Saudis eye multi-million dollar property market
Cityscape 2005, the Middle East’s premier international property investment and development event, will see greater participation from Saudi Arabian developers as the boom in the Gulf property market continues to spread.
There is a high demand for residential units in Saudi Arabia and analysts expect growth in small and large units to the tune of SR300 billion in the next 10 years. Many large real estate projects are currently underway in the two holy cities of Makkah and Medina and tourism and entertainment projects are being developed in Jeddah and Al Khobar.
Some of the top Saudi development companies are taking part this year with a surge in bookings for exhibition space from across the region.
To date, Saudi participation includes Dar Alarkan, Rikaz, the Tanmyat Group, the Alhanoo Group, Alswaidany, Saudi Amjad Holdings and the Riyadh Development Company, occupying 1,500 square metre at Cityscape, an indication of the increased level of interest in the property sector.
Franck Dailles, project director, Cityscape said: “The increased participation of Saudi companies this year is a strong indicator of the current property boom in the region and is a testament to the success of the event. There are some extremely exciting investment opportunities emerging from the Kingdom and they will get a first showcase at Cityscape.”
With two additional halls at the Dubai International Exhibition Centre being made available to exhibitors for this year’s event, which runs from September 17-19, Cityscape 2005 promises to be bigger and better than ever.
Added Dailles: “In the three years since the first Cityscape took place in 2002, it has rapidly become the premier event of its kind in the region.”
The three-day exhibition and conference, organised by IIR Middle East, attracts investors, property developers, architects and designers among others. A series of industry conferences will be held throughout, and the increasingly coveted Cityscape Architectural Review Awards will be distributed at an exclusive gala dinner event.