Saudi Arabia real estate ‘to remain strong’
In spite of international markets reeling from the financial crisis, development and investment in Saudi Arabia’s real estate sector is expected to remain strong, says one of the kingdom’s leading business figures.
Dr Abdullah M. Bin Mahfouz, Vice Chairman of the Jeddah Chamber of Commerce and Industry, was speaking as he welcomed the latest addition of the internationally recognised real estate development event brand – Cityscape – to Saudi Arabia.
Cityscape Saudi Arabia, a networking exhibition and conference focusing on all aspects of the real estate development cycle, will take place from 14-16 June 2009 at the Jeddah Center for Forums and Events under the patronage of Prince Misha'al bin Majed bin Abdulaziz, the Governor of Jeddah Province.
"Cityscape is a world renowned brand in the field of real estate events with Cityscape Dubai and Cityscape Abu Dhabi becoming two of the most important business events on the Middle East calendar,” said Dr Abdullah. “I am very pleased that the inaugural Cityscape Saudi Arabia event will take place in Jeddah at a time when, although international financial markets are reeling, development and investment in the kingdom's real estate sector is still strong.
“Cityscape Saudi Arabia is an essential component of the ongoing growth of Saudi Arabia as it is the biggest name in real estate event organising now taking place in the largest economy in the Middle East. Therefore, I am optimistic about the impact that Cityscape will leave on Jeddah City, as well as on real estate investment for years to come."
Deep Marwaha, Event Director of Cityscape Saudi Arabia, added: “We are delighted to be launching the first Cityscape Saudi Arabia at this time as, in these difficult days for the international property and real estate industry, Saudi Arabia continues to have pent-up demand combined with strong fundamentals.
“A recent report from real estate experts Jones Lang LaSalle - who will be exhibiting at Cityscape Saudi Arabia - pointed out that Saudi Arabia has a large domestic economy and is less dependent on global flows of capital and labour. There are also many opportunities for investors, developers and occupiers with a recent snap poll finding that Saudi Arabia is expected by the construction industry to take centre stage in the coming period.”
Cityscape Saudi Arabia is aimed at regional and international investors, real estate developers, government and development authorities, architects, designers, consultants and senior professionals involved in the real estate industry. It will also be an arena for Saudi real estate stakeholders to showcase their projects and services, network with key investors and developers from around the world and participate in discussions with industry leaders.
“The event will also provide a platform for international real estate developers to engage with key Saudi Arabian investors,” Marwaha added. “There are still high levels of liquidity in the kingdom and, given the current global economic climate, the kingdom’s investors are arguably the most significant in the world.”
Marwaha said more than 100 companies are expected to exhibit at Cityscape Saudi Arabia over 10,000 square metres of floor space, attracting over 5,000 participants, making it the kingdom’s premier real estate investment and development event.