19th Real Estate Development Summit Saudi Arabia highlights Vision 2030 momentum and $2tn pipeline

Held under the theme ‘Together Towards Tomorrow’, the summit underscored the scale of Saudi Arabia’s transformation, with the real estate and construction pipeline now exceeding $2tn, redefining global benchmarks for development, hospitality, sustainability and design.

Investment and sustainability take centre stage

In his opening address, Ravi Kumar Chandran, Founder & Managing Director of GBB Venture, highlighted the launch of the summit’s first dedicated investment track, which welcomed more than 200 global investment leaders. He also announced a strategic partnership with VCM to deliver a net-zero summit through carbon measurement, reduction and offsetting, reinforcing Saudi Arabia’s growing leadership in sustainability.

The opening fireside discussion, led by Lama Alhamawi, Head of Diplomacy & Foreign Affairs at Arab News, featured Eng. Essam Ahmad Kalthoum, CEO of Asmou Development Company. Drawing on four decades of experience, he addressed shifting market demand towards smart, compact and amenity-rich housing, alongside the growth of mixed-use and high-rise developments across the Kingdom and expansion into Cairo, Muscat and Amman. Governance, ESG alignment and public listings were highlighted as essential to long-term credibility and growth.

Localisation and industrial growth

A major industry announcement came from Jalal Al Kurdi, Commercial Director at HH Shaker, with the unveiling of Midea Shaker Company (MSA), a joint venture aimed at accelerating manufacturing localisation. The project will begin with a 20,000 sqm facility producing up to 650,000 air-conditioning units annually, expanding to 85,000 sqm with component manufacturing, including compressors and robotics. The facility is expected to support giga-projects such as NEOM, Red Sea and Qiddiya, while positioning Saudi Arabia as an export hub for the GCC and Levant.

Osan Ghaddaf, Founder and Creative Director of Artevo Consulting, explored the role of art in transforming developments into immersive cultural destinations rather than decorative spaces. Drawing on projects including The Red Sea, Diriyah Gate, Rosewood and the Qatar National Museum, the session highlighted storytelling and experiential installations as defining elements of luxury development.

Nicolás Otero, Business Development Manager at BIOO, introduced biotechnology solutions capable of generating electricity, saving water and cooling urban environments through biopanels, bioswitches and bioluminescent landscapes. With implementation readiness and projected returns within five to seven years, the technologies position Saudi Arabia at the forefront of biotech-enabled urban development.

Tetyana Kovalenko, Founder & Chairwoman of Elite Stone Srl., examined luxury through the lenses of legacy, global recognition, uncompromising quality, exclusivity and economic value, referencing her 2,000-year-old Italian quarry as an embodiment of enduring luxury.

Carbon markets and net-zero ambition

Miklós Veszprémi, Senior Strategic Partnerships Manager at VCM, outlined the rapid growth of Saudi Arabia’s voluntary carbon market, established in 2021 with Public Investment Fund support. The session positioned sustainable real estate as a regulatory requirement and financial opportunity, aligned with Vision 2030 objectives.

Human-centric architecture

Ron Bakker, Co-Founder of PLP Architecture, presented a shift from purely smart and sustainable buildings towards human-centred architecture grounded in biophilia and research-led design. Case studies from Rotterdam, Tokyo, London and Riyadh demonstrated how public realm quality, mobility and integrated lifestyles enhance urban vitality.

The panel Art of Enhancing Experiences, led by Siddharth Peters of Love That Design, brought together leaders from Kristina Zanic Consultants, Dar Global, Banyan Tree Hotels & Resorts, Wimberly Interiors and Diriyah Company. The discussion focused on storytelling, cultural heritage, wellness and indoor-outdoor living as core pillars of modern luxury hospitality.

Moderated by John Fekete, General Manager at CBRE Saudi Arabia, the panel Innovation Defining the Real Estate Projects of Tomorrow examined AI integration, digital transformation and new financing models enabling public-private partnerships. Speakers emphasised aligning technology with cultural identity to create distinctive destinations.

Market outlook and investment returns

Matthew Green, Head of Research at CBRE MENA, provided a 2025 outlook, noting that real estate now contributes around 12% of Saudi Arabia’s GDP. Riyadh’s office market is operating at 98% occupancy with rents growing at 15% annually, while residential development is accelerating towards 200,000 new units by 2030. The sector continues to benefit from regulatory reforms, foreign investment and sovereign fund participation.

The summit hosted multiple signing ceremonies, including the launch of 26H Jeddah, a mixed-use project featuring a 270-key Hilton Tempo Hotel, residential units and retail space, alongside the announcement of a luxury hotel and residential tower on Jeddah’s Corniche. Both announcements reflected sustained investor confidence in the market.

The event also introduced the GBB Future Minds Programme, engaging students from Effat University with global architects and designers, and concluded with the REDS Industry Choice Awards (RICA 2025), recognising excellence across Saudi Arabia’s real estate, architecture and design sectors.

Across sessions, a consistent message emerged: Saudi Arabia is one of the world’s most dynamic real estate markets, driven by Vision 2030 ambition, institutional capital and global confidence. Leaders emphasised the importance of balancing financial returns with sustainability, placemaking and cultural authenticity to deliver developments built for long-term value.

With its net-zero commitment delivered in partnership with VCM, the summit set a new benchmark for responsible industry leadership, reinforcing Saudi Arabia’s role in shaping the future of global real estate.