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One million new homes needed in Saudi Arabia in the next five years.
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| 15 May 2009 |
One million new homes will be needed in Saudi Arabia over the next five years as the Kingdom takes the leading regional role in real estate development and investment, say the organisers of Cityscape Saudi Arabia.
The unique potential of the Saudi Arabian market comes under the spotlight at Cityscape Saudi Arabia, a networking exhibition and conference focusing on all aspects of the development cycle, from 14-16 June 2009 at the Jeddah Center for Forums and Events.
High level figures in the Kingdom’s hierarchy will be taking part in the event held under the patronage of HRH Prince Misha'al bin Majed bin Abdulaziz, the Governor of Jeddah Province, who will also carry out the grand opening.
Among others will be Dr Abdullah M. Bin Mahfouz, Vice Chairman of the Jeddah Chamber of Commerce and Industry, who will be providing the welcome address at the Cityscape Saudi Arabia Real Estate Development and Investment Conference. The opening day of the conference will also see a keynote address on the Jeddah City Centre Development by HE Adel Faqeeh, the Mayor Jeddah, and an address by Abdullah M. Hameedadin, the Deputy Governor of Economic Cities for the Saudi Arabian General Investment Authority.
The two-day conference will also feature a series of panel discussions on the impact of the global financial crisis on real estate investment and development in the Kingdom; updates on the regulatory system, legislation and mortgage law; Shariah and conventional opportunities in real estate investment; and the residential needs of the Kingdom.
“Anyone who doubts the potential for continued high levels of real estate investment and development in Saudi Arabia only has to examine some of the statistics,” said Deep Marwaha, Event Director of Cityscape Saudi Arabia.
“With a population of 25 million people growing at 2.5% a year, Saudi Arabia is set to double its population in 28 years. In addition, 40% of Saudi nationals are under the age of 20 and 70% under 30. If that is not enough, 65% of families currently don’t own a home.”
The UK-based Architects Journal recently summed up the potential: “Uniquely among Gulf Cooperation Council states, there are an awful lot of people in Saudi Arabia genuinely looking to buy a building. Demand is variously quoted at 200,000 homes a year, with a current 500,000 home deficit and thus one million new homes needed within the next five years.”
In addition, a new law, which will eventually allow mortgages for the first time, comes into effect later this year. Aggressive spending plans have also been announced for 2009 to take advantage of cheaper commodities such as steel which has fallen by 70% since last summer. However, the Saudi government is expected to be judicious in its spending, prioritising infrastructure and education.
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 to showcase projects and network with investors and developers from around the world.
The Cityscape Real Estate Awards will take place on 14 June 2009 and are aimed at recognising exemplary contributions to architecture and real estate development in the Kingdom. “All entries will be judged by an expert panel on their contribution to Saudi Arabia’s architecture, culture, invention and imagination, respect for people and the planet as well as environmental awareness and appropriateness,” said Marwaha. The winners will be declared at a gala dinner attended by senior executives and high profile guests.
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. As well as Dubai, Abu Dhabi and Saudi Arabia, IIR Middle East’s Cityscape events are also staged in Mumbai, Singapore, New York and Brazil.
Principal sponsor of Cityscape Saudi Arabia is Sumou Holding; founding sponsor is Ewaan Global Housing; inaugural sponsor is Aqarat Real Estate Development Company; gold sponsor is Manazel; silver sponsors are Dar Al Tamleek and Norr Group Consultants. The conference investment sponsor is Shuaa Capital. Supporters are the Royal Incorporation of Chartered Surveyors of the UK; the European Public Real Estate Association; the Asian Public Real Estate Association; and the International Real Estate Federation. International media partner is CNN International and regional media partner is Al Arabiya.
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