The GCC Journal

Saudi Arabia’s Boldest Projects Take Center Stage at MIPIM 2026

From heritage-led urbanism to mountain luxury, the Kingdom brought its most investable Vision 2030 projects to Cannes

MIPIM, the world’s premier real estate summit, returned to the Palais des Festivals in Cannes from March 9 to 13, drawing more than 20,000 delegates from over 90 countries. Among the most prominent delegations was Saudi Arabia, which anchored its presence through the Invest Saudi pavilion and brought four of its most ambitious Vision 2030 projects to the global stage.

Unlike previous years, the Kingdom’s 2026 showing was notably recalibrated. Gone were the headline-grabbing renderings of NEOM’s The Line. In their place: grounded, investable, and culture-forward developments that signal a new chapter of Saudi urban ambition, one defined less by spectacle and more by execution.

The Saudi pavilion featured several government entities and major companies, including the Ministry of Investment, the Real Estate General Authority, Diriyah Company, King Salman Park Foundation, New Murabba Development Company, and Soudah Development. Together, they highlighted urban development projects alongside investment opportunities linked to major national events, including Expo 2030 Riyadh and the FIFA World Cup 2034.

Here’s a closer look at each of the four projects that represented the Kingdom at Cannes.

Diriyah

Culture-led development celebrating the Kingdom’s heritage

Diriyah sits at the very origin of the Saudi state, and the giga-project bearing its name is transforming the historic outskirts of Riyadh into one of the world’s most significant culture-led urban destinations. Backed by the Public Investment Fund through a $63.2 billion master plan, it is designed to house more than 100,000 residents, create an estimated 178,000 jobs, and attract 50 million annual visitors upon completion.

At MIPIM, Diriyah drew considerable attention for its topographical model, reportedly one of the largest physical models at the entire conference. The project represents a compelling investment thesis: a destination rooted in authenticity and cultural capital rather than futuristic iconography, with a growing portfolio of luxury branded residential and hospitality offerings already in motion.

New Murabba

Riyadh’s new modern, 15-minute walkable downtown

New Murabba, a Public Investment Fund subsidiary, marked its third consecutive year at MIPIM by showcasing its vision for Riyadh’s future downtown: a 14-million-square-meter, purpose-built mixed-use destination in the northwest of the capital. The project is designed around the “15-minute downtown” concept, where residents can access work, leisure, education, and daily services within a short walk or cycle.

New Murabba’s Chief Development Officer, Carl Schibrowski, spoke at a panel event during the conference about the long-term nature of the undertaking. With a completion horizon stretching to around 2045, the project is positioned as a generational endeavor, one designed to outlast any single economic cycle or leadership term.

Soudah Peaks

Year-round luxury mountain tourism destination

Perched at 3,015 meters above sea level on Saudi Arabia’s highest peak in the Asir region, Soudah Peaks offers something few people associate with the Kingdom: cool mountain air, juniper forests, and misty ridgelines. The $7.7 billion project, launched by Crown Prince Mohammed bin Salman in September 2023, aims to position Asir as a year-round luxury tourism destination while preserving its rich cultural and natural heritage.

What makes Soudah Peaks distinctive is its restraint. The project commits to building on less than 1% of its vast footprint, reflecting a deep alignment with the Saudi Green Initiative and a sustainability ethos rarely seen in projects of this scale. Visitors can look forward to mountain trails, paragliding, golf courses, eco-spa resorts, and immersion in the authentic culture of the Asir region, from traditional folk music to locally produced honey and mountain strawberries.

King Salman Park

A diverse park with attractions and facilities for the whole family

If any single project stole the show at MIPIM 2026, it was King Salman Park. The Foundation secured more than $3.8 billion in new private-sector commitments during the conference, bringing total investment in the project to over $5.3 billion across five major development packages.

The headline deal was a $3 billion-plus fund for Package 5, led by Kolaghassi Development Company alongside Al Othaim Investment and New York-based RXR, supported by a fund managed by Mulkia Investment Co. A separate $850 million-plus deal for Package 4 was awarded to a consortium led by Retal Urban Development, delivering over 600 residential units, 140 hotel keys, and nearly 50,000 sqm of Grade A office space.

The first phase of King Salman Park is scheduled to open to the public in late 2026, beginning with the Art Park section: a curated landscape of public art installations, performance spaces, and botanical gardens.

The Bigger Picture

From ambition to execution

Saudi Arabia’s MIPIM 2026 presence tells a clear story: the Kingdom’s real estate narrative is maturing. The projects on display were not speculative visions but investable propositions with defined timelines, committed capital, and credible international partners. The shift from headline spectacle to heritage-led urbanism, sustainable mountain tourism, and city-scale green infrastructure represents a more grounded and ultimately more investable proposition for global capital.

With MIPIM Middle East also launching in Riyadh in October 2026, the Kingdom is positioning itself not just as a participant in the global real estate conversation, but as a host. For investors, developers, and architects watching from abroad, the message from Cannes was unmistakable: Saudi Arabia’s transformation is underway, and the opportunity window is open.