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As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.
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Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Saudi Arabia is witnessing a housing boom that is transforming the country’s real estate sector, as home ownership rises and international investors join one of the world’s most dynamic markets.
Leading this transformation, developer NHC is meeting demand for lifestyle communities with mega-projects that anticipate future growth.
The kingdom’s real estate market is on a path to reach unprecedented heights, with a forecasted market value of $2.27 trillion by the end of the year and a goal to develop 1.2 billion square metres of land by 2030. Saudi home ownership is also set to increase to 70 per cent, attracting major players like Egypt’s TMG conglomerate, along with Spanish and Chinese investors partnering with NHC.
In a special Business Extra episode from Cityscape Global 2024 in Riyadh, we explore the evolution of Saudi Arabia’s property sector. The event, themed “The Future of Living”, features more than 400 exhibitors and more than 100 institutional investors, covering diverse developments from stadiums to hotels, signalling the nation’s expanding real estate market.
During the event, NHC announced 75 billion Saudi riyals ($19.96 billion) in investment opportunities available until the end of next year, aimed at both local and international investors.
Mohammed Abaalkhail, NHC’s chief marketing and customer experience officer, joins host David Dunn to discuss how NHC is bringing its vision of “elevating life” to fruition with mixed-use communities and green spaces.
With a plan to develop 284 million square metres of land across the kingdom, NHC, one of the largest developers in the region, is also adapting to meet shifting demands while maintaining its strong market position.