Riyadh real estate expo sees over $29bn deals signed

The Cityscape Global Exhibition, held at the Riyadh International Exhibition and Convention Center this week, saw deals signed worth over SR110 billion ($29 billion), the Saudi Press Agency reported on Thursday.

Organized by Tahaluf, a company under the umbrella of the Saudi Federation for Cyber Security, Programming and Drones, had over 350 exhibitors, more than 10,000 international investors, 300 speakers, and 160,000 visits.

Faisal Al-Khamissi, board chairman of the SAFCSP, which is the founding partner of Tahaluf, said Crown Prince Mohammed bin Salman was the inspiration for holding the event.

Al-Khamissi said that one of the significant outcomes of the gathering, which ended Wednesday, was that over 3,800 housing units were booked for construction through the National Housing Company, worth SR3.8 billion ($1.01 billion).

He said the indirect economic impact on Riyadh, including hospitality services, flights and hotels, exceeding SR94 million ($25 million). He said there has been a massive rise in applications to participate in next year’s event — four times this year’s registrations.

Al-Khamissi said Tahaluf was committed to attracting global events including the Black Hat cybersecurity conference and exhibition, while introducing new Saudi brands such as LEAP — with five such gatherings already planned for the next two years.

He lauded the support of the Ministry of Municipal and Rural Affairs and Housing, represented by Minister Majid bin Abdullah Al-Hogail and Deputy Minister Abdullah bin Mohammed Al-Budair.

The Cityscape Global Exhibition is considered the largest real-estate gathering of its type in the world.