Mega investment projects could trigger Saudi's real estate growth | ZAWYA MENA Edition:
The real estate market in Saudi Arabia softened during the second quarter of 2019, but the sector can expect a major reprieve from the continued government spending on giga-projects, as the kingdom is actively pursuing investments beyond the oil and gas sector.
With conditions remaining soft across most sectors of the real estate market in the first half of 2019, the hospitality and entertainment industries witnessed a number of major development announcements.
These included the unveiling of Al Qiddiya’s master plan in Riyadh, aiming to cement the city’s position as the ‘Capital of Entertainment, Sports, and the Arts’, as well as the launch of the Kingdom’s first arthouse ‘Cinema El Housh’ in Jeddah, apart from religious tourism, according to real estate and investment management firm JLL’s 2019 mid-year review report.
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