MIPIM 2025 in Cannes saw Saudi Arabia making an indelible impact, showcasing its ambitious urban and hospitality development strategies. As the Kingdom moves toward its Vision 2030 goals, its presence at this premier real estate event demonstrated an unwavering commitment to transforming its cities, investing in tourism, and building world-class hospitality infrastructure.
A showcase of Saudi ambition
Saudi Arabia’s delegation at MIPIM included representatives from NEOM, Red Sea Global, Diriyah Company, King Abdullah Financial District (KAFD), New Murabba, and Invest Saudi. These entities, responsible for the country’s most significant urban and hospitality projects, participated in panels, networking sessions, and investment discussions aimed at attracting global partners and investors.
Saudi hospitality real estate: A prime investment opportunity on show @ MIPIM
As Saudi Arabia continues to open its doors to the world, hospitality real estate has emerged as one of its fastest-growing sectors. The Kingdom has over 30,000 hotel rooms currently under development, with giga projects such as NEOM, The Red Sea, and Diriyah Gate at the forefront of this transformation.
Sports Boulevard: extraordinary potential for investors
Represented at MIPIM by Abdulaziz Alothman, EVP of Asset Development & Management, the project attracted major attention, having recently opened its first section. Just three months ago, the Sports Boulevard Foundation announced the establishment of its second private real estate investment fund, valued at over SAR 3.5 billion, in collaboration with Riyadh Development Company, FTG Development, and Jadwa Investment Company.
The Urban Wadi High Rises project will cover 207,000 square metres in a prime Riyadh location, featuring a mixed-use development that aligns with Salmani architectural principles and enhances Riyadh’s position as a global investment hub.
This initiative is part of Saudi Vision 2030, focusing on attracting foreign investment, creating jobs, and transforming Riyadh into a world-class urban destination with sustainable infrastructure and premium lifestyle offerings.
KAFD – set to become the beating business heart of Riyadh
During the session “How the Saudi Giga Projects are contributing to the development of the Kingdom’s economy and the realization of Vision 2030”, Milan Mirjanic, Chief of Strategy and Portfolio Management at KAFD DMC stated: “KAFD is essentially the business district of Riyadh, Saudi Arabia, but it is also a mixed-use development with the ambition to become the premier business and lifestyle destination in the region.”
Designed around the “ten-minute city” concept, it promotes vertical living and seamless urban connectivity. The project encompasses nearly all major asset classes, with a strong focus on office spaces, featuring 1,000,000m² of gross floor area (GFA).
Additionally, it includes 1,000 residential apartments, a vast retail and entertainment offering, and a growing hospitality sector, with new businesses set to open this year. Mr Mirjanic confirmed that at least four new hotels will be opening in the district in the near future.
New Murabba to set new standards for urban living
Michael Dyke, Chief Executive Officer of New Murabba Development Company explained, “New Murabba is set to become one of the most ambitious urban developments in the world, positioned as the largest modern downtown district in Riyadh. Strategically located in the northwest corner of the capital, this visionary project is designed to transform the city’s landscape, establishing a new benchmark for mixed-use urban development.
“The development will span 20 million square metres of gross leasable area (GLA), featuring a diverse blend of residential, commercial, retail, and hospitality offerings. The scale of New Murabba is unprecedented, with high-density living accommodating around 20,000 people per square kilometre—a striking contrast to the current average of 4,000 per square kilometre in Riyadh. This density will create a dynamic, walkable, and interconnected urban environment, where people can live, work, and socialise within a smart, integrated cityscape.
“At the heart of the project is the Mukaab, an iconic cubic structure that will house one of the world’s largest immersive experiences, offering cutting-edge retail, entertainment, and cultural attractions. New Murabba will also feature state-of-the-art mobility solutions, ensuring seamless access to and within the district.
“In addition to its vast retail and hospitality components, the project aims to redefine modern living in Saudi Arabia, introducing a progressive real estate model that integrates sustainable design, smart infrastructure, and a future-ready lifestyle. As Riyadh continues to evolve into a global metropolis, New Murabba will play a key role in positioning the city as a hub for innovation, investment, and luxury urban living.
“We are proud to be part of this transformational journey, helping shape the future of Riyadh’s real estate landscape.”
Diriyah: Where heritage meets high-end tourism
One of Saudi Arabia’s most captivating projects, Diriyah, known as the City of Earth, was extensively discussed during the session “The Road to Saudi Arabia’s Vision 2030: A Perspective from Diriyah”. Jonathan Robinson, CIO at Diriyah Company, shared insights into Diriyah’s tourism-driven vision: “Diriyah will be a cultural and hospitality landmark. We are blending authentic Saudi heritage with ultra-luxury hospitality, creating a destination that will attract millions of visitors annually.”
The discussion at MIPIM underscored the project’s ambition for the UNESCO-listed heritage destination to come even more to life with a swathe of five-star hotels, boutique luxury experiences, and a lively cultural scene.
In the MIPIM session entitled “The evolving real estate sector in Saudi Arabia” on 13 March, Nawaf Rajeh, Development & Innovation Marketing Senior Director at Diriyah added, “Diriyah Company is responsible for developing a 14-square-kilometre mixed-use city—and when I say city, I truly mean it in every sense of the word. This is a fully integrated urban development with both infrastructure and superstructure, encompassing a wide range of asset classes.
“From hospitality to residential spaces, retail, food and beverage outlets, and commercial office spaces, Diriyah is designed to offer a world-class living experience. What makes Diriyah truly special is that it is underpinned by a unique standard of living and an elevated quality of life, directly inspired by our UNESCO World Heritage Site. Founded in 1727, Diriyah was the capital of the first Saudi state and remains the ancestral home of the Al Saud royal family. This rich heritage places a profound responsibility on us—to remain true to the name and true to the legacy. As a result, the quality of life offering in Diriyah will be truly unprecedented in the Kingdom.”
NEOM: the gates are open for investors from around the globe
Dr Manar Al Moneef is NEOM‘s Chief Investment Officer, responsible for developing and implementing NEOM’s investment strategy by creating growth initiatives and building partnerships. Her dynamic presentation underpinned the kingdom’s long-term vision: “At NEOM, we are always striving for excellence because we are committed to building the best for future generations. Our vision is not just about creating a city from scratch—it is about shaping the future. We are not designing a city for today or even the next decade. Instead, we are asking: What will the world look like in 50 years? What kind of infrastructure, regulations, businesses, and industries will be essential for life 50 or even 100 years from now?
“NEOM is a global project that is redefining three key areas:
- Livability – We are re-imagining cities to be more human-centric, where people can walk, live, and thrive in a healthier environment. By reducing commute times and creating smarter urban layouts, we are giving time back to people, ensuring that everything they need is within easy reach.
- Business Growth – NEOM is designed to be one of the world’s fastest-growing business hubs, where companies can scale and innovate more quickly than anywhere else. This is enabled by state-of-the-art regulations focused on fostering a thriving, forward-looking economy.
- Sustainability – We are going beyond conventional sustainability by prioritising true carbon neutrality. Our goal is not just to use 100% renewable energy, but to actively regenerate the environment, setting a new global standard for conservation.
“Today, Saudi Arabia is the world’s leading energy powerhouse, with oil as its primary export. However, we are looking ahead to the next 50 years and asking: Will oil remain our primary economic driver? This is why NEOM is at the forefront of identifying and investing in the industries of the future.
“Saudi Arabia was the first country in the world to commit to developing the largest green hydrogen plant, recognising that the future of energy lies in diversification and technological innovation. While some may question why a nation historically reliant on oil would invest so heavily in alternatives, the answer is simple: our ambition is to build the future, not just sustain the present.
“Across 16 key sectors, NEOM is investing, acquiring companies, and forging international partnerships to ensure we are shaping the industries that will drive economic growth and job creation. NEOM is not just a city—it is an economic engine for Saudi Arabia, designed to power the Kingdom’s long-term prosperity while setting a global benchmark for sustainable urban development.
“We are hosting the Asian Winter Games, and the impact we believe this event will have on overall development is unprecedented. We understand the demand dynamics and have confidence in our business case, which is why I am open to discussions with any potential investor.
“One of the biggest concerns for any investor is demand certainty and de-risking the investment to make it more bankable. That is precisely my job—to work hand in hand with investors and create the right structure that benefits both parties.
- Should it be a joint venture?
- A public-private partnership (PPP)?
- A stabilisation DSR guarantee?
- An infrastructure fund or a REIT fund with an agreed put option?
“Whatever the structure, my role is to collaborate with the private sector and ensure that the business case is financially viable.
“You will not find any other project in the region willing to sit down with investors and offer the required guarantees to make an investment bankable—and that is exactly what we are doing. We believe in our project, our demand numbers, and our long-term vision.
“At this stage, we understand that investing in real estate can be particularly challenging. However, for other industries, we have already demonstrated our ability to secure large-scale investment.
“For example, I spent the past year focusing on logistics, and our demand in this sector represents 5% of global logistics demand, amounting to 375 million tonnes. To put that into perspective, in the global logistics industry, you typically have ten companies competing to secure just 1 million tonnes of demand over an entire year.
“At NEOM, we were able to secure that demand with a single customer. Because the demand is real and immediate, we entered discussions with one of the world’s largest logistics companies, following their acquisition of DB Schenker. The result? A joint venture to meet NEOM’s immediate logistics needs—both for construction and non-construction logistics—with a $10 billion joint investment plan extending to 2035 to develop the required infrastructure.
“This type of structured, bankable deal is repeatable across multiple sectors. The key question for investors is always: How do I secure financing from the bank? My job is to structure investments in a way that ensures financial feasibility and bankability, backed by the necessary guarantees tied directly to the business case.
“We are not just building a city—we are creating an economic powerhouse, shaping the future of investment, infrastructure, and industry in the Kingdom.”
Developing AlUla – a desert-bound World Heritage site – the right way
Also present at MIPIM, the Royal Commission for AlUla (RCU) plans to contribute SR120 billion ($31.9 billion) to Saudi Arabia’s gross domestic product by 2035, driven by sustainable tourism and investment.
Ben Hudson, Chief Development and Construction Officer, Royal Commission for AlUla, stated that Saudi Arabia’s presence at MIPIM was a perfect example of the kingdom’s dedication to Vision 2030: “We have extraordinary cities and developments shaping the future, from NEOM to Murabba. We are witnessing the revitalisation of key historic areas in Riyadh through the Diriyah Gate Development Authority (DDA). At the same time, government-led reforms are facilitating increased residency and tourism, opening Saudi Arabia to the world like never before.
“I take immense pride in leading the development and construction teams for AlUla, as we have been entrusted with the remarkable responsibility of unveiling this hidden gem in the north-western region of Saudi Arabia.
“For those who haven’t seen it, I strongly encourage you to explore it online. AlUla is a breathtaking blend of archaeological heritage, natural beauty, and rich culture—all in a single location. It is now opening up to the world in ways that were previously unimaginable.
“AlUla has been a cradle of civilisation for more than 7,000 years, home to numerous ancient cultures that have come and gone. Among them were the Dadanite and Lihyanite civilisations, leaving behind some of the world’s most stunning yet least-known archaeological treasures. The region is dotted with awe-inspiring rock-hewn structures, carved into a dramatic sandstone landscape.
“Its cultural heritage spans thousands of years, and as the Royal Commission for AlUla, our mission is to bring this extraordinary place to life—not only for its residents but also to make it accessible to the world in a way that is both sustainable and respectful of its legacy.”
Hudson says while AlUla has an extraordinary past, the future looks even brighter: “We have an incredible opportunity, but unlike many new developments, we are not creating a place from scratch—we are a place, and have been for thousands of years. Our development strategy is therefore deeply rooted in ensuring that we serve our residents while also creating exceptional experiences for visitors from around the world who wish to explore this remarkable part of Saudi Arabia.
“Our master development plan for AlUla County is designed with a strategic approach to activation, focusing on key areas that hold the greatest potential. As the Royal Commission for AlUla, we see ourselves as the enabler of private sector investment—a platform that ensures investor success by laying the essential groundwork.
“We have already invested billions of riyals in critical infrastructure, significantly expanding power capacity, water resources, IT networks, and mobility solutions. One of our most ambitious projects is the world’s largest electric tram system, which will seamlessly connect the historic Old Town, the restored heritage areas, and the UNESCO World Heritage Sites in the north.
“Our commitment to sustainable growth is already yielding results. Currently, just under 1,000 hotel keys are operational in the market, and we welcome hundreds of thousands of visitors each year—a number that is growing at an astonishing pace. Looking ahead, our plan is to significantly increase hospitality capacity, bringing in thousands more hotel keys to meet the rising demand.
“Beyond hospitality, we are driving major expansion across all key sectors—including residential, retail, and commercial development—to create a thriving, well-balanced ecosystem. Everything we do is designed to set the stage for long-term success, ensuring that AlUla remains a global destination while preserving its rich heritage and unique character.”
The investor perspective: Why now is the time to invest in Saudi hospitality
Saudi Arabia’s representation at MIPIM was not just about showcasing projects but also about demonstrating why now is the right time to invest. With giga projects driving growth, government-backed incentives for investors, and a rapidly expanding tourism sector, Saudi Arabia is not only fulfilling its Vision 2030 goals, but also setting new global benchmarks for hospitality and urban development.
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Photos by SA-FE.org – all rights reserved
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Read also: Riyadh’s Sports Boulevard: transforming urban mobility and active lifestyles in Saudi Arabia
