Huge projects join Cityscape Jeddah
Jeddah, May 30, 2010
Several high profile projects such as the SR99.75 billion ($27.1 billion) King Abdullah Economic City and the SR42 billion Jeddah Hills that complement Jeddah's growth plan will take part in the upcoming Cityscape Jeddah 2010 exhibition.
Saudi's leading real estate investment and development exhibition and conference, Cityscape Jeddah will run from June 7 to 9 at the Jeddah Center for Forums and Events.
The three-day expo 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.’
The event will unveil prime opportunities related to the re-development initiatives of Jeddah, Saudi Arabia’s ‘Gateway City, said the event organisers.
Several projects are either currently underway or in advanced stages of planning to achieve an optimal balance among the infrastructure components of Jeddah, Saudi Arabia’s ‘Gateway City,’they said.
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, said a top builder.
“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.
According to him, Jeddah will account for a large proportion of the Kingdom’s SR1 trillion worth of ongoing property developments.
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, Telmesani explained.
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.
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, he added.
'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,' said Deep Marwaha, director of Cityscape Jeddah.
'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,' he observed.
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.
The event sponsors include Sumou Real Estate (Principal Sponsor), Knowledge Economic City (Silver Sponsor), and Shuaa Capital (Conference Investment Sponsor) and Laticrete (Awards Sponsor).-TradeArabia News Service