The Riyadh International Urban Development & Real Estate Investment Event–Cityscape Riyadh, has successfully attracted 40 top real estate developers from the Kingdom and region, as well as a number of home finance companies, in an attempt to fill the gap between supply and demand in the Kingdom and display their products and services to an expected 10,000 visitors.

 

The show was inaugurated yesterday by Abdullah bin Saeed Al-Mubti, the chairman of the Council of Saudi Chambers of Commerce. 

 

“Sama’s recent announcement towards finalizing regulations on the newly approved Mortgage Law has, no doubt created a positive twist to the  Saudi real estate market and especially among finance companies,” said Hussain Al-Harthy, the managing director, National Exhibitions Company. 

 

He pointed out that the companies were gearing up to launch operations in Saudi while others were preparing to offer new products and services in anticipation of the increased demand that will be generated once the Mortgage Law is finally announced. 

 

“Companies like Dar Al-Tamlik, Abdul Latif Jameel United Installment Real Estate, and Samba Financial Group are some of the companies taking advantage of the massive opportunities available at the event as well as in benefitting from the unique platform it presents for such occasions as announcing landmark construction projects.”

 

Kinan International Real Estate Development is a prime example, which utilized its presence at Cityscape Riyadh to announce the launch of its inaugural residential project in the capital city, Masharef Hills.

 

Strategically located in the northwest of Riyadh, the project occupies a total of one million square meters and provides a unique living experience through its well designed units and vast greenery, setting it apart from other projects. 

 

Commenting on the status of the project Nidal Jamjoum, CEO of Kinan said, “We have already completed work on the infrastructure and are currently finalizing the model villas and sales center in preparation to start sales in early 2013, after obtaining the final official permits.”

 

Recently, Kinan also announced the launch of phase 3 of its flagship project in Jeddah, after successfully selling phases one and two, accounting for more than 75% of the entire project aimed at targeting the mid-income segment. 

 

“Cityscape Riyadh represents a unique opportunity to engage with our customers in addition to supporting the Government’s initiatives to bridge the gap between supply and demand towards increasing home ownership in Saudi Arabia,” remarked Nidal.

 

The first day of the real estate summit workshops opened with a keynote address by Dr Saudi Amalaq, vice chairman of KSSG Investment company who stressed on the strength of the Saudi economy, noting that the Saudi reform agenda is in full swing and it further reinforces its economic and political stability.

 

With the first day of the summit workshops focusing on the residential real estate market, Nabil Al-Mubarak, CEO of Saudi Credit Bureau (SIMAH) shed light on the Kingdom’s emerging consumer credit market and how SIMAH is enhancing the overall system to allow investors and citizens to build credit in supporting home financing. 

 

He explained that one important aspect is providing the necessary statistics to help developers better plan what to build and what to realistically expect. By better planning, investors can immensely improve their credit rating in the emerging Saudi market.

 

Commenting on much needed solutions to solving the current housing crisis, Zuhair Hamzah, the executive manager at Tamlik Company said, “As issues evolve and rise to the urgency level, solutions must be dynamic, swift and highly effective.  Normally, the success of efforts to solve a problem depends on the components of the solution.” 

 

He added that solving the affordable housing problem in Saudi Arabia is no exception as it is heavily dependent on the focused vision of both the private and public sector towards this challenge that could be achieved either jointly or independently, but must be successful in yielding fundamentally satisfactory results. 

 

Al-Nakhlah Real Estate, a subsidiary of Mohawraean International Group, showcased two of its current projects at Cityscape Riyadh, namely the MIG Office Tower Building, which is currently under construction on Olaya Main Street adjacent to the King Abdullah Financial District and the Palm Village Compound, a premium expatriate compound located next to the Riyadh Gate and nearby King Khalid International Airport (KKIA). 

 

“The aim of Al-Nakhla Real Estate is to meet the growing real estate demand in both the residential and commercial sectors. Our mission is to construct and provide premium real estate options that support the rapid economic growth of the Kingdom and increasing population,” said its chairman Khalid Al-Jumaid.-TradeArabia News Service