2030 and host panel discussions on urban transformations, real estate opportunities, and innovations in architecture, design, and city planning. Moreover, the exhibition will include major developments shaping the Kingdom’s real estate, attracting thousands of potential buyers, sector experts, and over 2,000 investors.

Speaking on the occasion, Al-Hogail pointed out that Saudi Arabia is witnessing rapid urban growth that has surpassed the whole world. Highlighting the projects under construction in Saudi Arabia, the minister said that a big dream will soon come true in NEOM, adding that the population of The Line will be 9 million by 2045.

As for AlUla, he said its development plan focuses on infrastructure and tourist facilities, taking into account the preservation of the environment and its historical sites. Highlighting the Masar Destination in Makkah and the Central Jeddah project, the minister pointed out that the former will improve the experience of the visitors to the holy city by preserving the city’s spiritual and cultural nature, while the latter will put the coastal city on the global heritage map.

As for The Red Sea and AMAALA projects, Al-Hogail emphasized that the two destinations aim to establish a sustainable tourism sector, and will attract people from around the world.

The minister added that many development projects are also underway in Riyadh and one of those is the Sports Boulevard, which will attract pedestrians, cyclists, and horseback riders along with art enthusiasts, intellectuals, and environmentalists. Al-Hogail said that Saudi Arabia will witness an expansion in the construction of residential suburbs throughout the country in the coming years, with the participation of global real estate developers.

“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 said.

He further said that Cityscape will see the launch of quality projects and the signing of many agreements to activate promising partnerships, adding 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.

The exhibition will focus on high-profile projects in the Kingdom to open up promising investment opportunities and highlight advanced residential and commercial properties and communities.

Visitors to the event will be able to attend 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.

In addition, the Cityscape Innovation Challenge will allow startups to pitch their ideas toward creating a more innovative future.

King Salman Park Foundation launches its first project

Worth SR4 billion, the King Salman Park Foundation announced the launch of the King Salman Park Real Estate Development Fund, a mixed-use real estate development project that focuses on the development of the first real estate investment plot of land within the park. According to a press release by KSPF, the Shariah-compliant fund will undertake the development of the first real estate investment site in King Salman Park, covering an area of more than 290,000 sq. meters.

NHC launches over SR42bn projects

With the aim of enhancing the quality of life, the National Housing Company launched three residential projects in the suburbs of Al-Forsan and Khuzam, providing 86,000 housing units worth more than SR42 billion.

Al-Forsan project, one of the largest residential projects in the suburb of Khuzam will be built on an area of 10 million sq. meters and will provide 27,750 housing units with various options.

The NHC also announced an integrated business project in the Khuzam suburb, called the Khuzam Business Center. It will be constructed on an area of over 500,000 sq. meters. The project also provides all basic facilities and services, in addition to sports clubs, playgrounds, and green spaces that support community participation.

In the Khuzam area also, the NHC announced a huge sports project, called “Khuzam Sports City,” which will extend over a total area of 135,000 sq. meters. The project will include outdoor and indoor activity facilities.

SR200 million project

During the exhibition, Thakher Development Co. announced the launch of “Radisson Hotel & Residences,” with a value exceeding SR200 million. The real estate developer has obtained the marketing permit for the newly launched hotel. The company’s CEO, Abdulaziz bin Saleh Al-Aboudi, said that the launching aligns with his company’s objectives to enhance the real estate and hospitality sectors in Makkah.

“This initiative aims to fulfil the aspirations of investors, visitors, pilgrims, Umrah performers, and all those who come to Makkah,” he said.

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