Gulf Business Cityscape Global-November 2025

Cit ysca pe Global

P.14 POWERING AHEAD: How Tahaluf is supporting Saudi Arabia's real estate future

P.10 THE VISION RISES: These giga-projects are reshaping the future

CITYSCAPE GLOBAL UNVEILS SAUDI ARABIA'S NEXT CHAPTER

BUILDING THE FUTURE: CITYSCAPE GLOBAL 2025

Saudi Arabia’s largest real estate event returns with bold projects, global investors, and a vision to redefine urban living across the kingdom

INSIDE SAUDI’S MEGA PROPERTY BOOM:

Cityscape Global 2025 returns to Riyadh, showcasing Vision 2030 giga-projects and positioning Saudi Arabia as a real estate powerhouse

The $ 17.6bn impact is a measure of Tahaluf’s effect on multiple layers of the economy in Saudi Arabia. Away from the show floor, this impact obviously includes foreign investment through deals, tourism, hospitality and logistics.”

Mike Champion, Tahaluf CEO

BUYING OR RENTING IN DUBAI?

From key trends to popular areas in the emirate, the market guide you can’t ignore

Editor-in-chief

Obaid Humaid Al Tayer

Managing partner and group editor

Ian Fairservice

Chief commercial o cer

Anthony Milne anthony@motivate.ae

Publisher

Manish Chopra manish.chopra@motivate.ae

EDITORIAL

Group editor

Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor

Neesha Salian neesha@motivate.ae

Deputy editor

Rajiv Pillai

Rajiv.Pillai@motivate.ae

Reporter

Nida Sohail

Nida.Sohail@motivate.ae

Senior art director

Freddie N. Colinares freddie@motivate.ae

PRODUCTION

General manager – production

S Sunil Kumar

Production manager Binu Purandaran

Assistant production manager

Venita Pinto

SALES & MARKETING

Digital sales director

Mario Saaiby mario.saaiby@motivate.ae

Sales manager

Hitesh Kumar

Hitesh.Kumar@motivate.ae

DUBAI REAL ESTATE’S

NEW STORY: Buyers today are more varied in background, budget, and motivation, reshaping how agents must understand and serve the market

OMAN IN THE SPOTLIGHT: Top reasons why GCC investors are turning to Oman for property opportunities

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae

DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845

ABU DHABI: PO Box 43072, UAE, Tel: +971 2 657 3490, Fax: +971 2 677 0124, motivate-adh@motivate.ae

SAUDI ARABIA: Regus Offices No. 455 - 456, 4th Floor, Hamad Tower, King Fahad Road, Al Olaya, Riyadh, Saudi Arabia, Tel: +966 11 834 3595 / +966 11 834 3596, motivate@motivate.ae

LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae

Cover: Freddie N. Colinares

SAUDI’S GROUP HOUSING LAWS:

What one must follow

EACH BEDROOM MUST PROVIDE AT LEAST FOUR SQUARE METRES PER PERSON, WITH NO MORE THAN TEN OCCUPANTS PER ROOM

THE MINISTRY of Municipalities and Housing in Saudi Arabia has announced comprehensive health, safety, and technical regulations for group housing facilities across the country. The new standards address building dimensions, location, noise levels, parking availability, and essential services to ensure improved living conditions for large groups of residents.

Group housing has been categorised into three types: residential buildings, residential complexes, and mobile cabins, with capacities ranging from 500 to 10,000 residents, a Saudi Gazette report said.

Residential buildings are limited to a maximum of 500 residents. Each bedroom must provide at least four square metres per person, with no more than ten occupants per room. Facilities must also include two kitchens, restrooms and bathing areas for every eight people, as well as designated rest areas, laundry rooms, potable water, climate control, cleaning services, and pest control. A Saudi national must be assigned as a dedicated supervisor for operations.

RESIDENTIAL COMPLEXES CAN ACCOMMODATE UP TO 10,000 RESIDENTS AND MUST FOLLOW SIMILAR SPACING AND OCCUPANCY RULES

ACCOMMODATION CAPACITY

Residential complexes can accommodate up to 10,000 residents and must follow similar spacing and occupancy rules. Additional requirements include two kitchens per floor, laundry facilities, prayer rooms, emergency rooms for every 1,000 residents, and a medical clinic for every 5,000.

Mobile cabins, typically used for temporary housing on project sites, must meet the same occupancy criteria. They are required to feature a central kitchen, laundry services, prayer rooms, health isolation areas, climate control, emergency rooms, and clinics. Cabins must be designed for heavy operational loads and frequent transport, constructed with steel or aluminum frames, composite insulated walls, anti-slip flooring, and pitched roofs. Electrical, plumbing, insulation, and ventilation standards must be met.

PLANNING, SAFETY, AND ACCESSIBILITY REQUIREMENTS

The new regulations also impose strict licensing conditions, including approvals from relevant authorities, building permits, execution plans, and health and safety documentation. Fire alarms, first-aid kits, regular maintenance, and access for emergency services are mandatory. Facilities must also be accessible for people with disabilities.

Built-up areas cannot exceed 40 per cent of the land plot. Housing sites must provide EV charging points, fuel stations, repair centers, commercial and service areas, pedestrian and bike paths, shaded parking, recreational zones, and modern lighting.

Parking must be allocated at a ratio of one space per 100 residents, with bus parking for half the population and dedicated spaces for those with disabilities. Architectural features must comply with urban design codes, including safe stair railings, window sills, drainage systems, and waste disposal for high-rise buildings.

The regulations also prohibit certain design elements, including boundary walls on commercial streets, barriers above fences, and placing air conditioners or satellite dishes on balconies.

SAUDI FREEZES RENTS IN RIYADH FOR 5 YEARS: Inside the boldest housing reform

THE

NEW REGULATIONS, APPROVED BY THE COUNCIL OF MINISTERS, PROHIBIT ANY INCREASE IN RENTAL VALUE, REGARDLESS OF WHETHER THE CONTRACT IS NEW OR EXISTING

BY NIDA SOHAIL

IN A DECISIVE MOVE to address soaring real estate prices and improve housing accessibility, Saudi Arabia has enacted a five-year rent freeze across Riyadh’s residential and commercial properties, effective September 25, 2025. This sweeping reform, enforced via royal decree, aims to bring stability to the rental market, ensure equitable relations between landlords and tenants, and support the kingdom’s broader urban development goals.

The landmark policy follows an earlier directive by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman, who in March ordered a comprehensive strategy to stabilise land and rental prices in the capital after sharp market hikes raised concerns about affordability and sustainable growth, a Saudi Gazette report said.

The new regulations, approved by the Council of Ministers, prohibit any increase in rental value, regardless of whether the contract is new or existing, for a period of five years within Riyadh’s urban boundary. This rule applies to all residential and commercial properties, and is viewed as a critical step to improve affordability, rein in inflationary pressures, and offer tenants long-term financial stability.

Importantly, the framework may be extended to other cities and governorates, subject to assessment by the Real Estate General Authority and approval from the Council of Economic and Development Affairs.

In addition, vacant rental units will be priced at the most recent registered rent. For properties that have never been rented before, landlords and tenants are free to mutually agree on the initial rent. This gives flexibility for new property entries while ensuring price controls for existing stock.

To improve transparency, the reform mandates that all rental contracts be registered via the Ejar platform, a government-run digital system, either by the landlord or tenant. A 60-day window is provided for either party to file objections or amendments. If no dispute is raised within that period, the recorded contract data becomes final and enforceable.

This centralised registration system is expected to significantly reduce informal agreements, close loopholes, and support data-driven policymaking through accurate tracking of market dynamics.

AUTOMATIC LEASE RENEWALS AND TENANT PROTECTION RULES

A key aspect of the reform package is the introduction of standardised automatic renewal protocols across the kingdom. Unless one party notifies the other at least 60 days before lease expiration, the contract will automatically renew under the same terms.

However, Riyadh introduces stricter tenant protections: landlords in the capital cannot deny renewal requests unless in the following cases:

Tenant fails to pay rent

The property has structural or safety defects

The landlord or their first-degree relative intends to personally use the property

These provisions are designed to strengthen tenant rights and reduce forced evictions, especially in a market where rents have spiked in recent years.

APPEALS AND PENALTIES FOR VIOLATIONS

Landlords may appeal fixed rents only in limited, defined scenarios, such as:

Significant structural renovations

Contracts signed before 2024

Violations of the rent control rules will carry fines of up to the equivalent of 12 months’ rent, with affected tenants also entitled to compensation. In a move to incentivise compliance, the government will award up to 20 per cent of any fine collected to whistleblowers who report illegal practices.

The Real Estate General Authority, in cooperation with other agencies, is tasked with enforcement and monitoring. It will also submit regular updates to the Crown Prince, tracking rent levels, regulatory compliance, and overall impact on the housing market.

THE ROYAL COMMISSION FOR RIYADH CITY HAS BEEN TASKED WITH PROVIDING BETWEEN 10,000 AND 40,000

FULLY PLANNED AND DEVELOPED RESIDENTIAL PLOTS ANNUALLY OVER THE NEXT FIVE YEARS

PUBLIC AWARENESS AND POLICY ALIGNMENT

Officials emphasised that the changes are part of a larger, long-term strategy to bring balance, transparency, and fairness to Saudi Arabia’s rapidly evolving real estate sector. The Crown Prince’s directives also stress the need for regular reporting and public awareness campaigns, ensuring that citizens and market participants understand their rights and responsibilities under the new regulations.

The goal, authorities said, is to safeguard the rights of both landlords and tenants, maintain market stability, and create a predictable regulatory environment that fosters sustainable urban development.

FOUNDATIONS LAID IN MARCH: LAND DEVELOPMENT AND SUPPLY REFORMS

The five-year rent freeze is the latest in a series of reforms that began earlier this year. In March, the Crown Prince issued wide-ranging directives following an in-depth market study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs. These early measures were designed to:

Curb surging land and rental prices

Expand land availability

Increase access to affordable housing

The reforms targeted two major undeveloped northern areas of Riyadh, lifting restrictions on land sales, purchases, subdivisions, and construction permits.

NEW DEVELOPMENT ZONES OPENED

The first newly opened zone spans 17 square kilometres, bordered by:

King Khalid Road and Prince Mohammed bin Saad Road (West)

Prince Saud bin Abdullah bin Jalawi Road (South)

Asmaa bint Malik Street (North)

Al-Arid District (East)

The second covers 16.2 square kilometres north of King Salman Road, between:

Abi Bakr Al-Siddiq Road and Al-Arid District (East)

Prince Khalid bin Bandar Road (North) Al-Qirawan District (West)

With these additions, total area released for development now stands at 81.48 square kilometres, including previously freed land totaling 48.28 square kilometres.

10,000–40,000 PLOTS ANNUALLY TO BOOST SUPPLY

To further address housing demand, the Royal Commission for Riyadh City has been tasked with providing between 10,000 and 40,000 fully planned and developed residential plots annually over the next five years, based on actual market needs.These plots will be offered to eligible Saudi citizens, specifically married individuals or those aged 25 and above with no previous property ownership, at prices not exceeding SAR1,500 per square metre.

KEY CONDITIONS INCLUDE:

A 10-year restriction on selling, renting, or mortgaging the property (except for construction loans)

If the buyer fails to construct a home within 10 years, the land will be reclaimed, and the purchase amount refunded

This measure is designed to ensure that land goes to end-users, not speculators, and is developed into actual housing stock within a reasonable timeframe.

Riyadh Metro surpasses 100 million passengers in under nine months

THE RIYADH METRO IS FULLY INTEGRATED WITH THE CITY’S EXTENSIVE BUS NETWORK

BY RAJIV

PILLAI

THE RIYADH METRO, managed by the Royal Commission for Riyadh City (RCRC), has crossed a major milestone, welcoming its 100 millionth passenger less than nine months after its official launch in December 2024.

The Blue Line, running along the Olaya-Batha axis, has emerged as the most heavily used corridor, carrying 46.5 million passengers to date. It is followed by the Red Line on King Abdullah Road with 17 million riders, and the Orange Line on Al Madinah Al Munawwarah Road, which recorded 12 million passengers. The metro’s remaining three lines have collectively transported 24.5 million riders.

Since its launch, the network has maintained an on-time performance rate of 99.78 per cent, underscoring the reliability of the system. Some of the busiest stations include Qasr Al Hokm, KAFD, stc, and the National Museum interchange, which together accounted for more than 29 per cent of total ridership.

The Riyadh Metro is fully integrated with the city’s extensive bus network, which includes on-demand bus services and public transport parking facilities. This integration offers commuters a seamless end-to-end

THE RIYADH METRO IS FULLY INTEGRATED WITH THE CITY’S EXTENSIVE BUS NETWORK, WHICH INCLUDES ON-DEMAND BUS SERVICES AND PUBLIC TRANSPORT PARKING FACILITIES

SINCE ITS LAUNCH, THE NETWORK HAS MAINTAINED AN ON-TIME PERFORMANCE RATE OF 99.78 PER CENT, UNDERSCORING THE RELIABILITY OF THE SYSTEM

journey, from their homes to their destinations. By enhancing connectivity and offering a sustainable alternative to private vehicles, the Riyadh Metro continues to strengthen public transport’s role in shaping Riyadh into a modern, accessible, and sustainable urban hub.

CITYSCAPE GLOBAL BRINGS GIGA PROJECTS TO THE FORE

CITYSCAPE GLOBAL 2025 RETURNS TO RIYADH, SHOWCASING VISION 2030 GIGA-PROJECTS AND POSITIONING SAUDI ARABIA AS A REAL ESTATE POWERHOUSE INSIDE SAUDI’S MEGA PROPERTY BOOM

Cityscape Global has established itself as a major real estate and urban development platform. Over 172,000 participants are expected, including more than 20,000 international attendees and over 70 global developers, reaffirming Saudi Arabia’s role as a real estate investment powerhouse.

At the heart of its 2025 edition is the roster of Foundation Partners — strategic stakeholders whose projects and ambitions align with the kingdom’s Vision 2030. Among these, Qiddiya, New Murabba, and ROSHN stand out not just as sponsors, but as emblematic pillars of Saudi Arabia’s future-city agenda.

Over the next few pages, we explore how each of these entities operates, their role as a Cityscape foundation partner, and what their inclusion signals for the real estate, entertainment, and urban planning sectors in Saudi Arabia.

GLOBAL PARTICIPATION, MAJOR BRANDS, AND STRATEGIC ANNOUNCEMENTS

Cityscape Global continues to attract top international participation. In 2025, exhibitors will include developers and suppliers from the US, China, India, UK, Italy, UAE, Qatar, and Jordan. Leading global and regional brands confirmed for this year’s edition include:

Qatari Diar Real Estate Investment Company

Hovnanian Real Estate

BID 3D Models LLC

Jordan Gate for Real Estate

Dongying Yiheng New Building Materials Co.

Iris Ceramica Group

JLL

Property Automate

NHC RETURNS AS FOUNDING PARTNER FOR THIRD CONSECUTIVE YEAR

As one of Cityscape Global’s cornerstone participants, the NHC has reaffirmed its role as a founding partner for 2025, marking its third consecutive year of partnership.

NHC’s involvement supports its ongoing mission to drive large-scale real estate development and bolster Saudi Arabia’s position in the global property market.

At the event, NHC will feature the largest pavilion, showcasing a variety of new residential projects and urban destinations designed

to improve quality of life. The company will also announce new project launches and offer exclusive promotions for visitors looking to invest or buy property across the kingdom.

NHC will host dialogue sessions involving senior company leaders, providing insights into future urban development across Saudi Arabia. These sessions will support the company’s strategy to form local and global partnerships, drive investment, and contribute to the kingdom’s sustainable real estate sector.

DIRIYAH COMPANY AWARDS $1.4BN CONTRACT TO BUILD ROYAL OPERA HOUSE

Diriyah Company has signed a $1.4bn (SAR5.1bn) joint venture with El Seif Engineering, Midmac Construction, and China State Construction Engineering Corporation to build the Royal Diriyah Opera House, a cultural landmark within Diriyah, on Riyadh’s outskirts.

Designed by Norwegian firm Snøhetta, the opera house will reflect contemporary Najdi aesthetics and sustainable design principles. With a 2,000-seat main theatre, additional venues, and total capacity of 3,100, it will be Saudi Arabia’s largest performing arts venue, managed by the Royal

Commission for Riyadh City. The project joins several 2025 milestones, including Diriyah’s Media and Innovation District launch, new design and smart city contracts, and Saudi’s first Armani residences. CEO Jerry Inzerillo said the opera house will advance Diriyah’s global cultural role in line with Vision 2030. Supported by PIF, Diriyah aims to house 100,000 residents, generate 178,000 jobs and attract 50 million annual visits.

In the first six months of 2025 alone, Diriyah Company awarded over $5bn in contracts, taking the total so far to over $27bn.

ROSHN GROUP (ROSHN) CONNECTS PEOPLE, PLACES WITH NEW COMMUNITIES

ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer and a Public Investment Fund (PIF) company, develops vibrant and sustainable destinations that connect people and

places, supporting quality-of-life elements across the kingdom’s three main regions: Central, Western, and Eastern. The group has 10 active projects comprising six integrated communities and several

mixed-use destinations, including ROSHN Front in Riyadh and MARAFY in Jeddah, which features the kingdom’s first canal, stretching 11.4 kilometres.

Within its integrated communities, ROSHN Group builds walking trails, sport courts, and fitness destinations. The Group also has two major stadium projects, ROSHN Stadium in Riyadh, with 45,000 seats and diverse facilities, as well as Aramco Stadium in Al-Khobar in collaboration with Aramco, with 47,000 seats. ROSHN Group has been the Foundation Partner of Cityscape Global since the inception, reflecting its strategic commitment

to the real estate ecosystem. The ROSHN Group pavilion is often among the principal attractions at the event.

Beyond the exhibition, ROSHN Group participates in Cityscape’s thought leadership forum and hosts the ROSHN Hackathon, which is the region’s largest PropTech innovation competition. ROSHN Group’s broad participation at Cityscape underscores its pivotal role in shaping the future of urban living in Saudi Arabia.

At Cityscape 2025, ROSHN Group will showcase its ongoing strategic expansion into multiple asset classes while sharing its vision for developing integrated, mixed-use and human-centric destinations, while also exploring opportunities for collaboration, partnerships, and investment.

NEW MURABBA New Murabba Development Company / Downtown Riyadh

New Murabba is a newer but equally audacious urban development initiative. Announced in February 2023 by Crown Prince Mohammed bin Salman, it aims to create the world’s largest modern downtown. Geographically situated in northwestern Riyadh (and bordering Diriyah), it introduces the Mukaab landmark — a monumental cuboid structure intended to house immersive urban life inside a modern, climate-controlled shell.

New Murabba is not simply a collection of buildings; it is conceived as an integrated downtown with mixed-use components: residential, cultural, retail, entertainment, smart infrastructure, green spaces, pedestrian paths, and technology-driven services. Its economic ambitions are substantial — it is projected to contribute significantly to non-oil GDP and create hundreds of thousands of jobs. The project is aligned with Vision 2030’s goal of elevating Riyadh’s global status and urban livability. New Murabba’s presence at Cityscape is keenly leveraged. In 2024, it served as a Foundation Sponsor, with a pavilion showcasing its sustainable and technologically advanced vision. Its leadership, including CEO Michael Dyke, participated in panels and discussions on urban transformation, sustainability, and investment trends.

Its involvement extends beyond mere branding — New Murabba has used Cityscape to directly engage investor audiences, gather feedback, attract design collaborators, and position itself as among the vanguard of future cities in the region.

One notable partnership is with Falcon’s Creative Group (a US–based firm), which New Murabba selected to collaborate on creative and experiential elements of the destination. This underscores an approach of blending local scale with global expertise to realise a distinctive urban identity. Through Cityscape, New Murabba is leaning into narrative-building: it is not just another real estate development, but a testbed for smart city thinking, immersive environments, and urban regeneration in the Saudi context.

QIDDIYA CITY

Qiddiya Investment Company

Qiddiya City is perhaps the most ambitious and singular among Saudi Arabia’s giga-projects in the entertainment and leisure space. Designed as the first purposebuilt “city of play,” Qiddiya City brings entertainment, sports and culture, together with residential, workplaces, hospitality, and retail into a master plan that will be a global destination.

Launched under the umbrella of Saudi Vision 2030, Qiddiya will transform the Kingdom’s entertainment and hospitality sectors, stimulating domestic tourism and job creation. The scale is breathtaking: over 360 km² of land, Qiddiya City will feature more than 20 neighbourhoods, each offering diverse lifestyle options tailored to individual tastes. The city will deliver homes for all – from apartments to townhouse and villas to branded residences. Residents can choose from a range of lifestyles, from

golf to waterfront to city living, all with world-class entertainment, sports, and cultural amenities nearby.

Just 40-minutes from Downtown Riyadh by car, the city will also be connected by world class rail transport including the Qiddiya High-Speed Rail project which will connect Qiddiya City to King Salman International Airport in 30-minutes and King Abdullah Financial District (KAFD) in 17-minutes.

As a Foundation Partner of Cityscape Global, Qiddiya gains a flagship position in the event’s narrative. The branding “Qiddiya City” is featured alongside other major partners in the show’s promotional materials. Their involvement is more than symbolic – Qiddiya is an essence showcasing its identity as a global entertainment destination to investors and partners visiting the expo. Qiddiya has also established a Destination Marketing & Management Organisation (DMMO) to engage trade partners, investors, and businesses to embed them in the project’s operations and growth strategy. Qiddiya has recently participated in Tourise as the Official Sponsor, affirming its place at the center of the Kingdom’s vision to lead the global experience economy. Their presence at Cityscape provides a platform to engage Qiddiya in discussions on prospective partnerships, such as in the global entertainment, technology

and hospitality sectors. This demonstrates that Qiddiya City is not only building attractions but creating mechanisms to sustain long-term business relationships.

THE KING SALMAN GATE

RUA AlHaram AlMakki Company

RUA AlHaram AlMakki Company, a Public Investment Fund (PIF)owned master developer, will also play a major role at this year’s Cityscape Global. The company recently announced the King Salman Gate, a transformative mixed-use project in Makkah designed to elevate the infrastructure and urban landscape around AlMasjid AlHaram. Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister of

Saudi Arabia and Chairman of the Board of Directors of RUA AlHaram AlMakki Company, announced the launch of the project, which spans 12 million square metres of gross floor area. Located adjacent to the Grand Mosque, it will include residential, hospitality, commercial, and cultural components, with space to accommodate approximately 900,000 worshippers indoors and outdoors. The project aims to enhance access to AlMasjid AlHaram, improve service quality, and deliver a modern experience for pilgrims and visitors, while maintaining Makkah’s historic and cultural integrity. Aligned with the Pilgrim Experience Program, King Salman Gate supports PIF’s strategy to develop world-class urban environments around Islam’s holiest site.

Contributors: Rajiv Pillai | Nida Sohail

THE HEART OF ITS 2025 EDITION IS THE ROSTER OF FOUNDATION PARTNERS— STRATEGIC STAKEHOLDERS WHOSE PROJECTS AND AMBITIONS ALIGN WITH THE KINGDOM’S VISION 2030

INSIDE CITYSCAPE GLOBAL:

POWERING SAUDI ARABIA’S REAL ESTATE REVOLUTION

AS SAUDI ARABIA ACCELERATES ITS VISION 2030 TRANSFORMATION, CITYSCAPE GLOBAL HAS EMERGED AS THE WORLD’S MOST INFLUENTIAL STAGE FOR REAL ESTATE, INVESTMENT, AND INNOVATION. IN EXCLUSIVE INTERVIEWS, TAHALUF SVP RACHEL STURGESS, TAHALUF CEO MIKE CHAMPION , CITYSCAPE GLOBAL EXHIBITION DIRECTOR ANNIE JEFFCOAT AND VP OF GOVERNMENT ENGAGEMENT & EVENT LOGISTICS ABDULAZIZ ALGHURAYR REVEAL HOW THE EVENT IS RESHAPING THE KINGDOM’S GLOBAL FOOTPRINT, DRIVING BILLIONS IN DEALS, UNLOCKING NEW INVESTOR PATHWAYS, AND REDEFINING THE FUTURE OF URBAN LIVING. FROM GIGA-PROJECTS TO AI-DRIVEN DESIGN, CITYSCAPE GLOBAL 2025 IN RIYADH STANDS AT THE HEART OF A NEW ERA, WHERE AMBITION MEETS ACTION, AND THE CITIES OF TOMORROW TAKE SHAPE TODAY.

Rachel Sturgess, Tahaluf SVP, outlines how Cityscape Global fosters strategic partnerships and positions Saudi Arabia as a future-focused urban leader

Rachel Sturgess

Tahaluf SVP

Cityscape Global has evolved into one of the world’s largest real estate gatherings. What do you think has been the key driver behind its rapid growth and international recognition?

Cityscape Global’s rapid rise is powered by Saudi Arabia’s bold transformation and the unprecedented scale of its real estate and infrastructure development. Under Vision 2030, the kingdom has unlocked vast opportunities for global investors, fuelling strong demand for platforms like Cityscape that connect international expertise with Saudi ambition.

Sponsored by the Ministry of Municipal and Rural A airs and Housing, and held in partnership with the Real Estate General Authority and Vision 2030’s Housing Program, the event has the full support of the Saudi government, underscoring its role as a catalyst for shaping the cities of the future.

Saudi Arabia’s visionary projects have been central to Cityscape Global’s growth. NHC, Diriyah Company, ROSHN, NEOM, New Murabba, Qiddiya City, KAFD, Rua Alharam Almakki, Red Sea Global, Rua Al Madinah Holding, and the King Salman Park

Foundation are all redefining urban living on an unprecedented scale and attracting global partners, investors and innovators in the process.

The scale of international participation at Cityscape Global reflects how Saudi Arabia has evolved from a regional real estate hub into a truly global one. Leading developers, international investors, architects and city planners from across Europe, Asia and North America now see Cityscape Global as the key meeting point to engage with the Kingdom’s transformative projects and explore future urban concepts that are shaping cities worldwide.

The 2025 edition builds on this momentum with the Future of Living Summit, the DnA (Developers & Architects) Stage, the Innovation Arena, and ESTAAD, a co-located event connecting next-generation stadiums and city experiences with global capital and expertise.

With participation from over 500 global exhibitors this year, how does this reflect Saudi Arabia’s growing influence in the global real estate landscape?

Last year, Cityscape Global welcomed 172,000 visitors from 121 countries and recorded transactions exceeding $61bn in just four days. This year, more than 500 world-class exhibitors and delegations from major markets including the United States, China, the UK and across the GCC will converge on Riyadh, underlining Saudi Arabia’s growing global influence.

Nearly half of these exhibitors are international, representing developers, architects, design firms and proptech innovators. Major brands such as Sobha, Bin Al Sheikh Holding, Qatari Diar, Johnson Controls, NAVER Cloud and the Royal Institute of British Architects will be joined by global thought leaders including Sally Capp, former Mayor of Melbourne, and Dr. Margarete Schramböck, former Austrian Minister of Economy & Digital A airs.

This diversity underscores Saudi Arabia’s transformation into a global platform for investment, innovation and urban development.

Last year’s event recorded USD 61 billion in deals. What kind of investor activity do you expect for this year’s edition?

Cityscape Global has become one of the world’s most influential platforms for real estate capital

and foreign direct investment. While the focus is not on headline deal values, we consistently see strategic partnerships and landmark announcements emerge from the event; the kind that shape long-term investment and development in the kingdom.

Investor engagement continues to expand year-on-year. The Cityscape Investor Program, now a cornerstone of the event, brings together leading global funds, institutional investors and private equity leaders to connect directly with Saudi developers and government entities.

This year we are seeing even larger delegations, more private investor and government dialogues, and expanded site visits to live projects. Cityscape Global remains the platform where serious investors come to explore Saudi Arabia’s real estate landscape and position themselves at the forefront of its next phase of growth.

The newly approved foreign homeownership law is a major development. How do you see this transforming Saudi Arabia’s real estate market for international investors from 2026 onwards?

The introduction of the foreign homeownership law marks an important milestone in opening Saudi Arabia’s real estate market to the world. From 2026, international investors and residents will be able to own property in designated zones, creating new pathways for participation in the kingdom’s transformation.

This step is designed to attract long-term investment and deepen international engagement across key residential and mixed-use developments. It will also encourage greater diversity in financing and development partnerships, enhancing transparency and aligning the sector with global best practices.

Ultimately, the policy supports Vision 2030’s goal of positioning Saudi Arabia as one of the most dynamic and investable real estate markets globally.

Beyond policy shifts, what sectors or asset classes within Saudi Arabia’s real estate market are attracting the most global interest right now?

Investor attention is broadening well beyond traditional residential and commercial assets. There is robust momentum in hospitality and branded residences, logistics and warehousing, and next-generation data infrastructure. These all areas aligned with Saudi Arabia’s economic diversification strategy.

At the same time, sustainability-linked developments, smart mobility hubs and regeneration zones around the giga-projects are attracting institutional capital. Investors increasingly see Saudi Arabia as a gateway to future-focused real estate that is resilient, digital and globally competitive.

This year’s theme is “The Future of Urban Living.” How does that align with Saudi Arabia’s shift from planning to execution?

The theme reflects Saudi Arabia’s transition from blueprint to build. Vision 2030’s urban transformation is moving rapidly from concept to delivery, and Cityscape Global 2025 explores how to design liveable, connected and human-centric cities at scale. It is about translating ambition into measurable impact and setting new global benchmarks for how cities are built and experienced.

As Saudi Arabia continues to deliver its giga-projects and urban initiatives, Cityscape Global will remain a key platform connecting the kingdom’s visionary developments with the world’s leading investors , architects and developers.”

Cityscape Global gathers policymakers, developers and investors under one roof. How important is that collaboration to achieving Vision 2030’s urban transformation goals? It is absolutely critical. Vision 2030 is not a single-stakeholder journey; it depends on alignment between policy, capital and innovation. Cityscape Global creates the space for that alignment. It brings together ministers, sovereign funds, developers and technology leaders to accelerate projects and remove barriers to implementation.

As Tahaluf looks to the future, what is your long-term vision for Cityscape Global’s role in positioning Saudi Arabia as a leader in global real estate and urban innovation?

As Saudi Arabia continues to deliver its gigaprojects and urban initiatives, Cityscape Global will remain a key platform connecting the Kingdom’s visionary developments with the world’s leading investors, architects and developers. Our goal is not only to showcase the transformation taking place across Saudi Arabia but to set the benchmark for future urban living globally. Cityscape Global will continue to be the stage where ideas become projects and projects become world-class cities.

Mike Champion

Tahaluf CEO

Michael Champion, Tahaluf CEO, shares how Saudi Arabia’s events generate $17.6bn impact, driving investment, tourism, and Vision 2030 growth

Tahaluf’s events are forecast to generate a total economic impact of $17.6bn by 2025, surpassing even the Qatar World Cup. How do you measure and sustain this level of economic contribution year after year?

The $17.6bn impact is a measure of Tahaluf’s e ect on multiple layers of the economy in Saudi Arabia. Away from the show floor, this impact obviously includes foreign investment through deals, tourism, hospitality and logistics. In just three and a half years, Tahaluf has grown from a team of three to a company of over 300 events professionals who are proudly responsible for creating some of the most ambitious and largest B2B events in the world.

Every major platform we run, from Cityscape, BlackHat, LEAP and CPHI Middle East, is designed to grow its sectoral community continuously through digital engagement, investor programs and global partnerships And for the first time, in 2026, we will be taking our home-grown event LEAP outside of Saudi Arabia and into the Asian market, with the launch of LEAP East in Hong Kong from July 8th – 10th. This continuity means the international economic impact of our events never stops, even when the exhibition doors close.

With 100,000 international visitors flying in for Tahaluf’s events annually, what are the most significant downstream benefits you’ve observed for Saudi Arabia’s tourism, hospitality, and SME sectors? The first and most visible impact is the surge in hotel occupancy,

F&B revenue, and transport demand during our flagship events — particularly in Riyadh. However, what’s really exciting are the long tail benefits, with thousands of local Saudi small and medium sized enterprises working directly with our platforms - from event suppliers and tech startups to local marketing agencies and creative talent. In addition, international delegates don’t just attend our events; they experience Saudi Arabia. They stay longer, explore more cities, and increasingly return for business. That repeat visitation and network-building directly supports tourism and accelerates Saudi Arabia’s hospitality landscape. And we’re proud of that.

Major government contracts worth $190bn have been unveiled live at Tahaluf events since 2022. How do you ensure these announcements translate into long-term economic value beyond the event itself? Announcements are just the beginning - our role is to make sure the momentum carries through. Tahaluf works closely with our government partners to curate the right global audiences of investors, developers and technology providers, so that the deals announced on stage have a clear pathway to delivery.

We’ve also built dedicated investor relations and business-matching programs that operate year-round, connecting entities who met at our events with follow-up opportunities. This continuity ensures that what happens live on stage evolves into tangible projects, contracts, and investments that drive sustained economic value for Saudi Arabia.

You’ve described Tahaluf’s platforms as places “where money, business, and opportunity intersect”. How deliberate is the strategy to make these events catalysts for foreign direct investment into Saudi Arabia?

It’s absolutely deliberate. Every event we design starts with one fundamental question: how can we create an environment that attracts and retains capital? Our events are structured around FDI attraction - through curated networking, investor lounges, and high-level forums that bring together policymakers, regulators, and the private sector from around the world. The power of Tahaluf’s events is that they provide global investors direct access to the people shaping Saudi Arabia’s transformation. When a foreign CEO can walk out of a session and immediately sit down with a minister or giga-project leader, that’s when real conversations and relationships happen that inevitably lead to long term investments.

Cityscape Global alone saw $5bn in property transactions in four days last year. How does that figure illustrate the growing maturity and global appeal of Saudi Arabia’s real estate sector?

Cityscape Global 2024 proved that Saudi Arabia’s real estate market has entered a new phase of confidence and sophistication. $5bn in transactions over four days at Cityscape Global isn’t just about volume - it’s about the diversity of investors, the quality of projects, and the transparency of the marketplace. Continuing into Cityscape Global 20205, you can expect to see international developers, local banks, and private investors all engaging with world-class masterplans, which align with Vision 2030’s urban ambitions. The deals we will see this year reflect Saudi Arabia’s burgeoning real estate scene - one that’s increasingly benchmarked against global standards and driven by both domestic demand and international interest. This attracts global investment and helps fuel the popularity and attractiveness of Cityscape Global as a real estate hub.

Beyond property, Tahaluf now runs events across multiple verticals — from technology to sports and entertainment. Which sectors are currently showing the strongest economic ripple e ects, and why?

Technology, without question, is the strongest multiplier. Events like LEAP and BlackHat have positioned Saudi Arabia as a global tech hub, attracting major players who are now establishing local o ces and partnerships. That creates a ripple e ect across education, venture capital, and employment.

Outside of technology, we are also seeing big moves happening across a variety of sectors. Cityscape Global for example is moving from strength to strength. And the Global Health Exhibition too has tripled over the last two editions in terms of size, which is a clear indicator that health is a massively robust sector as well.

You’ve called Tahaluf’s success story “a form of soft power.” How do you see your events shaping international perceptions of Saudi Arabia’s economic transformation under Vision 2030?

So$t power is all about positive influence. Tahaluf’s events ensure people see the positive side of Saudi Arabia when they attend them. Every deal signed, innovation launched and global partnership formed on our stages becomes part of a larger narrative

- that Saudi Arabia is not only open for business but leading in fields that matter to the world. That’s the essence of Tahaluf’s positive contribution and it’s a privilege to be part of this journey.

The revenue of Tahaluf is said to grow again by more than 35% this year to well over $200m. How healthy is the business and can you sustain this amazing growth rate much more in the future? Although I can’t give the precise forecast of what Tahaluf will finish on in terms of growth and revenue, because we are consolidated into a PLC and there are appropriate times of the year when this information is released, I’m happy to say Tahaluf will be finishing well above a 35 per cent year-on-year growth and we will also have a revenue which will be well above $200m. We’ve built a diversified and resilient portfolio across multiple sectors - from real estate to technology, health, fintech, cybersecurity and pharma - and this allows us to adapt quickly to market needs and deliver impact at scale. Our partnerships with government entities, international institutions and global b2b audiences – and our alignment with the ambitions of Vision 2030 – are all helping to fuel this growth. The appetite for world-class, knowledge-driven events in Saudi Arabia continues to grow, and Tahaluf is fully committed to leading this evolution.

Annie Je coat

Cityscape Global Exhibition Director

Annie Jeffcoat, Cityscape Global exhibition director, showcases how the event drives innovation, investment, and nextgeneration urban solutions across multiple stages and programmes

Annie, could you tell us more about how the Future of Living Summit, DnA Stage, Innovation Arena and ESTAAD at Cityscape Global this year?

This year, Cityscape Global will feature over 500 world-class exhibitors, over 450 speakers, four conferences, and two exclusive VIP programmes for institutional investors and international developers. The Future of Living Summit is where decisions shaping smarter cities will happen. The Summit will bring together ministers, mayors, billion-dollar developers, and leading investors.

It will also provide an overview of federal strategies, revealing insights into the world’s most ambitious developments, and explore the latest trends in AI, PropTech, and sustainable urban design.

The DnA Stage is the premier platform connecting awardwinning urban planners, top architecture firms, facility managers, and ESG experts with the region’s leading developers. Focused on practical insights, the programme will define the DNA of cities through human-centric planning, sustainable retrofits, and advanced construction solutions. A next generation of architects will also present designs inspired by the Saudi Architecture Characters Map in the Future Leaders Hackathon.

The Innovation Arena features global startups and scaleups showcasing their latest real estate tech solutions in the Cityscape Innovation Challenge. This stage will also provide up-to-date market information on homeownership and mortgages in Saudi Arabia and feature exclusive local developer project insights.

ESTAAD, under the patronage of the Ministry of Sport, is co-located with Cityscape Global and connects the entire sports and entertainment infrastructure ecosystem.

It will provide an opportunity to gain insights from sports federations, World Expo organisers, Olympic committees, celebrity athletes, top architects, and venue operators.

What is the Cityscape Global Investor Programme, and how does it help drive foreign direct investment and contribute to Saudi Arabia‘s real estate and infrastructure sector?

In collaboration with the Ministry of Municipalities and Housing and Ministry of Investment, the Cityscape Global Investor Programme is a year-long foreign direct investment initiative connecting institutional investors to Saudi Arabia’s expanding real estate and infrastructure sectors. Kicking o with satellite events throughout the year, the programme culminates in Riyadh at Cityscape Global.

From the largest private equity funds and investment banks, to asset managers and sovereign wealth funds, the programme covers a wide range of capital institutions from around the world. Representing over $5tn in real estate and infrastructure AUM in 2025, and looking to deploy foreign direct investment into the kingdom, this is more than a networking platform; the programme o ers continuous support – from first trips to Saudi Arabia and site visits to MOUs and partnerships – facilitating meaningful relationships and driving investment into this region.

The Cityscape Innovation Challenge ofers startups and scaleups a platform to pitch transformative ideas that can reshape urban living, with a $100,000 worth of proof-ofconcept projects sponsored by the challenge’s sponsor Retal, going to the two winning solutions.”

The Cityscape Global Innovation Challenge and the new AI Prompt-a-thon are exciting additions to the 2025 edition. How do these initiatives support innovation and the next generation of real estate leaders? Both initiatives embody our commitment to nurturing innovation and talent across the global real estate industry. The Cityscape Innovation Challenge offers startups and scaleups a platform to pitch transformative ideas that can reshape urban living, with a $100,000 worth of proof-of-concept projects sponsored by the challenge’s sponsor Retal, going to the two winning solutions. Last year’s winners PlanRadar, Valocity and Hydraloop, have since expanded across the GCC, proving how Cityscape Global can act as a true catalyst for growth.

The Cityscape AI Prompt-a-thon is a firstof-its-kind, hands-on competition where four teams of industry professionals battle it out across a series of prompt engineering challenges. The competition is focused on empowering the next generation of professionals to lead the AI-driven transformation of real estate and shape smarter, more sustainable cities.

VP of Government Engagement & Event Logistics at Tahaluf Abdulaziz Alghurayr

Abdulaziz Alghurayr, VP of Government Engagement & Event Logistics at Tahaluf, says Cityscape Global 2025 will be more than the world’s largest real estate exhibition — it will be a catalyst for Vision 2030

Cityscape Global 2025 is being described as the world’s largest real estate exhibition.

From your perspective, how will this year’s event positively impact Saudi Arabia’s real estate landscape?

Cityscape Global 2025 isn’t just the world’s largest real estate exhibition, it’s also a catalyst for shaping the future of Saudi Arabia’s urban and economic development. The event brings together global investors, visionary developers, government leaders, and innovators under one roof, all aligning around the ambitions of Vision 2030.

By showcasing groundbreaking projects and fostering public and private collaboration, Cityscape Global reinforces Saudi Arabia’s position as a global destination for real estate investment and sustainable city-building.

2025’s edition will play a pivotal role in accelerating the next phase of growth across our housing, tourism, and infrastructure sectors. The conversations and partnerships formed at Cityscape Global directly contribute to the evolution of smart, human-centered cities across the Kingdom.

Tahaluf is proud to facilitate an event that not only highlights the scale of Saudi Arabia’s transformation, but also connects global expertise with local opportunity — turning vision into tangible progress.

As a Saudi Arabian national, what specific changes have you seen to country’s the real estate industry over the past ten years?

Over the past decade, Saudi Arabia’s real estate industry has undergone a remarkable transformation driven by Vision 2030 and the nation’s economic diversification agenda.

The sector has evolved from traditional residential and commercial developments into a sophisticated, innovation-led initiative that is central to national growth.

We’ve witnessed the emergence of giga-projects, which are redefining the very concept of urban living. They are emphasising sustainability, smart city technologies, and integrated community design.

Equally important are the regulatory and institutional reforms that have increased transparency, streamlined property ownership processes, and encouraged foreign investment. The rise of the REITs market, digital property platforms, and green building standards are all signs of a maturing industry. Obviously, the new foreign home ownership laws that were announced earlier this year help open up the country to foreign direct investment too.

From Tahaluf’s perspective, this shi$t has also amplified global interest in Saudi Arabia’s real estate landscape, with international investors, developers, and innovators increasingly seeing the Kingdom as a hub for dialogue and deal making and that’s why Cityscape Global exists, as a platform for all these voices.

From an event logistics and government engagement perspective, what lasting economic impact does Cityscape Global 2025 have on Saudi Arabia?

Working closely with the Ministry of Municipalities and Housing, REGA, and Vision 2030 partners ensures that this CSG directly supports national objectives, creating sustainable cities, enhancing liveability, and driving economic diversification.

Cityscape Global 2025 exemplifies the spirit of Vision 2030 by fostering collaboration between the public and private sectors.

Logistically, hosting the event in Riyadh underscores Saudi Arabia’s capability to deliver world-class exhibitions at scale. The positive ripple e ect extends well beyond real estate. Cityscape Global 2025 will boost tourism, business travel, international engagement and really put Saudi Arabia on the map as a global business hub and will reinforce the country’s growing economic role on the world stage.

This is indeed a trend we see across all Tahaluf events and it’s one we’re proud of.

Supplied

WHY MADINAH IS FAST BECOMING SAUDI’S MOST PROMISING INVESTMENT DESTINATION

ACCORDING TO A REPORT ISSUED BY THE MADINAH CHAMBER OF COMMERCE AND INDUSTRY, A TOTAL OF 224 DEVELOPMENT PROJECTS ARE CURRENTLY UNDERWAY IN THE REGION

BY NIDA SOHAIL

he city of Madinah in Saudi Arabia is rapidly redefining itself as a prime business and investment hub, driven by a sweeping programme of development projects, infrastructure expansion, regulatory reforms and global investment outreach. With 224 initiatives currently underway, covering more than 30 million square metres and exceeding SAR200bn in value, the region is positioning itself for a new era of sustainable growth. Meanwhile, a nine-point competitive advantage framework and landmark capital-market reforms are opening the door to foreign investors as never before. Together, these moves reflect both the local ambition of Madinah and the broader objectives of Saudi Vision 2030 to diversify the economy, boost private-sector participation and raise the kingdom’s regional economic standing.

According to a report issued by the Madinah Chamber of Commerce and Industry, a total of 224 development projects are currently underway in the region. These comprise 15 government-led projects, 10 semi-government initiatives

and 199 private-sector ventures, covering more than 30 million m² of investment-land. The total value of these projects exceeds SAR200bn, underlining the scale and economic significance of the programme, a Saudi Press Agency report said.

The bulk of activity is in the commercial sector, which accounts for 162 ventures, roughly 80 per cent of the total project count. Other highlighted segments include 20 mixed-use residential & commercial developments, 11 health-sector projects, eight standalone residential projects, seven education projects, seven tourism and entertainment initiatives, five religious-purpose projects, four public-utility schemes and two corporate-projects.

Crucially, the rollout is expected to generate 125,722 new job-opportunities in the region, supporting national efforts to reduce unemployment and raise the participation of Saudi talent in economic development. These large-scale projects offer business-community entry points, act as engines of regional growth and enhance Madinah’s attractiveness as both an investment destination and a quality-of-life destination for residents and visitors alike.

NINE COMPETITIVE ADVANTAGES THAT MAKE MADINAH STAND OUT

Beyond the hard numbers, the Madinah Chamber’s research confirms that the region enjoys nine distinctive competitive advantages that stack the deck in favour of local and foreign investors.

These advantages include generous investment incentives and facilities spanning manufacturing, tourism and advanced technologies; multi-year tax exemptions; full foreign-ownership rights in

most sectors; and streamlined regional licensing procedures via a unified investment-system. The region also boasts abundant mineral reserves and large agricultural lands, date production alone exceeds 344,000 tonnes annually across premium varieties. Infrastructure strengths are equally noteworthy: the region hosts multiple international airports (including Prince Mohammad bin Abdulaziz International Airport in Madinah, AlUla International Airport, and Prince Abdul Mohsen bin Abdulaziz Airport in Yanbu), together serving over 11 million passengers annually. The logistics network is reinforced by key ports (Yanbu Commercial Port handles 20 million tonness of goods and 1.5 million containers; King Fahd Industrial Port manages 15 million tonnes and 400,000 containers) and the Haramain HighSpeed Train, which ferries more than 1.5 million passengers annually.

Another standout asset is the Madinah Industrial City, built on roughly 10 million m² and the home to 540 factories, around 4.6 per cent of the kingdom’s total industrial facilities, making it a cornerstone of Madinah’s industrial and investment ecosystem. Together, these factors signal that Madinah isn’t just another regional city, it is a strategically engineered investment zone aligned with national-diversification goals.

CAPITAL-MARKET REFORMS

In January, the Capital Market Authority (CMA) announced that foreign investors can now participate in Saudi-listed companies that own real-estate assets in the cities of Makkah and Madinah.

Under the new rules, non-Saudi natural and legal persons may hold up to 49 per cent of shares in a listed company owning real estate in Makkah or Madinah; direct shareholding by strategic foreign investors is excluded from this allowance. The reforms also allow listed Saudi companies to acquire ownership, easement, or usufruct rights over properties used for headquarters or branch offices in Makkah and Madinah, so long as those properties serve designated operational uses and comply with relevant laws. These regulatory adjustments sit alongside earlier measures that opened the Saudi market to resident foreign investors, swap-agreements,

qualified foreign-financial institution access, and direct debtinstrument investments, all aligning with the design of a more accessible, global-style financial marketplace.

These changes not only support the financing of infrastructure and real-estate development in Madinah and Makkah, but also mark a shift in how Saudi Arabia engages global capital, moving from largely domestic funding to an integrated international investor ecosystem.

STRATEGIC SYNERGIES: PROJECTS, INCENTIVES AND CAPITAL FLOWS

The three strands of activity, massive development-projects, competitive incentives, and capital-market liberalisation, are not occurring in isolation. Instead, they form a strategic synergy that is amplifying Madinah’s economic profile.

The large-scale projects being deployed across commercial, tourism, residential, education and health sectors provide concrete investment opportunities. These opportunities are then enhanced by the nine competitive advantages that reduce barriers and increase attractiveness for both domestic and global players. Finally, the CMA’s reforms ensure the capital to fund these projects can flow from across borders and into the Saudi market at scale. For domestic companies and entrepreneurs in Madinah, the current wave of projects opens a broad spectrum of participation, from construction and real estate to hospitality, manufacturing, logistics and technology. For foreign investors, the region has effectively lowered the ‘welcome mat’: full ownership rights in most sectors, tax exemptions, streamlined licensing and now access via Saudi markets’ listed companies.

From a national-economic standpoint, Madinah’s growth trajectory aligns with broader goals of job creation (125,722 new roles in the pipeline), urban transformation, sector diversification and increased private-sector participation.

CHALLENGES AND FORWARD CONSIDERATIONS

While the outlook is positive, the scale and complexity of 224 ongoing projects, the sheer infrastructure demands and the competitive intensity for investment mean that effective execution, governance and monitoring will be critical. Ensuring timely delivery, controlling cost-overruns, maintaining the quality of outcomes and aligning with local workforce development will all be major tasks for authorities and private-sector players alike. Additionally, while foreign-investment rules have been relaxed, foreign capital flows must still integrate with local labour markets, regulatory frameworks and cultural dynamics to deliver sustainable outcomes. The real-estate reforms apply only in listed companies owning real estate, which means many opportunities still lie within domestic investment channels or require new structures to capture foreign interest.

Madinah region is staging a bold re-launch of its economic identity, powered by a vast pipeline of development projects, a compelling incentives framework and capital-market reform designed to open doors to global investors. By interlocking large-scale execution, structural investment advantages and market accessibility, the region is positioning itself as an advanced economic hub in Saudi Arabia, and a bellwether for how the kingdom intends to compete for global capital and talent in the decade ahead.

SAUDI HOTELS SHIFT FROM SURGE TO STRATEGY

DESPITE A MINOR ADJUSTMENT IN NATIONWIDE PERFORMANCE METRICS, SAUDI’S HOSPITALITY MARKET IS UNDERGOING A STRATEGIC RECALIBRATION, ACCORDING TO JLL’S RECENT REPORT

BY NEESHA SALIAN

The hospitality sector across Saudi Arabia is navigating a period of significant strategic transformation. Following what was described as an unprecedented year for tourism growth in 2024, the market in H1 2025 is exhibiting varied results, driven by ambitious government initiatives to accelerate leisure tourism and a strategic expansion of high-quality hotel supply. According to JLL’s Q2 2025 Hotels Market Dynamics report, the market dynamics are highly regionalised. While the holy cities of Makkah and Madinah showed resilience, primarily sustained by robust religious tourism, the metropolitan hubs of Riyadh and Jeddah experienced a more complex set of performance indicators. This divergence underscores a market that is not slowing, but rather rebalancing and maturing as it scales to accommodate the kingdom’s visionary economic diversification agenda.

FLAT REVPAR AND SUPPLY PRESSURE

JLL’s Q2 2025 data, analysing performance up to the end of June 2025, reveals a mixed national performance despite sustained strong tourism growth overall. While the market saw a slight uplift in pricing, the overall profitability metric remained largely flat, suggesting that the expansion of new inventory is beginning to exert competitive pressure across the sector.

Nationwide occupancy experienced a modest decline of 1.7 percentage points year-on-year (YoY) in YTD June 2025, settling at 62.3 per cent. Concurrently, the average daily rate (ADR) demonstrated marginal growth, increasing by 1.9 per cent to SAR 821.8 in the same period. The result of these offsetting trends was an effectively flat revenue per available room (RevPAR) growth of just 0.2 per cent, stabilising at SAR512.3.

These figures highlight a key transitional phase. The supply injection is increasing choice and competition for visitors, which, while beneficial for consumers, inevitably tempers overall market-wide performance metrics in the short term.

“The evolving market dynamics in Saudi Arabia’s key cities point to significant transformations, driven by ambitious government initiatives and a strategic focus on diversifying the kingdom’s tourism offerings, in line with the Vision 2030 goals.”

REGIONAL VARIATIONS UNDER THE SPOTLIGHT

Performance variations across the kingdom’s four key cities tell the story of a segmented market, each driven by unique factors:

RIYADH

The capital experienced the most significant performance challenges during the first half of 2025. Both occupancy and ADR declined year-on-year, with occupancy dropping by 5 percentage points and ADR falling by 6.9 per cent. This dip suggests a heightened sensitivity to the accelerating rate of new supply additions, a typical challenge for a rapidly expanding primary business hub.

JEDDAH

The Red Sea city presented a more nuanced picture. It

managed to achieve an increase in occupancy of 1.9 percentage points. However, this gain came at a cost to pricing power, as the city also registered a substantial 7.1 per cent decrease in ADR. This indicates that operators in Jeddah are successfully driving volume and filling rooms, but through more competitive pricing strategies.

MAKKAH AND MADINAH

The Holy Cities demonstrated commendable resilience. Makkah achieved a strong ADR growth of 7.1 per cent, translating into a 3.1 per cent increase in RevPAR, despite a decline in occupancy of 3.7 percentage-points. Meanwhile, Madinah’s YTD performance to June 2025 showed healthy RevPAR growth of 2.7 per cent. Their

JEDDAH SAW THE COMPLETION OF 750 KEYS, BRINGING ITS TOTAL INVENTORY TO 18,760 KEYS

RIYADH’S TOTAL HOSPITALITY STOCK INCREASED TO 49,100 KEYS  WITH THE ADDITION OF APPROXIMATELY 690 KEYS IN H1 2025

stability confirms the foundational, non-cyclical demand provided by religious tourism.

Taimur Khan, head of research, JLL Middle East and Africa, reinforced the strategic importance of these shifts, stating: “The evolving market dynamics in Saudi Arabia’s key cities point to significant transformations, driven by ambitious government initiatives and a strategic focus on diversifying the kingdom’s tourism offerings, in line with the Vision 2030 goals. Despite short-term performance adjustments, the long-term outlook remains positive as expanding tourism offerings create new development opportunities and attract domestic and international

MAKKAH AND MADINAH MAINTAINED STABLE INVENTORY AT 154,590  AND 60,170 KEYS, RESPECTIVELY, IN H1 2025

investors seeking to capitalse on the kingdom’s strong tourism growth.”

THE FUTURE IS IN THE PIPELINE

Supporting this long-term optimism is a robust development pipeline, specifically in the metropolitan areas, where new inventory is strategically positioned to serve emerging demand segments:

Riyadh’s total hospitality stock increased to 49,100 keys with the addition of approximately 690 keys in H1 2025. This rapid growth will continue, with an additional 1,080 keys expected to enter the market in H2. Crucially, new hotel developments in Riyadh are increasingly

THE PERFORMANCE LANDSCAPE OF SAUDI ARABIA’S HOSPITALITY SECTOR IN H1 2025 IS A PREDICTABLE OUTCOME OF MASSIVE STRATEGIC INVESTMENT AND SUPPLY GROWTH.

positioned away from traditional city centers, reflecting urban master-planning and the expansion of the city’s commercial and leisure footprint. International operators such as Marriott, Hilton, Accor, and IHG are leading the drive to deliver this high-quality supply, reinforcing Riyadh’s dual role as the Kingdom’s primary business and a growing leisure destination.

Jeddah saw the completion of 750 keys, bringing its total inventory to 18,760 keys. With another 1,300 keys anticipated by year-end, the city is strategically positioning itself for sustained growth, particularly to meet the demand generated by high-profile cultural and sporting events, including Jeddah Season, Formula 1, and Saudi Pro League matches.

The holy cities are also preparing for future pilgrimage volumes. While Makkah and Madinah maintained stable inventory at 154,590 and 60,170 keys, respectively, in H1 2025, significant pipeline activity is set for H2 2025, with 5,590 new keys in Makkah and 710 keys in Madinah slated for delivery.

In conclusion, the performance landscape of Saudi Arabia’s hospitality sector in H1 2025 is a predictable outcome of massive strategic investment and supply growth. While the national metrics temporarily flatten due to increased supply, the clear intent to diversify leisure offerings, the long-term positive outlook from industry experts, and the undeniable pipeline of high-quality inventory all signal that the market is progressing exactly as planned, creating the foundational infrastructure to achieve its ambitious Vision 2030 tourism goals.

WHERE DUBAI’S SAVVY PROPERTY INVESTORS ARE PUTTING THEIR MONEY NOW

BY MICHAEL LEIGHTON

EXPERIENCED INVESTORS ARE MOVING PAST SHORT-TERM SPECULATION, FOCUSING INSTEAD ON PURPOSE-DRIVEN ASSETS AT IN RESILIENT MARKETS

The real estate market in Dubai has been defined by growth and resilience in 2025. During the first half of the year, property sales reached a staggering Dhs70.8bn, with apartments accounting for almost 78 per cent of all transactions. In a global context, the UK remains a stable destination for GCC investors, with several locations offering resilient rental markets and a sustained commitment to urban revitalisation.

Seasoned investors from across the Gulf are diversifying their portfolios by taking advantage of both the resilient domestic market and easy-to-access international options. Successfully seizing these opportunities takes more than capital, it requires strategic insight, disciplined

decision-making, and a knowledge of emerging trends.

BEYOND THE HYPE –INVESTING WITH PURPOSE

Successful real estate investors do more than just buy property, they invest in strategies. Time and experience teach them which opportunities to seize and which to turn down, and this insight embodies the difference between short-term speculation and sustainable success. Sorting the pitfall from the payoff is becoming imperative as more investors across the Gulf look to diversify their investments.

Property investment is seldom about chasing headlines or the latest trends. Adept investors avoid the noise and focus on market fundamentals: location, income consistency, asset resilience, and market transparency. These principles reinforce their decision to invest locally or consider mature, global markets such as the UK.

TARGETING STABLE DEMAND IN THE UK

It is not unusual for inexperienced investors to look for hot commodities that promise quick profits. In contrast, seasoned investors seek to secure assets in locations that offer employment opportunities, a good education system and expanding infrastructure. In the UK, for example, locations such as Leeds, Birmingham, and Manchester may not be viewed in the same light as London, but they offer stable returns supported by resilient rental markets and persistent regeneration.

Dubai investors, for the most part, understand this strategy from the example provided by their home country. Thanks to established demand drivers, including transport infrastructure, business hubs, and lifestyle amenities, speculative developments continue to be outperformed by Downtown,

THE REAL ESTATE MARKET IN DUBAI HAS BEEN DEFINED BY GROWTH AND RESILIENCE IN 2025. DURING THE FIRST HALF OF THE YEAR, PROPERTY SALES REACHED A STAGGERING DHS70.8 BN, WITH APARTMENTS ACCOUNTING FOR ALMOST 78 PER CENT OF ALL TRANSACTIONS.

Dubai Hills, and Business Bay.

The UK follows a comparable pattern: it’s more about the fundamentals that contribute toward an area’s resiliency through economic cycles and less about extravagant developments. Furthermore, discerning investors are aware of demographic trends, patterns and needs. International students, young professionals, and expanding families help establish long-term occupancy opportunities. Properties that consistently satisfy long-term needs outperform those driven by short-term hype.

THE REAL VALUE OF SUSTAINABLE ASSETS

By nature, people are drawn to shiny brochures and high-end

finishes. Seasoned investors, however, know that yield trumps glamour and that the true value of a property is tied to occupancy, not opulence. The value of a diversified portfolio cannot be overstated, with build-to-rent, mid-market developments, and student housing all generating consistent demand, even during economic downturns.

This insight is crucial for crossborder buyers, including those setting their sights on the UK. It’s commonplace for GCC-based investors to enjoy easy access to high-end assets in Dubai and abroad. The lesson remains the same, regardless of the location: tenant-first real estate generates a reliable income, luxury is a bonus. It is practical layouts, strategic locations, manageable fees and sustainability that attract occupancy.

Sustainability is no longer just a buzzword. According to a 2024 Knight Frank report, buildings with recognised green certification can command a 6–11 per cent premium on sales value in major cities. Early indicators in Dubai show similar trends, particularly in high-demand areas with low vacancy and strong investor interest. Energy-efficient properties with adaptable layouts, access to green transport, and compliance with emerging regulations are expected to outperform older assets in the near future. These factors are increasingly driving GCC investors towards UK property, where ESGcompliant developments are gaining traction.

Property investment is seldom about chasing headlines or the latest trends. Adept investors avoid the noise and focus on market fundamentals: location, income consistency, asset resilience, and market transparency.

The writer is the CEO of API Global.

THE POWER OF STRATEGIC PARTNERSHIPS

Going solo in an international market can carry risk. Wise investors cultivate reliable partnerships with trusted developers, advisors and local experts who have a clear understanding of planning laws, tenant dynamics, and financing. These partnerships help ensure smart acquisitions and smooth operations, turning risks into opportunities.

Local knowledge can mean the difference between a good investment and a great one for investors entering the UK market. These informed partnerships enable effective decision-making and optimised operational efficiency, providing investors with the confidence to act decisively without the risk of overexposure.

LONG-TERM GROWTH OVER QUICK RETURNS

Quick profits are attractive, but they rarely create a lasting legacy. Experienced investors choose to back assets that perform consistently, choosing real estate that increases in value even when markets fluctuate.

This could mean investing in regions where rental demand is sustained by universities or transport hubs or choosing developments with phased release structures that reduce shortterm exposure. This is as relevant in the UK as it is in Dubai. Once again, districts with steady occupancy outperform flashier, rapidly launched projects.

It’s an approach that demands time and patience. The extended horizon allows investors with international portfolios to capitalise on Dubai’s dynamism while leveraging the inherent predictability of the UK. This results in a strategy that is resilient against market shifts.

Portfolio expansion is driven by discipline, not temptation, and seasoned investors have little interest in fleeting trends.

Instead, they seek the long-term stability provided by connected regional cities, high-demand rental assets and rigorous data analysis.

DIVERSIFICATION AND THE LONG-TERM VIEW

The main takeaway is that successful investors rarely place all their proverbial eggs in one basket. A GCC-based investor might diversify their portfolio by acquiring a range of UK assets that offer stability, regulatory clarity, and long-term growth alongside income-generating apartments in Dubai. These two distinct markets naturally offset each other, providing an essential balance. The goal isn’t to frantically seek gains everywhere, but to stabilise the outcome, remembering that a downturn in one market is simply an opportunity for the other to rise.

The seasoned investor knows that true expertise lies in being prepared, not reactive. Markets don’t generally provide crystalclear signals. Consequently, investors must contend with fluctuating currencies, shifting interest rates, and emerging regulations.

Readiness is a safeguard against the impact of these

fluctuations, while access to sufficient capital, clear acquisition criteria and reputable advisors makes it easier for investors to move decisively when opportunities arise.

The investment community in Dubai understands that readiness opens doors that remain closed if you are ill-prepared. The principle also applies to UK markets where prime stock is limited. Investors need to have a good understanding of market cycles, tenant demand, and legal frameworks. Once they do, their investments reflect a strategy based on security and longevity.

THE QUIET ADVANTAGE OF EXPERIENCE

Ultimately, the defining trait of a seasoned investor is discipline. Their success is never about luck, it is the direct result of meticulous planning, clarity and consistency. For GCC investors targeting the UK, these skills are vital. Knowing precisely which assets to bypass and which to acquire ensures that investment decisions stand the test of time and provide long-term returns. The best decisions are those that retain their value long after the market noise has subsided.

REAL ESTATE’S

FRACTIONAL FUTURE

AS DUBAI CEMENTS ITS POSITION AS A GLOBAL INNOVATOR IN TOKENISED REAL ESTATE, THE ROAD AHEAD LIES IN SCALING ADOPTION THROUGH EDUCATION, REGULATION, AND TRUST. KEY REAL ESTATE LEADERS SHARE THEIR PERSPECTIVES ON HOW TOKENISATION IS REDEFINING THE NORM

BY NEESHA SALIAN

YOGESH BULCHANDANI

CEO, Sunrise Capital

Tokenisation has the potential to democratise real estate by enabling fractional ownership, making high-value assets accessible to a broader base of investors. With the global tokenised real estate market valued at $3.5bn in 2024 and forecasted to reach $19.4bn by 2033, the shift is already well underway. The UAE is taking clear strides in this direction, with active pilots from the Dubai Land Department, the Virtual Assets Regulatory Authority, and the Central Bank.We need clearer legal frameworks around smart contracts, greater system interoperability, and robust investor education. Hospitality assets and branded residences are proving the most popular for tokenised and fractional ownership, largely thanks to their dependable

VEER DOSHI

MD and CEO,

Vincitore

Real Estate Development

Oincome potential and strong brand equity. We are also seeing increased interest in luxury residential units, driven by their asset appreciation and global demand. For developers, tokenisation unlocks new capital channels, accelerates presales, and improves liquidity. For investors, the appeal lies in lower entry points, diversification, and the ability to trade shares — benefits that traditional real estate often lacks. In Dubai alone, tokenised real estate transactions reached $399m in H1 2025. We’re piloting smart contracts for escrow handling, rental flows, and milestonebased payments. The primary challenge remains legal enforceability under UAE civil law, which currently views smart contracts as auxiliary agreements. Developers and proptech firms are collaborating to build tokenised platforms, with JVs forming and platforms like Prypco Mint, powered by the XRP Ledger, being integrated into government registries. The biggest misconception is that tokenisation is equivalent to high-risk cryptocurrency trading, when in fact it offers a secure, compliant means of digitising real-world assets. The Gulf, mainly the UAE and Bahrain, is leading this evolution and Dubai’s tokenised real estate market alone could reach $16bn by 2033.

ZEESHAAN SHAH

Chairman, One Group and founder of ELEVATE

We’ve seen tokenised real estate gain serious traction across the UK and Europe, driven by a broader wave of innovation powered by AI, blockchain, and advanced proptech platforms. The UAE, with its investor-friendly climate, tech-forward mindset, and appetite for disruption, is a ripe market to take this on. But for tokenisation to move from hype to tangible impact, what’s crucial is the creation of a robust, integrated ecosystem — legal, digital, and financial. Dubai, in particular, has the infrastructure and ambition to not just adopt these technologies, but to lead the region — and possibly the world — in setting the benchmark.

ver the next decade, tokenisation will unlock unprecedented access, liquidity, and global reach just as Dubai has pioneered through the DLD–VARA pilot and REES sandbox in 2025. It will energise secondary markets, streamline off-plan financing, and elevate fractional investing from novelty to mainstream—helping Dubai secure a projected $16bn tokenised market by 2033. As a forward-looking developer, we’re evaluating how

these innovations can integrate with our vision. The UAE is uniquely positioned to lead the global shift to tokenised real estate, especially in the luxury segment, where innovation and trust are critical. But for tokenisation to become mainstream, three pillars must align: regulatory clarity, investor readiness, and seamless tech-legal integration. When smart contracts operate within a trusted framework, tokenised ownership won’t just be possible — it will be inevitable. For developers, tokenisation provides access to global capital while preserving brand equity. For investors, it offers flexible entry, transparency, and

liquidity, redefining real estate as an agile, intelligent asset class aligned with Dubai’s future. Developer–proptech collaboration is shifting from experimentation to execution. Together, they’re building asset-backed ecosystems merging compliance, liquidity, and user experience. A common misconception is that tokenisation guarantees fast capital and instant liquidity. But the reality is that it demands greater transparency, legal structure, and discipline. Dubai isn’t waiting for global frameworks, it’s setting them. With initiatives like VARA’s Rulebook 2.0 and DLD’s regulatory sandbox, the Gulf is fast becoming the global benchmark for tokenised real estate.

KALPESH KINARIWALA

Founder, Pantheon Development

Tokenisation is a seismic shift in the luxury real estate landscape. Over the next five to ten years, this technology will lower investment barriers and enable fractional ownership of high-value assets. By leveraging blockchain’s security and transparency, tokenisation will democratise access to premium properties, attract new classes of investors, and create a more liquid, globally connected market.

We are confident that tokenisation will become mainstream in the UAE, thanks to the region’s forward-thinking regulatory initiatives and robust appetite for technological innovation. Our advanced R&D investments affirm our commitment to supporting and shaping this evolution into a secure, scalable investment ecosystem.

Today, Dubai has become a hotbed for fractional ownership of high-end properties. The Dubai Land Department, in

SHABANA FAROOQ

Managing partner and COO, URBAN Properties

Innovation has always been at the heart of the real estate industry, from how we list and market properties to how we close deals and build client relationships. Tokenisation is the next evolution in that journey. We’re constantly seeking smarter, faster, and more transparent ways to connect buyers with the right opportunities — and this technology allows us to do just that. It opens the door to a wider investor pool, fractional ownership models, and quicker transactions. Ultimately, it’s about making real estate more accessible and engaging for today’s digital-first customer. It won’t replace the human element, but it will definitely enhance how we sell, communicate, and deliver value.

partnership with the Virtual Assets Regulatory Authority and Dubai Future Foundation, launched a regulated tokenisation pilot this year — opening access to premium properties in areas like Palm Jumeirah, Downtown, and Emirates Hills. According to a 2025 report by Dubai’s Department of Economy and Tourism, tokenised residential assets are forecast to represent Dhs60bn in transactions by 2033, accounting for approximately 7 per cent of the emirate’s real estate market. This growth is being driven by both local and foreign retail investors entering with as little as Dhs500, gaining exposure to assets previously reserved for the ultra-wealthy.

Commercial and mixed-use properties are also steadily gaining traction in the tokenisation ecosystem. Office buildings, retail strips, and multi-purpose developments are being fractionalised primarily for their predictable rental yields and long-term tenant contracts. Developers are leveraging tokenisation not only as a sales tool, but also as a financing mechanism — avoiding traditional debt structures.

RAKESH MIRCHANDANI

Co-founder of RRS International Development and partner at RRS Capital Management Properties

With Dubai leading as the first emirate to regulate real estate tokenisation, we’re entering a new era of property investment. It offers a more accessible, hassle-free way to own and manage real estate — perfect for Gen Z, Gen Alpha and all those who prefer digital, blockchain-enabled solutions. Investors can start from just Dhs2,000 (approx. $545) and still proudly hold real estate while diversifying across other asset classes. While the concept is still new and comes with a learning curve, the benefits for both sides— greater transparency, global liquidity, and ease of ownership — make it an exciting and strong option, even for cautious investors and those who are traditionally risk averse. As this ecosystem grows we will educate ourselves to invest better.

REASONS INVESTORS ARE TURNING TO PROPTECH

THE SECTOR’S BLEND OF STEADY ASSET-BACKED SECURITY AND FAST-EVOLVING TECHNOLOGY MAKES IT ONE OF THE MOST ATTRACTIVE PLAYS IN TODAY’S INNOVATION ECONOMY

Accessibility like never before

Proptech isn’t just for high-networth individuals anymore. It’s empowering everyday investors to participate in real estate growth, creating a fairer, accessible, and more inclusive investment landscape. Investors can now own fractional shares of high-value properties through platforms without needing millions in capital - a gamechanger for accessibility and diversification.

Smarter, data-led decisions

Investors today want transparency and control. Technology now gives investors access to realtime insights, market analytics, and performance dashboards at the touch of a button, allowing them to make more informed, data-backed decisions.

Alignment with the future of fnance

From blockchain-based ownership to AI-driven valuations, proptech sits at the intersection of real estate and fintech. That’s exactly where the future of investing is heading.

Portfolio diversifcation made simple

Investors can now spread risk across multiple assets, geographies, and property types on their phones, all from the comfort of their own home. That level of diversification used to take years to achieve.

Sustainable innovation

Proptech is driving sustainability across the real estate value chain. From smarter building management to energy-efficient assets, investors are increasingly drawn to its role in shaping greener, more responsible portfolios.

Effciency and transparency

Technology is eliminating frictions that once slowed down the property market. From digital onboarding to automated payouts, investors can now experience a faster, more transparent investment journey.

The writer is the CEO at SmartCrowd

BUYING OR RENTING IN DUBAI?

THE 2025 MARKET GUIDE YOU CAN’T IGNORE

ACCORDING TO A RECENT CAVENDISH MAXWELL REPORT, DUBAI RECORDED OVER 42,000 RESIDENTIAL SALES TRANSACTIONS IN Q1 2025

BY NIDA SOHAIL

Dubai’s real estate sector continues its dynamic growth trajectory in 2025, even amid a seasonal slowdown in the first quarter. Bolstered by strong macroeconomic fundamentals, an expanding population, and high investor confidence, the city is cementing its position as one of the most competitive and resilient property markets globally.

According to a recent Cavendish Maxwell report, Dubai recorded over 42,000 residential sales transactions in Q1 2025, reflecting a 10.0 per cent quarterly decline due to fewer project launches and seasonal factors. However, the year-on-year performance remains strong, with transaction volumes rising by 23.1 per cent and total sales value hitting Dhs114.4bn, up 29.6 per cent. Apartments led transaction activity, though demand for villas and townhouses also grew, signaling residents’ increasing preference for larger, family-oriented living spaces.

The UAE’s overall economy is forecasted to grow by 4.7 per cent in 2025, while Dubai is expected to register a 3.3 per cent increase in GDP. This consistent economic expansion, fueled by population growth and investor interest, is further reinforcing Dubai’s role as a global hub for investment and lifestyle migration.

SUPPLY GROWTH BALANCED BY DEMAND

Approximately 9,300 units were completed in Q1 2025, with Jumeirah Village Circle accounting for the highest number of handovers. An additional 73,000 units are expected by year-end, contributing to a projected 300,000 new units by 2028. While prices and rents moderated slightly compared to 2024’s aggressive pace, growth remained positive. Property prices rose

2.8 per cent quarter-on-quarter and 15.8 per cent year-on-year, while rental prices increased by 1.0 per cent QoQ and 14.4 per cent YoY. Renewals now represent 70 per cent of rental contracts, largely due to the introduction of the Smart Rental Index, which standardises pricing and curbs speculative increases.

Gross rental yields remained attractive, standing at 7.3 per cent for apartments and 5.0 per cent for villas, underscoring Dubai’s appeal for buy-to-let investors amid global interest rate uncertainty.

INVESTOR-FRIENDLY POLICIES CONTINUE TO ATTRACT CAPITAL

Dubai’s real estate market continues to benefit from investor confidence underpinned by favorable government policies. Long-term residency

programmes, no income or capital gains tax, and a transparent legal framework have made the Emirate one of the most accessible and attractive investment destinations in the world.

“Few cities combine luxury, safety, connectivity, and investorfriendly policies the way Dubai does,” says Patrick Rouse, chief development officer at Deyaar Development. “In 2025, we expect smart infrastructure, sustainability initiatives, and digital government services to elevate Dubai’s standing even further. For developers like Deyaar, this allows us to create next-generation communities— from tech-integrated homes to wellness-focused living in strategic growth corridors.”

Off-plan projects are experiencing high demand, thanks to flexible payment plans and the opportunity to invest early in communities designed for future value appreciation. According to Rouse, Deyaar’s recent off-plan launches have attracted robust interest from both end-users and international buyers looking to secure high-quality homes in an appreciating market.

LUXURY SEGMENT DRIVING LONG-TERM MOMENTUM

As the market matures, the focus is shifting from transaction volume to long-term value— especially in the ultra-luxury segment. High-net-worth individuals are increasingly choosing Dubai not only for secondary homes but as a base for family life and long-term residency.

“The market is evolving from volume to value,” says Mahdi Amjad, founder and executive chairman of OMNIYAT Group.

“We’re seeing sustained demand from global citizens who value lifestyle, architecture, and a sense of belonging. At OMNIYAT, we’re blending architecture, art, and hospitality into spaces that define a new paradigm of urban luxury.” OMNIYAT’s latest

projects, such as Lumena, an ultra-luxury commercial tower, and VELA Viento, a premier waterfront residential tower in Marasi Bay, have garnered global attention for their designfirst approach and limited availability.

“What we’re witnessing is a market recalibration, not a peak,” Amjad adds. “Our buyers are not speculators—they are people investing in generational homes and lifestyle assets. Dubai’s safe, clean, and connected environment supports this long-term vision.”

RISING RELOCATION AND END-USER DEMAND

One of the most notable trends in 2025 is the sharp increase in relocation demand. More residents — especially expats — are choosing to buy and settle in Dubai, supported by lifestyle advantages, remote work flexibility, international schooling, and a growing digital economy.

“There’s a definitive shift toward relocation,” Amjad says. “Dubai is no longer just a place to invest; it’s a place to live, raise a family, and build a future. This is influencing the way developers build—we’re focused on creating holistic homes, not just real estate assets.”

Mohamad Kaswani, general manager of International Markets & Partnerships at Property Finder, echoes this trend. “Rents are at all-time highs, and that’s prompting many long-term

“Dubai is no longer just a place to invest; it’s a place to live, raise a family, and build a future. This is infuencing the way developers build we’re focused on creating holistic homes, not just real estate assets.”

renters to explore ownership. In fact, our ‘rent’ versus ‘buy’ calculator consistently shows that buying becomes more financially viable when holding property for three to five years or more.”

TECHNOLOGY AND PROPTECH REVOLUTIONISE THE SECTOR

Dubai is at the forefront of adopting technology in real estate. From AI-powered analytics to blockchain-based smart contracts and immersive virtual tours, the city’s real estate experience is rapidly becoming digital-first.

“The UAE is emerging as a global innovation powerhouse,” says Kaswani. “The government’s commitment to AI and PropTech is visible, whether it’s the DLD launching a PropTech fund or the continuous stream of new startups entering the market.”

STABLE PRIME RENTS AND HIGH OCCUPANCY

While the pace of rent increases

APPROXIMATELY 9,300 UNITS WERE COMPLETED IN Q1 2025, WITH JUMEIRAH VILLAGE CIRCLE ACCOUNTING FOR THE HIGHEST NUMBER OF HANDOVERS

is moderating, occupancy remains extremely high, particularly in prime areas such as Downtown Dubai, Palm Jumeirah, and Dubai Marina.

“Rent prices remain stable in prime communities, with occupancy rates over 90 per cent,” Kaswani says. “This reflects a strong underlying demand base and a balanced market.”

The stabilisation is seen as a sign of market maturity rather than cooling, with most experts forecasting continued resilience through the remainder of 2025.

WHY GCC INVESTORS ARE TURNING TO OMAN FOR PROPERTY OPPORTUNITIES

INVESTORS FIND OMAN ATTRACTIVE DUE TO ITS SAFE AND POLITICALLY STABLE ENVIRONMENT, TRANSPARENT MARKET CONDITIONS, AND COMPETITIVE RETURNS, WITH RENTAL YIELDS RANGING BETWEEN 5 TO 8 PER CENT

BY SVETLANA

Oman’s real estate market is quietly transforming into one of the Gulf region’s most promising investment opportunities. Driven by its ambitious Vision 2040 diversification strategy, Oman has positioned real estate and tourism as key pillars for economic growth, creating strong incentives for GCC investors looking for stability, affordability, and sustained returns.

CURRENT MARKET DYNAMICS: STABILITY AND GROWTH

The sultanate’s real estate sector contributed OMR 1.08bn to its GDP by the end of 2024, reflecting steady growth underpinned by government initiatives and investor confidence. With the population projected to grow from 5.3 million today to 7.7 million by 2040, demand for residential housing is set to remain robust, particularly in urban hubs like Muscat and Salalah.

The residential real estate market alone is expected to reach $226.25bn by 2025, with a projected CAGR of 5.04 per cent between 2025 and 2029.

WHO’S INVESTING AND WHY?

Investor interest from the UAE, Saudi Arabia, Europe, the US, India, and Pakistan is growing notably, drawn by Oman’s lower property values, approximately three to five times lower than Dubai’s, and comparable quality of infrastructure.

Investors find Oman attractive due to its safe and politically stable environment, transparent market conditions, and competitive returns, with rental yields ranging between 5 to 8 per cent.

POLITOVA

integrated tourism complexes (ITCs) have become particularly appealing to foreign buyers, offering rare gateways for freehold ownership in designated zones, coupled with lifestyle amenities and potential residency visas for buyers and their families.

AREAS OF HIGH INVESTOR INTEREST

Muscat and Salalah currently lead the market, offering distinct advantages. Muscat provides an established urban infrastructure and critical economic importance, hosting key government institutions and major financial flows. Salalah, conversely, offers a unique natural appeal with its summer monsoon season that transforms the region into a green oasis, unparalleled within the GCC. Both cities host formally designated ITC zones, enabling foreign investors unrestricted freehold property ownership.

Beyond these cities, upcoming developments in Musandam, Duqm, and various industrial hubs indicate broader regional expansion, suggesting significant future investment opportunities.

UPCOMING DEVELOPMENTS

Several significant projects are underway, transforming Oman’s coastal, mountainous and urban landscapes. AIDA by DarGlobal is situated on a picturesque plateau 130 meters above sea level, offering villas, townhouses, apartments, branded hospitality, retail spaces, and the Trump Golf Club, all set within luxurious surroundings.

The Sustainable City Yiti by SDIC is pioneering sustainable development with advanced green technologies, significantly reducing maintenance costs and operational expenses, and featuring residential, educational, commercial, and recreational amenities. A new ultra-luxury beachfront project is set to launch

soon on Yiti Beach, one of Muscat’s most desirable shorelines. Highly anticipated by both European and GCC investors, the project will feature apartments, villas, and townhouses nestled in lush landscaped gardens, as well as cafés, restaurants, and a beachfront club. Additionally, Muscat’s Luxury ITC Project in Muttrah is set to offer ultra-luxury waterfront residential units and retail spaces, strategically positioned in Muscat’s historic centre.

Branded residences from prestigious international names such as St. Regis, Mandarin Oriental, and La Vie by Tivoli are also emerging, attracting high-end buyers seeking prestige alongside potential capital gains.

STRATEGIC INITIATIVES SUPPORTING GROWTH

The Omani government continues to facilitate market expansion by allocating additional land for ITC

zones and supporting significant hotel and hospitality growth—35 new hotels are planned within five years, increasing hotel room supply by 25 per cent. This growth is focused on coastal and cultural hubs aligned with Vision 2040’s tourism strategy.

To sustain market momentum, developers are advised to align their projects closely with investor expectations, emphasizing quality, sustainability, and unique lifestyle propositions. These strategic moves ensure both market attractiveness and long-term investment appeal.

THE OUTLOOK

Analysis indicates robust and continued growth in Oman’s property values, with notable off-plan projects demonstrating annual price increases between 15 to 18 per cent. However, the country faces a substantial housing deficit, estimated at 340,000 units by 2040, signifying significant opportunities for early movers who identify and invest in highdemand sectors and locations.

Oman’s real estate market stands at a pivotal moment, offering GCC investors a compelling mix of affordability, stability, lifestyle benefits, and sustained returns. Complemented by its diverse and breathtaking landscapes, from pristine beaches to lush mountains and verdant oases, Oman represents an increasingly attractive investment destination poised for significant regional impact.

Salalah, conversely, offers a unique natural appeal with its summer monsoon season that transforms the region into a green oasis, unparalleled within the GCC. Both cities host formally designated ITC zones, enabling foreign investors unrestricted freehold property ownership.

The writer is the COO of White will Real Estate in Oman and Abu Dhabi.

INSIDE UAE’S WELLNESS, SPORTS COMMUNITIES: WHAT IS IT LIKE TO LIVE THERE?

THE UAE IS ELEVATING THE CONCEPT OF “LIVING WELL” WITH DEVELOPMENTS LIKE THE HEIGHTS COUNTRY CLUB & WELLNESS BY EMAAR

BY NIDA SOHAIL

In recent years, the UAE has rapidly emerged as a global hub in wellness-oriented luxury real estate. Blending high-end living with holistic wellbeing, the UAE, particularly Dubai and Abu Dhabi, is transforming its residential landscape by embedding health and fitness into the very core of its property developments.

Across the country, master-planned communities are embracing a future where luxury meets longevity, and residents thrive in environments designed for physical vitality, mental wellness, and sustainable living.

From sports-themed skyscrapers to nature-integrated island homes, the UAE is elevating the concept of “living well” with developments like The Heights Country Club & Wellness by EMAAR, Chelsea Residences by DAMAC, and the transformative SHA Residences in Abu Dhabi.

These aren’t just homes, they’re lifestyle ecosystems tailored to the modern wellness-minded resident.

FUTURE OF LUXURY LIVING: WELLNESS, NATURE AND INNOVATION UNITE IN UAE’S PREMIER RESIDENCES

THE HEIGHTS COUNTRY CLUB & WELLNESS BY EMAAR: A LIFESTYLE STATEMENT

At the forefront of this wellness revolution is The Heights Country Club & Wellness by EMAAR, a monumental development spanning 81 million square feet in the heart of Dubai. With a project value of Dhs55bn, this community redefines luxury through its seamless integration of health, relaxation, and nature.

The centrepiece is its namesake country club and wellness hub, a state-of-the-art facility equipped with cutting-edge fitness technology and holistic programs. Residents benefit from panoramic views, contemporary architecture, and smartly designed spaces that encourage

physical and mental rejuvenation. But The Heights goes further. Interwoven cycling and jogging tracks, lush greenways, and multiple event plazas invite residents into an active, community-centric lifestyle. Outdoor yoga, wellness workshops, and social gatherings are regular fixtures, solidifying the development’s status as more than a residence; it’s a movement towards total well-being.

SHA RESIDENCES: WELLNESS WITHOUT COMPROMISE

Set in the serene Al Jurf destination in Abu Dhabi, SHA Residences is an immersive wellness community that channels the full ethos of the globally acclaimed SHA Wellness Clinic. More than just a retreat, SHA Residences is a place where wellness is a way of life.

Every homeowner enjoys 24/7 access to a roster of worldrenowned experts, doctors, therapists, personal trainers, meditation coaches, and even culinary professionals. Residents can benefit from services

typically reserved for high-end wellness resorts, all in the privacy of their own homes. This community embodies a long-term commitment to health, creating a personal sanctuary for those seeking a holistic approach to modern living.

SIX SENSES RESIDENCES: LIVING

IN HARMONY

The Six Senses Residences Dubai Marina is a bold vision come to life, 251 sustainably designed homes ranging from sleek deluxe apartments to sprawling Sky Mansions. Every unit is built with biophilic principles and feng shui elements, ensuring harmony between design, human psychology, and the environment.

In true Six Senses fashion, wellness begins with sleep. Their signature “Sleep With Six Senses” amenities are woven into each bedroom to promote rest and recovery. The result: a living space that doesn’t just feel luxurious but functions to restore energy and peace of mind.

Sweeping vistas of the Palm Jumeirah, Dubai Marina, and Ain Dubai round off the offering, making this one of the most desirable wellness-forward addresses in the world.

FAHID ISLAND: NATURE FIRST, WELLNESS ALWAYS

Abu Dhabi’s Fahid Island is making headlines as the UAE’s first island community fully designed around the principles of wellness. A paradise of mangrove forests, saltwater lagoons, and green mobility, this destination fosters environmental consciousness alongside personal health.

Every aspect of Fahid Island is built to nourish: from saltwater swimming zones never more than five minutes away, to walkable footpaths linking sustainably built homes with retail, dining, and educational hubs.

This is not just living, it’s thriving in a biodiverse, movement-driven ecosystem.

NEXT-LEVEL LIVING:

IN A REGION KNOWN FOR SUPERCAR DESIGNS, FOOTBALL HERITAGE, AND OLYMPIC SPIRIT DEFINE UAE’S RESIDENCES

BUGATTI RESIDENCES BY BINGHATTI: SUPERCARINSPIRED RESIDENCES

With its sleek, fluid design echoing the curves of the French Riviera, BUGATTI Residences by Binghatti offer resort-style wellness in the city’s beating heart. This concept merges artistic architecture with lifestyle excellence, catering to those who demand design innovation as much as health and comfort.

CHELSEA RESIDENCES BY DAMAC: WHERE CHAMPIONS COME HOME

In a landmark partnership, DAMAC

Properties and Chelsea Football Club have launched the first-ever football-branded residences in Dubai. Chelsea Residences by DAMAC, located in Dubai Maritime City, comprises six striking towers rising 130 metres above the Arabian Gulf.

The over 1,400 sea-facing residences are infused with Chelsea F.C.’s legacy, from architecture to amenities.

Residents enjoy exclusive access to a rooftop football pitch, Chelsea Sports Bar, Athlete Performance Centre, cryotherapy facilities, aerial yoga studios, and even forest relaxation pods.

LEOS DEVELOPMENTS AND THE OLYMPIC-BRANDED REVOLUTION

According to Rui Liu, chairman and founder of LEOS Developments, today’s homebuyer is looking far beyond four walls. “Today, a home is no longer just a physical asset; it’s an extension of one’s values and ambitions,” he said. “We’re seeing a shift from purely transactional buying to a more intentional kind of living, where wellbeing, community, and purpose carry just as much weight as location and square footage.”

This evolution is driving new kinds of brand partnerships, ones that align with wellness, athletic performance, and digital innovation. Leading the charge is Hadley Heights 2 by LEOS Developments, the world’s first Olympic-branded residence, created in collaboration with three-time Olympic gold medallist Tom Dean.

Located in Dubai Sports City, Hadley Heights 2 showcases bold, aerodynamic architecture and a powerful blend of sport and smart living. Olympic-grade features include AI-powered gyms, rooftop running tracks, immersive sports simulators, CrossFit zones, wellness parks, and children’s play areas, all designed to foster active, balanced lifestyles.

SAUDI REITS INCH TOWARD MATURITY AS REGULATORY PUSH MEETS REAL ESTATE BOOM

A NEW S&P GLOBAL RATINGS REPORT SHOWS SAUDI ARABIA’S REIT SECTOR REMAINS SMALL BUT POLICY- BACKED, WITH 19 LISTED ENTITIES WORTH $4BN POISED TO CAPTURE GROWTH FROM VISION 2030 PROJECTS

audi Arabia’s real estate investment trusts (REITs) are evolving from a small, policy-driven experiment into a potential pillar of the kngdom’s financial market, backed by regulatory reform, Vision 2030 demand, and a steady buildup of incomegenerating assets.

Saudi Arabia is quietly building the architecture for a proper REIT market, and it is doing so on its own terms. The sector is still small, but the policy push, big construction pipelines, and an appetite for new funding channels mean REITs could move from niche curiosity to a mainstream financing tool, sooner rather than later. That is the key takeaway from S&P’s new report Saudi REITs: A Market In The Making, which lays out the opportunities, constraints, and likely grounds for growth. As of August 30, there were 19 listed REITs across Tadawul’s main market and the Nomu parallel market, with a combined market capitalsation of roughly $4bn, according to the report. The sector is young, and most players are small, with the median balance sheet coming in at about $368m, the report states. That matters because REITs need a steady supply of income-generating assets, and Saudi Arabia still has more cranes than cash flows suitable for

listing. Policy is the engine here, not pure market momentum. Riyadh wants to broaden funding sources for real estate, attract foreign capital, and create a tradable property asset class. Recent regulatory moves include changes to investment fund rules that let REITs listed on Nomu invest in development projects under certain limits, and tax treatment that currently exempts qualifying REIT funds from corporate tax. On the flip side, real estate transactions still carry a 5 per cent disposal tax, and REITs must distribute at least 90 per cent of net profits to unit holders if profitable,

so the incentives and constraints are very explicit.

GROWING DEMAND

Demand fundamentals are not the problem. Vision 2030 projects, giga-developments such as NEOM and Qiddiya, and a tourism push that took visitor numbers to about 116 million in 2024 all point to long-term structural demand across residential, retail, office, and hotels.

The Public Investment Fund (PIF) and other state players are already major asset owners, which gives potential sponsors and pipelines for REITs down the line. But translating new builds into investable, income-producing assets takes time — and that is the sector’s immediate bottleneck. Sectoral nuance matters: Residential has strong demand, driven by population growth and a homeownership target of 70 per cent by 2030, but a five-year rental freeze for Riyadh announced in September will cap revenue growth on leased assets and probably nudge developers toward sales over rentals. Retail benefits from rising tourism and experiential concepts, yet big planned mall supply raises oversupply risks in key cities.

Office markets in Riyadh are tight, with vacancy at record lows and rents having surged since 2021, though that too will be shaped by a large pipeline of new Grade A space. Hotels face oversupply, with occupancy rates lingering below historic norms despite higher visitor spending.

All of this means REITs will have to be selective about asset type, location, and operating quality. Compare Saudi with established REIT markets and it is still early innings. The US remains the global giant, with listed REIT market capitalisation of about $1.2tn at year-end 2024, while Australia and Japan boast deeper, more diversified sectors and regulatory playbooks that let development and active management coexist. Japan’s J-REIT market, for example, leans heavily toward income stability, and Australia’s long history includes structural innovations that supported scale-up over decades. Saudi can learn from those models, but local legal, tax, and land dynamics mean a one-toone transplant will not work. What will determine whether Saudi REITs grow or stay sidelined? First, the supply of income-generating assets must rise. The rule that REITs invest at least 75 per cent in such assets is sensible, but current stock is limited. Second, capital markets depth matters — liquidity, reliable valuations, and a diverse institutional investor base make REITs investable at scale. Third, regulation must remain predictable, and ownership regimes need to keep nudging foreign and regional investors to participate.

NEW FOREIGN OWNERSHIP LAW

The report flags a new foreign ownership law coming in January 2026 as a potential catalyst, though details will be decisive.

Demand fundamentals are not the problem. Vision 2030 projects, giga-developments such as NEOM and Qiddiya, and a tourism push that took visitor numbers to about 116 million in 2024 all point to long-term structural demand across residential, retail, office, and hotels.

Risks are loud and real. Execution on giga-projects is not guaranteed, construction costs are elevated, and interest rate volatility can compress yields. The rental freeze in Riyadh is a policy risk with immediate cash flow implications. Corporate lending into construction is likely to rise in 2026 and 2027, which could push leverage up in parts of the market. In short, the growth story is conditional, not inevitable. So, what should investors and sponsors do? Be pragmatic and think staged. Sponsorlinked listings that bring proven assets, clear cash flow histories, and strong covenants will win early investor confidence. Regulators should keep refining frameworks that balance investor protection with flexibility on development exposure and payout rules. And international investors should treat initial Saudi REITs as a way to gain exposure to a fast-changing property market, rather than a liquid, mature asset class overnight.

CONCLUSION

Bottom line, Saudi REITs are a market in the making, not one that has already made itself. The ingredients are present, policy is moving, and demand looks real. Convert projects into yield-bearing assets at scale, and the quiet experiment in Riyadh and Jeddah could turn into something much larger — and much more invested in by global capital.

RAK’S ONE OF THE FASTEST-GROWING MARKETS IN THE REGION, SAY INDUSTRY LEADERS

PROPERTY SALES AND PRICES HAVE SURGED IN RAS AL KHAIMAH IN THE PAST THREE YEARS, DRIVEN BY KEY HOSPITALITY, COMMERCIAL AND RESIDENTIAL PROJECTS

BY NEESHA SALIAN

Ras Al Khaimah is undergoing one of the fastest property expansions in the UAE, backed by long-term planning under the vision of Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah.

The emirate has seen property sales and prices climb sharply over the past three years as new hospitality, commercial and residential projects come online.

Its population, currently about 400,000, is forecast to rise to 650,000 by 2030, creating demand for an estimated 45,000 additional homes.

Global players such as Emaar, Aldar and Ellington have entered the market alongside domestic developers Marjan, Al Hamra and RAK Properties. Investor-friendly regulations, a diversified economy and rising foreign interest are reinforcing the momentum.

AL

MARJAN ISLAND IS AT THE CENTRE OF GROWTH

At the centre of development is Al Marjan Island, led by CEO Engineer Abdullah Al Abdooli, which has attracted high-end hospitality brands including Wynn, JW Marriott, Nobu, Missoni and The Address.

Marjan is also behind RAK Central, a planned hub for offices, retail and lifestyle that will rank among the Northern Emirates’ largest commercial districts and incorporate green building standards aligned with Ras Al Khaimah’s 2030 Vision.

Developer Al Hamra, headed by CEO Benoy Kurien, is expanding its integrated living model with projects such as Al Hamra Village, Waldorf Astoria Residences, Falcon Island, Al Hamra Waterfront and Manar Mall, the emirate’s biggest retail destination.

Meanwhile, RAK Properties is pushing ahead with its Mina development, home to Anantara Mina Ras Al Khaimah and InterContinental Ras Al

Khaimah. The site will also add Nikki Beach, Staybridge Suites and a planned Four Seasons.

“The vision for Ras Al Khaimah is becoming a reality,” RAK Properties chairman Abdulaziz Abdullah Al Zaabi says. “We are creating a vibrant, sustainable environment that is attracting global investment while maintaining the unique culture and natural heritage of our Emirate.”

CEO Sameh Muhtadi adds: “What we have seen over the past couple of years is remarkable. We are witnessing unprecedented global interest – and this momentum will only continue.”

RAK INVESTS IN INFRASTRUCTURE, TOURISM

The emirate has also invested heavily in infrastructure, with eight hospitals including RAK Hospital and a regulated private education system overseen by the Department of Knowledge.

Consistently ranked among the world’s safest locations, Ras Al Khaimah has strengthened its appeal as a place to live and invest. Tourism continues to expand, with visitor numbers reaching 1.28 million in 2024.

Attractions include Jais Flight, the world’s longest zipline, Bear Grylls Explorers Camp and 1484 by Puro, the UAE’s highest restaurant. RAK Hospitality Holding, led by CEO Alison Grinnell, has supported growth through hotel acquisitions and new tourism offerings. Industry executives say Ras Al Khaimah’s rise is anchored in its 2030 Vision, which prioritises sustainable urban growth, livability and community development. With international and local developers adding new beachfront apartments, luxury villas and golf communities, the emirate is positioning itself as one of the Gulf’s most dynamic real estate and tourism markets.