LOC19:04
16:04 GMT
Saudi Minister of Municipal and Housing Affairs Majid Al-Hogail
RIYADH, Nov 17 (KUNA) -- Saudi Minister of Municipal and Housing Affairs Majid Al-Hogail said Monday that real estate agreements and investment deals signed at Cityscape Global 2025 exceeded SAR 161.2 billion (USD 43 billion).
Speaking at the opening of the event, launched in Riyadh under the theme "The Future of Urban Living" and runs until November 20, he said the event has evolved into global Saudi platform showcasing the country's architectural, urban and economic transformation, while offering opportunities for investors to build smart, human-centered cities.
He noted a major shift in the role of Saudi and international developers who have become key partners in shaping modern cities.
Construction, building and real estate activities accounted for 13.8 percent of GDP by the second quarter of 2025, he added, while the sector represented 15.5 percent of total employment in the country.
Al-Hogail said the five largest Saudi cities will require more than 1.5 million housing units by 2030, including 731,000 units in Riyadh alone.
The minister announced that real estate agreements exceeding SAR161.2 billion would be signed during the exhibition's first two days.
On the real estate front, Al-Hogail stated that the General Real Estate Authority is developing three main indicators, to be released in 2026, enabling investors to track market balance and understand pricing trends more accurately.
Al-Hogail revealed the completion of the country's first tokenized real estate title deed, alongside the launch of the first global standards for real estate tokenization, placing Saudi Arabia among the pioneering nations building a digital property infrastructure linked to official records.
He concluded that Cityscape Global 2025 serves as a national platform expressing the country's vision for smart cities and an innovation-driven real estate economy, praising participants and organizers for their contributions to the event's success.
This year's exhibition includes more than 170,000 visitors, 550 exhibitors and 470 global speakers, reflecting the sector's evolving direction, including the recently approved non-Saudi real estate ownership system, which is expected to attract major foreign investment opportunities in the coming years. (end)
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