Saudi Arabia's future is firmly rooted in its past. The Kingdom's rich history and cultural heritage act as guiding beacons for its future aspirations, including developments currently ongoing within its burgeoning real estate industry.
This was highlighted during the four-day Cityscape Global event, which recently concluded its inaugural edition in Riyadh.
SAUDI CULTURE & HERITAGE
Speaking at the NEOM Future of Living Summit, Jayne McGivern, CEO of the Sports Boulevard, said, “This project is a testament to the vision of Saudi Arabia and will play a key role in transforming the city of Riyadh.
“That transformation will no doubt be innovative and impressive but will also be remarkable for its commitment to preserving the culture and heritage of the Kingdom.”
McGivern’s statement was strongly supported by her co-panelists at the ‘Building Tomorrow - Investments and Projects Shaping the Kingdom's Future as a Global Destination' session during the summit.
Gautam Sashittal, CEO, King Abdullah Financial District (KAFD) also underscored the importance of culture and heritage, saying “Any progress made in Saudi, in terms of real estate and projects, will be firmly rooted in Saudi’s culture and heritage which is in alignment with the Vision 2030 Strategy.
“It will be a key cornerstone of the future developments with KAFD as we enhance the lifestyle element of the district to appeal to new residents and guests.”
EMERGING COSMOPOLITAN CHARACTER
The establishment of the modern Saudi state, coupled with the discovery of oil and the rapid economic growth that followed, transformed the country's real estate landscape. Large-scale projects and infrastructure developments have become hallmarks of Saudi Arabia's increasingly urbanized society.
In recent decades, major cities such as Riyadh and Jeddah have seen the construction of impressive residential complexes, commercial centers, and mega projects.
With the launch of Vision 2030, Saudi Arabia aims to diversify its economy. Likewise, it also aims to attract international investors.
The real estate sector plays a pivotal role in this strategy, with the government actively encouraging real estate development in various segments, including tourism, retail, and residential properties.
A recent illustration of this is Riyadh’s hosting of Cityscape Global, which catapulted Saudi Arabia’s growing real estate industry into the global spotlight. With major projects being announced during the exhibition, investors, developers and other keen stakeholders were given a glimpse of the breadth and depth of developments currently underway.
The project details revealed by a wide range of developers showed a picture of an emerging global hub for business, leisure and entertainment. Saudi Arabia is now being as seen as a cosmopolitan destination, but unlike any other in the world because of its unique culture and heritage.