Minister of Housing opens Restatex Cityscape Riyadh
Restatex Cityscape Riyadh officially opened its doors today to throngs of visitors, following the inauguration by His Excellency Majed Al-Hugail, Minister of Housing in Saudi Arabia.
The show, which runs until Saturday at the Riyadh International Convention & Exhibition Centre, has put the spotlight on a range of projects and thought-provoking topics which will alter the future of real estate in the Kingdom. Aligned with Saudi Arabia’s Vision 2030, the exhibition focuses on home ownership as well as efforts to build a tourism hub and create attractive real estate investment opportunities in the Kingdom.
Ahmed Zakaria, Exhibition Director at Restatex Cityscape said: “Over the next four days, the exhibition is launching and showcasing mega-projects which will set the foundation for a robust real estate sector in the country. The timing of the exhibition is crucial for the real estate industry in the Kingdom, as fundamental changes in the country’s economy seek to stimulate development and investment and we will see this realised over the next few days through the show.”
“Gauging the industry sentiment, we consider a visit to this year’s Restatex Cityscape Riyadh a must for investors, homebuyers and real estate aficionados looking for exciting developments,” said Hussain Farraj, CEO of Ramtan, co-organisers of Restatex Cityscape Riyadh.
“As the country’s population continues to grow, a natural need for diverse housing offerings across more varied price points has risen, and our exhibitors are speaking to that need. We’re seeing new and unique residential products enter the market,” he added.
As the Kingdom plans to develop and inject investment into the Makkah region, many Saudi-based exhibitors are revealing projects within this highly popular region.
According to JLL, the Makkah market witnessed a positive turn this year. “With these changes and an increase of Umrah pilgrims in H1, all the real estate sectors are expected to benefit, with a particular focus on the hospitality and retail sectors. The increased efforts by the government to improve the city's infrastructure and introducing the Makkah Metro, should increase the demand for commercial, residential and hospitality space,” said Craig Plumb, Head of Research, MENA, JLL.
Developer Jabal Omar Development Company (JODC), is revealing two residential developments in this area; Jumeirah Towers and The Address Towers.
“We see high demand for these units, and we are registering those interested in the property at the show and will be answering any questions from visitors,” said Nezar Awayda, Chief Sales & Marketing Officer.
Aldar Properties, who are showcasing its Water’s Edge project in Abu Dhabi at the exhibition this year, understand the integral part that real estate plays in diversifying the economy of a country.
“Such exhibitions serve as a platform for greater regional and international engagement, allowing developers to showcase their latest products, and enabling investment opportunities that ultimately support diversification efforts,” said Aldar’s Paul Middleton.
Mohab Samak, General Manager of Hamptons International, who is showing its Address Residences Jumeirah Resort + Spa in Dubai, maintains that Vision 2030 has energised the economy and the positive impact is reflected in the economy, translating to a positive market sentiment for the property sector.
“We can expect further expansion of the leisure and tourism sectors to increase the number of visitors to the country (KSA). It is expected that there will be increased real estate activity through the Public Investment Fund through its various infrastructure development initiatives. Furthermore, the launch of the new Ejar regulations have boosted market confidence, while the listings of REITs, and strong public-private partnerships are projected to drive property sector growth,” said Samak.
As KSA begins its real estate overhaul, the government is making headway with its Saudi Real Estate Institute (SREI), which it launched last month. SREI is one of the initiatives launched by the Ministry of Housing, within the National Transformation Plan 2020, with cooperation from local and international partners, as well as real estate consulting firms.
SREI will address issues like raising the educational level and qualifying the Saudi real estate market workforce, understanding the regulations and legislation of the Saudi real estate market, and developing and regulating the Saudi real estate market.
Tomorrow’s Restatex Cityscape Riyadh Workshops will see experts from across the Kingdom come together under one platform to discuss critical issues facing the country’s real estate sector, ranging from regulations to housing support programmes. The Workshops will also include presentations from four Ministry of Housing experts, who will tackle white land tax, and partnerships with the private sector.
Some of the exhibitors this year include: Tiger Group, Dar Al Taaloq Real Estate Broker, Saudi Projects, Indus Real Estate, Kleindienst, Esnad Real Estate, Al Jarbou Real Estate, SGE Saudi Arabia to name a few.
Restatex Cityscape Riyadh is sponsored by: Diamond Sponsor - Jabal Omar; Founding Sponsor - Aldar; Inaugural Sponsor - Al Akaria; Gold Sponsors - Amlak International, Al Ahli, Etqaan Real Estate Co.; Silver Sponsor - KPMG, Samba, Al Rajhi Bank; Main Sponsor – Dubai Properties.