On the second-to-last afternoon of Cityscape Global 2024, the world’s largest real estate exhibition, attendees were treated to mega-projects crafted from recycled materials. The event, held at the Riyadh Exhibition & Convention Centre in Malham, also offered a glimpse into aspirational properties and investment prospects.
Spanning four days, this event illustrates the comprehensive journey of real estate investment, simplifying the process for participants as they explore properties, secure tailored mortgage rates, and design their ideal homes. Numerous Saudi banks, including Alinma Bank, Riyad Bank, and Bank Albilad, presented exclusive mortgage options to Cityscape Global attendees interested in off-plan purchases, ready-made properties, or self-construction projects. Furthermore, over 70 international developers showcased their offerings this week, featuring prominent names such as Egypt’s Hyde Park Developments, AlAhly Sabbour Development, Regal London Properties from the U.K., and Bahrain’s Diyar Al Muharraq. Additionally, a dedicated design consultation area, established by Umq Design Company—a Saudi-owned interior design firm—was available to help transform homeowners’ visions into reality.
Promising AI opportunities in the Global South
Global investors gathered at the PropTech Stage to explore key trends through a vibrant panel discussion. Topics included the anticipated transformation of construction technology through Artificial Intelligence (AI), digitalization, and automation, alongside the challenges facing the construction industry and the intricacies of investing in various regions, particularly the Global South, encompassing Africa, Latin America, Asia, and Oceania.
“The Global South is expected to contribute 80 per cent of the total infrastructure in the next 50 years, requiring different technologies,” said Mauricio Weiss, founding partner of Zacua Ventures.
According to Weiss, what we are seeing in the most advanced construction companies is the overarching adoption of automation and artificial intelligence to speed up and streamline processes and make sure companies are as best placed as possible to tackle the ongoing shift of construction set to happen over the next five decades.
Sports Boulevard: Building sustainable urban spaces
The Future Living Stage spotlighted initiatives aimed at creating sustainable urban environments in desert regions. Jayne McGivern, CEO of the non-profit Sports Boulevard Foundation, outlined plans for a 135km “green spine” that will weave through the heart of Riyadh. Formerly the president of Madison Square Garden in New York and Las Vegas, McGivern emphasized that Sports Boulevard is integral to Saudi Arabia’s Vision 2030, focusing on enhancing the quality of life in the capital, promoting physical activity among the youth, and ensuring access to over 50 sports activities.
When questioned about developing the world’s largest urban park in a city with scorching temperatures reaching 50°C, McGivern was resolute. “If we don’t act now, it could reach 60°C in a decade,” she stated, highlighting that while Riyadh can be extremely hot for three months of the year, the climate is quite pleasant during the rest of the year, lacking the humidity found in other Middle Eastern cities.
“We are focusing on lowering night-time temperatures, which are the most damaging to the environment,” McGivern explained, adding that the temperature in Riyadh after nightfall has risen considerably in the past 25 years because traditional construction materials absorb heat and release it back into the city when the sun sets. In response, Sports Boulevard will focus on non-absorbent, recycled materials. A cycling track, for example, will be made with shredded car tyres under a top layer of asphalt. “It’s way more comfortable, it looks much nicer, is cheaper, faster to deliver, and saves tons of carbon in its production,” she added.
International collaboration through pavilions
The International Pavilions, representing over 22 countries, underscored a global perspective at the event. Nations such as Oman, Bahrain, Turkey, Thailand, Pakistan, and Portugal facilitated networking and collaboration opportunities with some of the region’s most respected developers.
“Cityscape Global in Riyadh has not only highlighted the impressive growth and innovation within the real estate and construction sectors, but has also served as an inspiring platform to connect with industry leaders and visionaries driving the future of these industries,” said Faisal Sultan, Chairman of Oman-based Majan Engineering Consultants.
“Our primary objective here was to explore opportunities within this region, yet what has stood out and exceeded our expectations has been the chance to go beyond professional interactions and foster genuine relationships – an approach that has been fundamental to our resilience and success in Oman. This ability to build true partnerships is what we hope will define our growth in this region as well.”
Insights on safe investing
Two-time world heavyweight boxing champion Anthony Joshua OBE shared his experiences as a professional athlete, businessman, and entrepreneur during an engaging talk that concluded with a Q&A session.
“My first time at the event has been good,” he said. “I have my family and friends here and I’ve met a lot of people who, like me, are interested in the future of Riyadh. One thing I have noticed is that as other economies across the world are slowing things down, cutting budgets, Saudi is making moves for growth and investing in the economy. So, it’s a place of growth, and that’s what I’m all about.”
According to Joshua, when sportspeople do well in their careers and get rewarded, there are similarities to the business world: “If you do well, you get rewarded, whether it’s dividends or bonuses. But it is what you do with those things that’s important. You want to take care of your family, you want to take care of the community, you want to take care of your friends. You also need to take care of the government and need to take care of associates. So, all of a sudden, that bonus starts to shrink. I wanted to make sure that I had my head on my shoulders and I didn’t get carried away. It’s a business now, and looking into ways to invest safely, such as prime property in prime locations. It’s certainly something I’m looking at.”
Cityscape Global 2024 is backed by the Ministry of Municipalities and Housing (MOMAH) in collaboration with the Real Estate General Authority (REGA), Vision 2030, and the Housing Program, with organization by Tahaluf. Supporting Foundation Partners for this year’s event include the National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company, and Destination Partner MASAR.