The Ministry of Investment (MISA) is leading a major delegation of Saudi entities at MIPIM in Cannes this week under the umbrella of "Invest Saudi", looking to connect international investors with investment opportunities in the Kingdom of Saudi Arabia. Alongside MISA, the Saudi delegation also includes the Ministry of Municipal Rural Affairs & Housing, the Royal Commission for Riyadh City, the National Housing Company, ROSHN, Ajdan and Retal; encompassing the Kingdom's leading real estate developers who will present a range of unique projects across the country. The Invest Saudi pavilion at MIPIM showcases the investment opportunities in a uniquely attractive destination which is looking to unleash exciting opportunities for innovative and ambitious investors. International real estate investors are expected to play a key role in delivering a number of key government initiatives, including expanding home ownership, developing the leisure and entertainment sectors and establishing Riyadh as a pre-eminent regional business hub. The Kingdom currently sees $20.5bn demand for real estate services – demonstrating the scale and diversity of the opportunities available. A key driver of opportunity is residential real estate. Residential demand is being driven by concerted government efforts to dramatically increase home ownership to 70%, alongside strong population growth (expected to reach nearly 45 million by 2050). The pavilion is also showcasing opportunities in other parts of the industry. In commercial real estate, growth is being driven by Saudi Arabia's emergence as a leading regional business hub – with strong demand driving 4% growth in office rents in Riyadh in 2021 and reducing vacancy rates in the capital to just 3%. Likewise, in retail, the growth of the entertainment and tourism sectors are not only driving more international visitors to the Kingdom but also likely to mean that an increasing share of domestic income is being consumed locally. Held on March 15-18 in Cannes, France, under the theme of Driving Urban Change, MIPIM is one of the world's foremost events for international real estate investors. It is expected to attract over 3,800 exhibitors and attendees from 100 countries. — SPA
