The second day of Cityscape Global unfolded with a series of agreements and MoUs, maintaining the event’s momentum. The total value of agreements revealed across the first two days has now reached USD 43 bn (SAR 161 bn), according to a press release.

#1- Al Bilad Capital announced USD 4.4 bn (SAR 16.5 bn) in new funds: The firm launched the Makkah Vision Fund for a 686k sqm site near Masjid al-Haram, and the Al Bilad Opportunities Fund II for a 229k sqm mixed-use site in the Qurtubah district.

#2- The Eastern Province Municipality signed 14 investment and development agreements valued at over SAR 5 bn, SPA reported. The agreements include:

  • A partnership with Princess Najoud bint Hathloul and the Economic Families Association for the development of incubators for street vendors;
  • An investment contract with stc’s center3 to establish digital data centers and support smart city infrastructure;
  • Investment agreements for entertainment and tourism projects at Half Moon Beach, including amusement parks with a Kuwaiti investor, a 100-brand outlet mall, children’s parks, food and beverage platforms, art and fashion academies, multi-use activities, and a mini golf course;
  • Development agreements with Gulf investors for Tourist resorts in Al Khafji Governorate;
  • An MoU with the Gulf Laboratory for Technical Services to study its inspection and accreditation mechanisms;
  • An MoU with the Saudi Company for Comprehensive Technical and Security Control to implement digital management of construction waste;
  • An agreement between Fikra Recycling for Environmental Services and GIB Capital to finance renewable energy projects;
  • An investment agreement for the management and operation of the Coral Island Resort on Dammam Corniche, supporting tourism, entertainment, and luxury accommodation.

#3- SAB Invest launches USD 764 mn (SAR 2.9 bn) real estate funds: The firm announced two major mixed-use development funds: an office-led high-rise landmark on King Fahd Road in the Sahafa district, and a multi-purpose mid-rise community along the Eastern Ring Road in the Hamra district.

#4- PIF-owned Saudi Real Estate Refinance Company (SRC) sealed a SAR 10 bn agreement to purchase two mortgage portfolios from AlRajhi Bank, SRC said on LinkedIn. The agreement aims to provide continuous market liquidity, support securitization activities, and boost the developments of the secondary market for real estate financing in the Kingdom.

#5- Retal awarded SAR 5.2 bn housing development contract: The National Housing Company awarded Retal Urban Development a SAR 5.2 bn contract to develop 4.8k housing units on a 1 mn sqm area in Al Fursan’s third district in Riyadh, according to a disclosure to Tadawul. The contract includes designing, financing, constructing, and delivering villas and apartments, as well as developing internal infrastructure and operating the site’s commercial components.

#6- Alupco and AAG ink USD 500 industrial agreement: Aluminium Products Company (ALUPCO) and Asia Aluminium Group (AAG) announced a Saudi-Chinese agreement to establish aluminum plants in the Kingdom to supply major real estate projects.

#7- Osus Al Aqar unveiled up to SAR 3 bn investments across two new residential projects in Riyadh — Osus Makan in Al Malqa district and Osus Prime in Al Qirawan district, Argaam reported. The two projects will include luxury residential units and spaces for commercial and hotel units. The company also kicked off interest letters registration for Osus Residences, a fully furnished residential tower under the Curio Collection by Hilton brand.

#8- ROSHN Group is launching a USD 293 mn new large-scale development within Sedra community, as well as land sales in Alarous with sub-developers.

#9- Jazan Municipality inked a SAR 200 mn contract with Alawaly Real Estate to build Jazan Aqua City on a 113k-sqm plot in Jizan Waterfront, featuring water rides, a maritime museum, and related amenities, state news agency SPA reported.

#10- Property developer Arabian Dyar launched the second phase of Dyar Al Haram within Makkah’s Masar Destination, according to a press release. Located just 550 meters from the Grand Mosque, the project comprises about 4k ready-to-own luxurious residential units.

ALSO- New real estate financing platform in the works, courtesy of gov’t collaboration with LCM Partners, Aleqtisadiah reports, citing a statement from the fund. As part of the agreement, LCM Partners will also join the National Housing Services Company as a shareholder through newly issued shares.

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