Cityscape Jeddah: 2011 a jump start for Saudi real estate
2011 has been a challenging year so far, but also it has been a year of groundbreaking decisions for the Saudi real estate sector. With the mortgage law approved, the new Ministry of Housing in place and SR 250 billion allocated to build 500,000 new housing units, the government has taken a resolute approach in investing in the housing sector. Organised by IIR Middle East and National Exhibitions Company (NEC), the Jeddah International Urban Development and Real Estate Investment Event - Cityscape Jeddah to be held 11 - 13 June 2011 at the Jeddah Center for Forums & Events, will firmly place the spotlight on the Middle East’s largest real estate market – Saudi Arabia.
“Even though the government is taking the lead on major development initiatives, effective implementation can only be ensured by a strong partnership with the private sector,” said Deep Marwaha, Group Director from IIR Middle East. “Cityscape is the only real estate event with a portfolio of exhibitions, conferences and seminars that brings together key industry decision makers, international investors, developers, government and investment authorities, leading architects, designers, consultants and all senior professionals involved in the design and construction of real estate to enhance and support the vision for real estate growth.”
And growth it is - Saudi Arabia announced the largest budget ever at SR 580 billion which was later increased to SR 1 trillion. The private and public developers need to build a total of 1.65 million homes over six years and the government aims to increase home ownership to 80 percent by 2024 through boosting the supply of affordable housing.
Projects like Ewaan Global Residential’s SR 1.2 billion mega residential city which comprises 2,500 residential units, integrated facilities and services, as well as Sumou Real Estate who currently have five ongoing projects in the Kingdom across commercial, residential and mixed use segments stand in line with the government’s ambition to make real estate a key sector in the Kingdom’s social economic development.
“The Saudi real estate sector is thriving due to its growing young population, rising number of households, increasing business activity and progression in the regulatory environment,” said Eng. Fahed Almutawa, Chief Executive Officer, Ewaan Global Residential Company. “This year’s Cityscape Jeddah is happening at a crucial time, providing a platform for networking and business where industry professionals can meet to discuss the future of the Saudi Arabian real estate industry and formulate strategies for growth in the Saudi real estate market”
Supporting the vision for growth in the real estate industry, Cityscape Jeddah is Saudi Arabia’s most established show with an attendance count of more than 10,000 visitors.
In line with its mission to unite, organize and help evolve the Saudi property market, the Jeddah International Urban Development and Real Estate Investment Event - Cityscape Jeddah provides a forum for high level debate, bench marking and networking, providing an opportunity for developers to connect with their future investors and facilitating investments to flow into the Saudi market.
Cityscape Jeddah 2011 sponsors includes Sumou Real Estate (Principal Sponsor) and Ewaan (Founding Sponsors). Complete event details are available at www.cityscapejeddah.com.
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