Cityscape Riyadh, the local edition of the global real estate investment and development event, saw leading firms explore business prospects in the Saudi capital as it pursues a holistic growth agenda within the next few years.

The event, organized by the National Exhibitions Company and IIR Middle East, was opened by Prince Mohammad Bin Saud Bin Naif Bin Abdulaziz, at the Four Seasons Hotel.

The expo will leverage the success of the Jeddah edition of the premier real estate investment and development event in June, which attracted huge interest from around the world in Saudi's lucrative real estate market, said Husain Alharthi, managing director of the National Exhibitions Company.

“This event is an important platform for us to present the city as a premier real estate market. Through Cityscape’s global network of property players we can plan for a more diversified and world-class approach to development.'

'We will also have an opportunity to gain clearer insights on the current state of the local real estate sector and what key projects and partnerships can further expand this growth area,' he added.

The Riyadh edition gathered over 60 domestic and GCC real estate firms to explore local business prospects as the Saudi capital prepares to transform itself into a modern commercial complex within the next 4 to 5 years under the vision of a ‘New Riyadh.’

According to him, the total investments into the Kingdom’s real estate sector were expected to surpass SR1.5 trillion ($399 billion) by year-end, with many of them involving developments in Riyadh.

The capital is in a strong position to gain a leading share of national industry given the property-focused thrust of its development plans, he added.-TradeArabia News Service