Cityscape Riyadh likely to see 10,000 visitors
Riyadh, November 29, 2011
Cityscape Riyadh, an international urban development and real estate investment event, is expecting to draw more than 10,000 visitors, said the organisers of the trade fair taking place in Riyadh next month.
“Cityscape Riyadh is happening at the right time and in the right place and attracting a steadily increasing number of real estate professionals, investors and companies,' said Deep Marwaha, group director of organisers IIR Middle East.
Organised for the second year running by the National Exhibitions Company and IIR Middle East, Riyadh International Urban Development & Real Estate Investment Event – Cityscape Riyadh 2011 will be held at the Riyadh Exhibition Center from December 11 to 13.
The event will offer the Saudi Arabian real estate investment and development community an unprecedented business-to-business platform to engage, network and identify business opportunities in the Middle East’s largest economy.
Yasser Abu Atiq, CEO of Dar Al Tamleek said: “Riyadh is one of the most favorable markets within the Kingdom for the real estate industry. This is due to several factors but the most important is the land mass surrounding the city that is available for development projects.”
“The expansion of both high-end and affordable housing projects is not bound by mountains, sea or other geographic factors that limit outright housing growth in other cities. Unlike the other major markets, Riyadh is also the center of government and therefore a world showcase for demonstrating Saudi progress in creating opportunities for its citizens and diversifying into non-oil sectors of economic growth.”
In March, the government ordered 500,000 housing units to be built within five years and set aside $66 billion for the project. Affordable housing is clearly on the government’s agenda and with the positive forecast for next year’s budget the real estate market is poised for further growth.
With Saudi Arabia on course to earn nearly $300 billion in oil revenue this year, $50 billion more than planned, and $550 billion in foreign reserves, the Kingdom is expected to exceed the amount projected in the national budget for 2011, as former Saudi intelligence chief Prince Turki Al-Faisal and Dr Ibrahim Al-Assaf, Minister Finance of Saudi Arabia confirmed.
“This is good news for the Kingdom’s economy and will significantly benefit the real estate sector,” said Hussain Al Harthi, managing director, National Exhibition Company.
“With the Kingdom set for further growth it comes as no surprise that the region’s fastest growing real estate event - Cityscape Riyadh - has moved to larger premises at the Riyadh Exhibition Center in order to accommodate the high demand for an internationally recognized platform for investment opportunities.”
Dr Bassam Boodai, CEO of Jenan Real Estate, an exhibitor and a sponsor, said: “Saudi Arabia’s real estate sector is more diversified. Many new players have entered the market as there are major projects in the residential and real estate development sector. In addition, there are vast opportunities in the tourism sector with the need for more hotels.”
“The government’s expected regulations and the newly formed Ministry of Housing will motivate the market further. Cityscape is the leading real estate event and attracts all the key players in the real estate sector such as investors, developers and government officials. It helps companies like ours to expose ourselves to those entities.”
Cityscape Riyadh offers a unique event portfolio of exhibition, conferences workshops and investor round tables.
For the first time Cityscape Riyadh will also host the World Architecture Congress in Saudi Arabia which is being supported by The Royal Institute of British Architects and AIA Middle East (AIA ME), a Chapter of the American Institute of Architects. – TradeArabia News Service