RIYADH –Saudi Arabia is on the brink of a significant transformation, with new cities and landmarks set to redefine its landscape in the coming years. This shift was prominently showcased at the recent “Cityscape Global” exhibition in Riyadh, which highlighted the vast urban development initiatives under the “Vision 2030” framework.
Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, spoke about a $17 billion project initiated in 2019 to convert the historic city of Diriyah in Riyadh into a global tourist hub. He remarked, “In roughly five years, the Kingdom will be entirely different.” He further predicted that ongoing developments would position Riyadh among the “top 20 cities globally.”
The exhibition saw the launch of massive real estate ventures, including integrated, modern cities, with a combined investment of around $18.3 billion. These projects, some nearing completion, primarily focus on constructing villas and apartments, reflecting the housing sector’s significance in “Vision 2030.”
Saudi Minister of Municipal, Rural Affairs, and Housing, Majid Al-Hogail, emphasized the need for quality leaps in real estate development. He advocated for integrated residential communities offering modern lifestyles, developed in partnership with both local and international property developers.
A primary goal of Vision 2030 is to boost homeownership among citizens to 70 percent by the decade’s end. To this end, Saudi Arabia founded the “National Housing Company” (NHC) in 2016. Mohammed Al-Bati, CEO of National Housing, announced the company’s aim to develop 300,000 housing units by 2025, with 140,000 already launched in partnership with private sector developers.
The Egyptian “Talaat Mostafa Holding Group” is set to contribute over 27,000 housing units in what Al-Bati termed “the largest regional partnership in real estate development” with the NHC. The two firms inked a deal for the Egyptian company to develop the “Banan Riyadh” city within the “Al Forsan Suburb” project, costing around $11 billion.
Roshn Company, backed by the Public Investment Fund, is developing integrated cities and residential neighborhoods. During the exhibition, it secured a $2 billion contract with China’s “China Harbor” to construct residential villas in Riyadh’s “Sidra” and “Warfa” communities.
Makkion Urban Developers introduced the Makkah Boulevard project, an investment of about $1.5 billion, encompassing over 10,000 residential units. Retal Urban Development Company announced the Ultra Luxury Resort in Al-Khobar, costing up to $1.3 billion.
Umm Al-Qura Development and Reconstruction Company unveiled a $1.066 billion investment for the “Destination Path” project in Makkah Al-Mukarramah, comprising 18 residential towers, four hotel towers, and an office tower. These ambitious projects underscore Saudi Arabia’s commitment to reshaping its urban landscape, fostering economic growth, and enhancing the quality of life for its residents.