Cityscape Global 2025 in Riyadh felt different this year — not less ambitious, not less glittering, but certainly more grounded. Gone were some of the ultra-shiny NEOM mega-models that in past years commanded the exhibition floor like visiting royalty. NEOM was present, of course, but more quietly so, like a celebrity deciding, for once, not to enter the room with a marching band.

That alone signalled a subtle but important shift: this year, developers took over the stage. Cityscape 2025 wasn’t just a government-driven parade of giga-dreams; it was a marketplace buzzing with private players who suddenly looked capable, confident, and — dare one say — mature.

A Changing Line up

The Saudi government has dominated the real-estate story for years, with public investment so large it sometimes felt as if the private sector played supporting cast. But Cityscape 2025 showed a new balance emerging.

Developers big and small displayed projects with a sense of ownership — both financially and narratively. While the government’s vision remains the orchestra conductor, the musicians are no longer just state-backed symphonies. Now, private players are writing their own scores.

The shift wasn’t dramatic; it was measured, almost elegant. A soft power move. It suggested a market that is no longer fuelled solely by state ambition, but is beginning to walk on its own two legs.

Why the Changing Roles are Actually a Step Forward

The government hasn’t disappeared — far from it. It remains the sun around which the entire real-estate ecosystem orbits. But Cityscape made it clear: Riyadh’s development machine is no longer a one-actor play.

This evolution can be interpreted in two equally plausible ways:

1. A Sign of Market Maturity: Private developers are finally stepping up, building expertise, financial muscle, and credibility. The ecosystem is diversifying, becoming more resilient, more sophisticated, and more aligned with global urban development patterns. This is good — very good — for long-term sustainability.

2. A Sign of Fiscal Prioritization: Oil revenues are not the endless fountain of past decades, and transforming an entire national economy is a challenging and expensive undertaking. The Saudi government, pragmatic and strategic, seems to be focusing its financial firepower where it matters most — major mobility projects, national transformations, and global positioning. This creates space, intentionally or by necessity, for private investment to fill in the gaps.

Both narratives can coexist. In fact, they reinforce each other: a maturing market needs private sector leadership, and a government with finite resources must prioritize enabling over executing.

The NEOM Effect: When Less Glitter Says More

NEOM’s toned-down presence was telling. If previous years felt like a galactic showcase of the future, Cityscape 2025 felt more… terrestrial. Not in a bad way — in a healthier way. A mega-project doesn’t need to advertise itself at full volume forever. Sometimes a lower profile reflects a shift from the conceptual to the operational: more work on site, less work on the model. Or, more simply, it acknowledges that Riyadh — and Saudi Arabia as a whole — is no longer defined by a few megaprojects alone, no matter how spectacular. The urban development narrative is becoming more diverse, more distributed, and, dare we say, more normal.

(Well… as normal as a nation building entire cities at record speed can be.)

Private Enterprise in the Government’s Shadow

Perhaps the most encouraging sign at Cityscape 2025 was what happened between the mega-booths: small and mid-sized developers presenting projects that were not grandiose but thoughtful, not iconic but functional, not vision-driven but market-responsive. This is how mature real-estate ecosystems work. The government sets the direction; the private sector fills in the urban fabric. Saudi Arabia is still far from the laissez-faire environment of Western markets — and likely never will be — but the outlines of a more balanced, investor-friendly, innovation-driven landscape are emerging. And they’re emerging in the government’s shadow, yes — but shadows only exist when something stands tall.

Cityscape 2025: Still Spectacular, But Less Hypnotized by Its Own Spectacle

The fair retained its trademark energy: bigger than ever in exhibition area, huge screens, soaring renderings, booths large enough to qualify as small nations. But beneath the spectacle was something new: a hint of pragmatism. The optimism is still there — exuberant, infectious, borderline addictive — but it is now paired with quieter signals of real market dynamics at play.

The result? A Cityscape that feels less like a theatrical performance and more like a functioning ecosystem.

A More Interesting Saudi Market Than Ever

Cityscape Global 2025 revealed a real-estate sector evolving in real time — still bold, still visionary, but now showing early signs of the maturity it will need for long-term success. The government remains the central actor, but no longer the only one delivering lines. Developers are stepping forward. Private capital is gaining confidence. And the mega-project spotlight is diffusing into a wider field of serious players.

If previous Cityscapes were about the government announcing the future, this year felt more about building it collectively. And that is a positive sign for the future of Saudi cities.

Cover image: #Cityscapeglobal2025