Saudi real estate sector in focus
Riyadh, November 19, 2013
New real estate opportunities have been created in the Saudi market, with an $80 billion investment in infrastructure initiatives including new seaports, airports, railways and train stations, metro systems, and bus and road systems, said a senior official.
Real estate professionals from Saudi Arabia and around the world will gather to understand the changing requirements and new driving forces in the kingdom’s property market at a summit in Riyadh next month.
The Riyadh Real Estate Summit, a part of Cityscape Riyadh, will take place from December 10 to 12 at Riyadh Exhibition Centre.
Abdullah bin Mahfouz, chairman, National Exhibitions Company, said: “Now in its fourth year, the summit has become an integral part of the Riyadh Urban Development and Real Estate Investment Event - Cityscape Riyadh and this year the interest of regional and international real estate professionals is at its height because of the vast amounts being invested in real estate projects by the government as well as the private sector.
The summit will focus on the expansion of the Saudi Capital, with delegates set to discuss the driving forces that are evolving Riyadh and the greater region, looking at how infrastructure initiatives including transportation systems, satellite cities and planned facilities will dramatically change Riyadh’s landscape and affect property prices and the cost of suitable land plots, he said.
Youcef Betraoui, CEO, Land Sterling, said: “In terms of data, SR65 billion ($17.3 billion) has been earmarked by Saudi Arabia for the infrastructure and transport sector, up 16 per cent over 2012. This includes SR30 billion related to the development of 3,700 km of roads; modernisation of existing ports; construction of regional and international airports and berths as well as other infrastructure projects.”
Delegates will also discuss the new urbanism in Saudi Arabia and horizontal strain covering rethinking a city's layout to mitigate strain on municipal resources, said a statement.
‘Real-time project management for greater efficiencies and accountability’; and ‘risk management for large scale development of Saudi Arabia’ are also important topics that will be covered during the summit, it said.
Experts will also discuss the issues facing the real estate market in the kingdom, with a focus on short- and long-term solutions that developers and the construction industry should have in place to guarantee availability of adequate manpower for future projects.
Driven by efforts to diversify away from oil, the government continues to channel oil proceeds into public capital spending on massive infrastructure, power and housing projects which will provide a boost to the kingdom’s construction, real estate, transport and utility sectors, said the statement. - TradeArabia News Service