Call for foreigners to invest in Saudi mega real estate developments
Overseas investors were called to invest in mega real estate projects in Saudi Arabia at a recent five day conference on real estate development held at the costal Saudi city of Jeddah.
The Trade-X-Arabia conference, which was held at the Jeddah Hilton and ended on Tuesday, was described as a major success by participants and by Trade-X-Arabia CEA, Adel Shakoor.
Trade-X-Arabia organized the event, which drew impressive numbers of speakers and participants, according to Livearticles.com. Recommendations from the conference will be forwarded to relevant Saudi authorities, explained Dr. Fahd Y. Aleatany, professor of international business and economy at King Abdul Aziz University.
"We'll be forwarding our recommendations through the Jeddah Chamber of Commerce & Industry," said Dr. Aleatany, also a chairman of the conference organizing committee.
In his presentation at the conference, architect Anas Saleh Serafi, director general of Jeddah Serafi mega mall and Abnia Design Consultants, stressed that foreign investments were crucial for the development of the Kingdom's retail mall industry.
"If we've to create mega shopping malls then we must attract foreign investment," Serafi said.
"The role of shopping malls has changed now. They are no longer a center to merely sell goods and merchandize. These are now the places Saudi families look forward to visit and spend their leisure time. So a mall has to be big and spacious, both in terms of area and facilities," he added.