650 firms sign up for Saudi Build
Riyadh, September 8, 2009
More than 650 regional and international companies have signed up for Saudi Build 2009, a top business-to-business construction technology and building materials event, said the organisers of the event.
A total of 38 countries are now represented in Saudi Build 2009, which will be held from October 4 to 7 at the Riyadh International Exhibition Centre.
Saudi Arabia's robust growth potential has certainly made the country an attractive destination for investors, international suppliers, contractors and other real estate-related businesses, said a report.
Saudi Arabia's real estate sector has been projected to sustain a growth rate of between five to seven per cent until 2012, powered by a consistently strong domestic housing demand, expanding business development projects and a burgeoning hospitality sector, according to a recent study by Kuwait-based Global Investment House, a leading asset management company.
The study further revealed that the real estate sector's GDP contribution will reach 7.2 per cent in 2009, up from 6.8 per cent in 2004, as Saudi Arabia's real estate investments touch SR1.125 trillion ($300 billion) this year and are estimated to reach SR1.5 trillion by 2010.
"One of the critical challenges of Saudi Arabia is its increasing real estate demand, which opens opportunities for foreign contracting companies and real estate developers who are looking for new projects and business prospects,” said Shahid Bhatti, Project Manager of Saudi Build at Riyadh Exhibitions Company, organisers of Saudi Build 2009.
“Current estimates indicate that the country will need to build around 1.5 million new homes by 2015 to cater to a rapidly growing population, which translates to around 250,000 housing units annually,” he added.
“Major cities in particular are witnessing strong growth with Al Khobar having a 25 per cent per cent increase in housing demand, 21 per cent in Jeddah and around 17 per cent in Riyadh. Over 750 million sq m of industrial land is also poised to be developed within the next decade, along with some 4 million sq m of retail facilities and up to 2.4 million sq m of office space."
"The present and future real estate requirements of Saudi Arabia are quite overwhelming, which is why the country is enthusiastic about the attention it is getting from leading global industry players. As such, Saudi Build 2009 will surely be an exciting platform for participating companies to get introduced to the latest in this industry, while offering an opportunity for the Kingdom to take advantage of a highly formidable assembly of leading construction companies," added Bhatti.
The 21st edition of Saudi Build will be concurrently held with Saudi Stone 2009 – the 12th international stone and stone technology show.
The back-to-back events will complement the major projects being implemented in Saudi Arabia, including industrial land developments that are expected to expand the country's 1.5 billion sq m of industrial area by up to 50 per cent within the next five to 10 years.
Saudi Build 2009 and Saudi Stone 2009 will likewise offer customised technologies, new construction techniques and the latest products and materials for various projects in the retail segment, which is expected to add a total of 4 million sq m of gross leasable area in five years. – TradeArabia News Service