While geopolitical tensions across the Middle East have led to the cancellation of some events at this year’s MIPIM real estate exhibition in Cannes, Saudi Arabia has arrived with one of the most visible and active delegations at the show.
Under the Invest Saudi banner, the Kingdom is showcasing a series of major developments across tourism, urban planning and real estate, reaffirming the scale of investment driving Vision 2030.
Among the highlights this week are the first-ever appearance of Soudah Development Company at MIPIM, the debut of the vast New Dammam coastal metropolitan project, and fresh announcements from flagship developments including Diriyah and King Salman Park.
Soudah Peaks: Saudi Arabia’s first luxury mountain destination
One of the most notable first-time participants at MIPIM is Soudah Development Company, presenting Soudah Peaks, a US$2.9 billion project positioned as Saudi Arabia’s first luxury mountain tourism destination.
Located in the Asir region, at an altitude of 3,015 metres above sea level, Soudah Peaks spans a mountainous area of 636.5 square kilometres, encompassing the landscapes of Soudah and Rijal Almaa.
The project has been designed with environmental preservation at its core: only 3.6% of the land area will be developed, allowing the destination to highlight the region’s natural beauty and heritage while creating a high-end tourism offering.
Plans include six distinct development zones, incorporating hospitality, residential and leisure elements. When complete, the destination will feature:
- 2,810 hospitality keys
- 1,337 second homes
- More than 30 tourism attractions
- Two million visitors annually by 2030
Over the past year, the project has reached several key milestones, including a US$346 million agreement with National Grid SA for advanced electrical infrastructure and a strategic engineering partnership with WSP.
Soudah Development is also integrating heritage preservation into the project. In collaboration with the Saudi Heritage Commission, 20 ancient rock art sites were discovered within the development area, while a new 18-month vocational programme in traditional stone craftsmanship has been launched with the Royal Institute of Traditional Arts.
The destination is expected to create more than 1,000 jobs while positioning the Asir region as a major new tourism hub.
New Dammam: a major new coastal metropolis
Another debut at MIPIM comes from Adel Real Estate Company, which is presenting the ambitious New Dammam Project, a large-scale coastal urban development in Saudi Arabia’s Eastern Province.
Launched earlier this year, the project covers 32 million square metres, with 26.6 million square metres of developable land, and has already secured more than US$4.8 billion in direct investments.
Strategically positioned between Dammam, the administrative capital of the Eastern Province, and Al Khobar, the region’s economic hub, the development aims to create a new metropolitan centre on the Arabian Gulf.
The masterplan includes eight mixed-use urban districts and 34 residential neighbourhoods, combining residential communities, financial districts, hospitality and lifestyle destinations.
Key elements include:
- 523,000 sq m financial and business hub
- 20 kilometres of waterfront
- 40 kilometres of pedestrian and cycling routes
- More than 500,000 sq m of green space
- Ten landmark bridges
- A marina and cruise destination
Designed to accommodate around 180,000 residents, the project is expected to generate tens of thousands of jobs, with the first phase scheduled for completion by 2030.
Diriyah: progress continues on Saudi Arabia’s heritage giga-project
Returning to MIPIM this year, Diriyah Company is showcasing progress on one of the Kingdom’s most prominent giga-projects.
Located around the UNESCO World Heritage site of At-Turaif near Riyadh, the US$63.2 billion development aims to transform the historic birthplace of the Saudi state into a global cultural and tourism destination.
The project spans 14 square kilometres and is expected to welcome 50 million visitors annually by 2030, while housing 100,000 residents and creating 180,000 jobs.
At MIPIM, Diriyah is highlighting plans for a 1.9-kilometre grand avenue, a major mixed-use district combining retail, dining, offices, hotels and residential communities.
Ultimately the development will include nearly 40 hotels, nine museums, the Royal Diriyah Opera House, and the 20,000-seat Diriyah Arena, alongside more than 1,000 retail and dining outlets.
King Salman Park: a $9.7 billion investment announcement
Also at MIPIM, the King Salman Park Foundation is unveiling new development packages worth US$9.7 billion as part of the transformation of central Riyadh.
The 17 sq km urban regeneration project will create one of the world’s largest city parks, designed as a vast green oasis at the heart of the Saudi capital.
When completed, the development will include 27,000 residential units, major brand name hotels, and 540,000 square metres of office space, along with a 7.2-kilometre pedestrian “Loop”, a central forest and a major cultural district.
More than one million trees will be planted across the park, which is expected to welcome 50 million visitors each year.
New approaches to residential communities
Meanwhile, the Smart Accommodation for Residential Complexes Company (sarcc) is presenting new approaches to employee housing linked to Saudi Arabia’s major development projects.
Its flagship Al Nakhla Residential Resort, a US$667 million development in northern Riyadh, is already operational and provides 1,136 residential units, including villas and apartments designed for senior management professionals.
Another project, Al Uruba, will introduce Riyadh’s first vertical compound, a G+24 residential development comprising two towers and more than 700 residential units scheduled for completion in 2028.
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