The KSA hosted the international real estate exhibition Cityscape Global 2023

This event is part of a larger real estate development project in Saudi Arabia aimed at modernizing and diversifying the economy.

Cityscape Global 2023 is the world's largest trade exhibition and conference on real estate development, organized by Informa Markets. This year, Cityscape Global was held from September 10 to 13 under the auspices of "Opening a new era of real estate" and gathered in Riyadh recognized world experts who shared their knowledge, experience and vision of the future of real estate.

Over three days, the participants of the exhibition and conference covered various topics: smart cities, sustainability, urban planning, digital transformation and future developments in Saudi Arabia. The event presented local, regional and international projects, described and services in the field of housing, smart cities, sustainability and digital transformation.

International companies and local players in the real estate market, who participated in the world's largest trade exhibition and conference on real estate development, were able to exchange knowledge, experience and best practices, as well as agree on partnership and plan interesting projects within the framework of cooperation.

Russian companies, including Kalinka Ecosystem, also took part in this event. Ekaterina Rumyantseva, founder and CEO of Kalinka Ecosystem, shared the results of the last Cityscape Global:

"The real estate market in Saudi Arabia is actively developing and is increasingly attracting the attention of investors. It is expected that in the period from 2023 to 2027, the average annual growth rate will be more than 9%. The reason is that the kingdom has identified housing as one of its key projects within the framework of Vision 2030 — there are intentions to build 300,000 housing units over the next five years.

Such cities as Neom, Qiddiya, Red Sea Project, Amaala, Al-Ula, Diriyah Gate will appear in Saudi Arabia. And Riyadh will strengthen its position as the business center of the country — by the end of this year, 100 thousand new residential units, 3 million square meters of office space, 12 thousand hotel rooms are planned to be released there. But despite the high competition, more than 90% of local developers are inferior to their neighbors from the UAE, Qatar and Bahrain in a number of organizational issues.

We have been seeing an increase in demand for real estate in the Middle East from Russian investors for a long time. Today, most of them are in Dubai and Abu Dhabi, but the investment potential of Saudi Arabia is growing every year due to the interest of local authorities in attracting foreign capital. When forming an investment portfolio for our clients, we assess the prospects in different directions and take into account the specifics, relying on market analytics, therefore, we consider, among other things, real estate in Saudi Arabia. At Cityscape Global 2023, we were able to discuss many important issues with our partners and outline plans that we will implement in the near future."