Several projects are either currently underway or in advanced stages of planning to achieve an optimal balance among the infrastructure components of Jeddah, the Kingdom of Saudi Arabia’s ‘Gateway City.’ Local government is implementing a comprehensive 20-year re-development programme involving initiatives such as the enhancement of the Khozama and Ruwais areas and the rehabilitation of the city’s central and historic districts. Many of the new developments are mega projects such as the SAR 99.75 billion King Abdullah Economic City and the SAR 42 billion Jeddah Hills.
Cityscape Jeddah 2010, Saudi Arabia’s leading real estate investment and development exhibition and conference, will unveil prime opportunities related to Jeddah’s re-development initiatives during its three-day run from June 7 to 9, 2010 at the Jeddah Center for Forums and Events. Over 100 local and international property investors, developers and service-driven firms will display relevant projects and services endorsed by the Ministry of Commerce and supported by the Jeddah Chamber of Commerce and Industry.
“Mega projects in Jeddah will see the city and its infrastructure transformed across the board during the next two decades – creating an enormous range of partnership opportunities,” said Tareq Telmesani, CEO of Jeddah Development and Urban Regeneration Company (JDURC), a private company set up by Jeddah Municipality to spearhead the city’s regeneration projects. Jeddah will account for a large proportion of the Kingdom’s SAR 1 trillion worth of ongoing property developments.
Jeddah, the second largest city in Saudi Arabia, is the principal entry point to the holiest Islamic sites. Its infrastructure is being overhauled to better accommodate pilgrims, accelerate business growth, and support a population density that is rising at a rate of 20 to 28 per cent each year. Over the past 60 years, the city’s population has increased 100 times, with its size expanding 1,000-fold. Its growth from a traditional port to a sprawling urban city requires more balanced development among its districts.
“Jeddah will need to build around 5 million housing units to keep pace with housing demand over the next two decades. The city needs to redirect its infrastructure growth plans to sustain its growth, and this will require new and substantial investments. Forums such as Cityscape Jeddah are vital for developers, investors and other stakeholders to discuss the right strategies to maintain Jeddah’s role as a national gateway. Industry and government need to continue to engage in more dialogue to harmonize their respective activities with Jeddah’s development strategies,” said Deep Marwaha, Director of Cityscape Jeddah.
Cityscape Jeddah 2010 will feature the annual Saudi Arabia Real Estate Investment and Development Conference, which will be held under the theme ‘Transparency, Investment Models and Future Partnerships.’ This year’s conference will adopt a more interactive format to accommodate more Q&A sessions, expert consultations and information exchange. Over 40 CEO-level speakers will discuss key industry issues, while over 200 senior-level delegates will attend 12 special panel sessions. The 2nd Cityscape Awards for Real Estate in Saudi Arabia slated for the first night will honor top performers in the local property sector.
Cityscape Jeddah 2010 sponsors include Sumou Real Estate (Principal Sponsor), KnowledgeEconomicCity (Silver Sponsor), and Shuaa Capital (Conference Investment Sponsor) and Laticrete (Awards Sponsor). For more event details please visit www.cityscapejeddah.com
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