Saudi Arabia recently took a strategic step to support the real estate sector after the Royal Commission for Riyadh announced the decision to lift the moratorium on 50 million square meters of land in northern Riyadh, coinciding with the announcement of the “New Square” project.

These steps come in line with the Kingdom's Vision 2030, which aims to strengthen Riyadh as a global economic hub and make it one of the best cities in the world.

These steps come in line with the Kingdom's Vision 2030, which aims to strengthen Riyadh as a global economic center and make it one of the best cities in the world in terms of quality of life. In this report, we highlight the benefits to the real estate sector in the capital thanks to these new developments.

First: Increasing the supply of real estate land to support residential and commercial development

. Lifting the moratorium on 50 million square meters of land north of Riyadh is an effective step to increase the supply of land, contributing to the growth of both the residential and commercial sectors. Riyadh is facing a continuous population increase and significant growth in demand for residential units and commercial buildings. By making new spaces available for construction, the real estate sector will be able to meet the growing demand, which will stabilize prices and reduce their unjustified rise, contributing to the Kingdom's goal of providing diverse housing options for Saudi families.

Second: Supporting urban development projects and infrastructure development

The New Square project is expected to contribute to the development of integrated urban areas with modern and advanced infrastructure. This project comes as part of the vision to develop Riyadh into a modern model for smart cities, where the infrastructure will include extensive road networks, modern transportation stations, recreational areas, and green spaces. Creating such an integrated environment not only contributes to raising the quality of life for residents, but also enhances the attractiveness of the region for foreign and local investments, and opens new opportunities for real estate developers to take advantage of the rapid growth in the region.

Third: Opening new horizons for real estate investment and attracting capital

<The lifting of the land moratorium and the “New Square” project represent a golden opportunity to attract more investors to the real estate sector in the capital. The presence of vast areas of land ready for development means diversifying investment opportunities for developers and investors, whether in the residential, commercial or tourism sectors. This decision is expected to enhance the competitiveness of Riyadh as an investment destination, which will contribute to attracting local and international capital and injecting new investments that will support the local economy and achieve sustainable development.

Fourth: Strengthening the commercial sector and creating new job opportunities

The New Square project offers the potential to develop spaces dedicated to the commercial sector such as shopping centers, offices, and retail spaces. The project is expected to attract international brands and major companies to invest in the capital, which will increase economic activity and create many new job opportunities for Saudis and residents alike. Revitalizing the commercial sector in this way will contribute to the development of the local economy and strengthen Riyadh's position as one of the largest business hubs in the region.

Fifth: Supporting the tourism and leisure sector and attracting visitors

<The “New Square” project includes modern tourism and entertainment facilities, which contributes to diversifying the tourism sector in Riyadh and making it an attractive destination for visitors from inside and outside the Kingdom. The project includes recreational areas, public parks, and luxury shopping venues, which will make Riyadh a distinctive destination for families and individuals looking for an integrated experience. This diversity of tourism offerings will contribute to increasing tourism revenues and enhancing the role of tourism in the national economy.

Sixth: Improving the standard of living and enhancing the quality of life

By increasing green spaces and creating integrated recreational facilities, the New Square project contributes to improving the standard of living in the capital, enhancing the quality of life for residents of Riyadh. The project also provides various options for cultural, sports and recreational activities that add a distinctive character to the city, making it a more attractive destination for residents and increasing loyalty to the new residential areas.

VII: Supporting the goals of Saudi Vision 2030 and achieving urban sustainability

<The "New Square" project and the lifting of the moratorium on northern lands is a major step towards realizing Vision 2030, which aims to develop smart and sustainable cities in the Kingdom. The project adopts the latest sustainability standards in design and implementation, in line with environmental plans to conserve resources and enhance energy efficiency. This ambitious project also supports Riyadh's goal of becoming one of the 10 largest economic cities in the world, enhancing the Kingdom's competitiveness in the global arena.

Eighth: A greater role for the private sector in land development

<This step comes as part of the Saudi government's efforts to enhance the role of the private sector in developing the real estate sector, as it opens the way for real estate development companies and investors to build quality projects in the areas where the suspension has been lifted. This cooperation between the public and private sectors contributes to accelerating the pace of urban growth and enhances the capabilities of the private sector to meet the needs of the population and achieve rewarding investment returns.

In conclusion, the move is part of the Saudi government's efforts to enhance the role of the private sector in developing the real estate sector. <In conclusion, the decision to lift the moratorium on 50 million square meters of land in northern Riyadh, along with the launch of the “New Square” project, is an important step towards achieving sustainable growth in the real estate sector in the capital. The decision is expected to contribute to multiple gains, including meeting the growing demand for real estate, supporting urban development, and enhancing the attractiveness of Riyadh as an investment destination. Through this strategic direction, the Saudi capital is moving towards a promising future, driven by a comprehensive development vision that aims to achieve the well-being of the population and make Riyadh a global economic center.