Saudi real estate expenditure up 13pc
Riyadh, July 5, 2011
Saudi Arabia is poised to sustain a 13 per cent annual jump in government real estate expenditure, driven by a rapidly increasing population and surging demand for residential and commercial properties, said an expert.
In 2010 alone $29 billion worth of construction projects were awarded, a figure that is expected to increase as large-scale real estate projects remain central to the Saudi government’s strategic development plans, Riyadh-based developer Injaz stated.
Confirming the huge demand for premium-quality real estate projects in Saudi, Injaz said there has been a tremendous market response for its ‘Al Marina’ project, a 3.3 million sq m beachfront development on the Al Khobar-Dammam corridor that is designed to be the newest major landmark in the Kingdom’s Eastern Province.
The project had won the ‘Best Waterfront Development Award – Future’ at the recent Cityscape Jeddah 2011, confirming the company’s success in developing projects that conform to the real estate demands of Saudi Arabia.
Omar Al Kadi, president and managing director, Injaz Development Company, said the housing demand in Saudi remained very strong and was expected to increase by up to 18 per cent between 2010 and 2013.
'Government expenditure will play a very important role in sustaining the real estate development activities across the country as the Kingdom continues to address the growing supply gap for residential spaces,' he remarked.
Complementing the government’s efforts to drive more real estate projects in the country, Injaz has launched ‘Al Marina’ to provide a model development concept that helps address the distinct real estate requirements of the Kingdom.
The ‘Best Waterfront Development Award – Future’ we have received during Cityscape Jeddah 2011 confirms the success of Injaz in developing projects that support the development strategy of the Saudi Government,” he added.
Located in the east of Dammam, Al Marina consists of luxury villas, mixed-use towers, hotels, malls, schools, mosques and other community amenities including social and recreational facilities.-TradeArabia News Service