Housing projects spur economic growth in Saudi Arabia

Press release
Published May 11th, 2011 - 08:59 GMT
Cityscape Jeddah - an unparalleled learning and networking event
Cityscape Jeddah - an unparalleled learning and networking event

Development plans and investment continue unabated in the Kingdom. Numerous large scale residential plans from initiatives including the General Housing Authority’s 500,000 units, the National Guard’s 17,000 units, and GOSI’s 691 units will provide yet another positive boost to the Kingdom’s growing real estate sector, as well as the wider economy. With private and public developers needing to build a total of 1.65 million homes over the next six years, and the government’s aim to increase home ownership to 80 percent by 2024 through boosting the supply of affordable housing, major opportunities for the region’s real estate, construction and home financing companies are emerging. 

The impact of Saudi Arabia’s record budget across all segments of the real estate sector, and housing in particular, will be a major focus of this year’s Jeddah Real Estate Summit held at Jeddah International Urban Development and Real Estate Investment - Cityscape Jeddah. More than 35 CEO-level speakers will analyze the region’s major opportunities from both a regional and international perspective, discussing entry strategies into the market, sustainable project finance, real estate investment, public-private partnerships, hospitality, regulatory developments, the economic cities and infrastructure.

“Saudi Arabia has the biggest opportunity in real estate among GCC countries, supported by organic demand. The recent announcements and initiatives by the Saudi government aimed at addressing the housing shortage will trigger growth in the sector and attract new investments,” said Nidal Jamjoom; CEO of Kinan. “However, to effectively meet the captive demand for residential units within the targeted time frame, a partnership between public and private sectors needs to be explored, the long awaited mortgage law needs to be implemented, and owner’s association regulations with clear enforcement mechanisms should be developed to facilitate multi-family community developments.”

“The government’s holistic approach to strengthen the economy will insure sustainable growth. Developing new residential communities creates opportunities for retail, which will be further supported by increased consumer spending enabled through recent salary adjustments,” said Mr. Fahad Al-Mutawa, CEO of Ewaan Global Residential Company. “Further, major infrastructure investment will have to go alongside these residential projects to increase connectivity within the Kingdom.”

Saudi Arabia is one of the most exciting emerging real estate markets in the world and panelists during the Jeddah Real Estate Summit will pinpoint key sectors and projects driving investment and development in the Kingdom.

“This year’s event is happening at a crucial time. A collective effort by developers, banks and investors is required to successfully implement the government’s ambitions,” said Hussain Alharthi, Managing Director of National Exhibition Company.” The summit as well as the exhibition will bring all these segments together and offer a platform to form new partnerships and alliances to pave the way for major projects in the Kingdom,”

“Jeddah Real Estate Summit is an unparalleled learning and networking event and offers direct access to 150 influential business leaders,” said Deep Marwaha, Group Director of Cityscape Saudi Arabia. “During two full conference days and two interactive workshops with focus on key market trends, booming market sectors and sourcing new opportunities with a strong focus on the housing sector.”

Background Information

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