Cityscape Riyadh, an international urban development and real estate investment event, offically opened its doors yesterday (December 10) welcoming over 50 companies from Saudi Arabia and the Gulf region.

The event was inaugurated by Mayor of Riyadh Region, Abdullah bin Abdulrahman Al-Mogbel, on behalf of Prince Khalid bin Bandar bin Abdulaziz, the Governor of Riyadh.

Leading firms will be showcasing their products and services during the three-day expo besides networking with investors and decision-makers and representatives of the public and private sectors visiting their stalls, said the event organisers.

Speaking at the opening, Al-Mogbel said:“The exhibition is an opportunity for citizens and residents to learn about the real estate projects that are taking place in Riyadh and also in neighboring countries.”

He pointed out that Riyadh was on the verge of a renaissance in various urban activities and such exhibitions were an opportunity for individuals and the private and public sectors to get updated with the activities and information as well as helping stakeholders in the planning of present and future investment programs.

On the new Municipality rules that reduce the duration of existing licenses, Al-Mogbel said the new organization developed by the Municipality found an overwhelming response and has helped in reducing the extension of reviewing and certifying the projects, particularly the integrated plans, to 40 days and a maximum of 90 days.

"Now, depending on the nature of the project, there are permits that can be issued within one day only. All of this has been activated electronically on the Municipality’s website," he explained.

Regarding the participation of the Secretariat in Cityscape Riyadh,  Al-Mogbel highlighted the Riyadh public transport project, which is the largest of its kind.

The public transportation project in Riyadh takes into account a number of criteria, most notably to be compatible with the structural plan for the future urban expansion of the city; population densities and distribution; and servicing areas with high congestion traffic, such as universities, schools, hospitals, centers of business and commercial activities and malls, he stated.

The project‘s criteria includes minimizing the effect of traffic jams on the road network in terms of congestion, fuel consumption and exhaust emissions from vehicles.  

The project consists of two major components; one, a network for electric trains (the metro), which includes 6 tracks with a total length of 176 km, dispersed over 85 stations. The other is a multi-network of buses that includes 24 routes with a total length of 1,083 km comprising over 776 stations, added Al-Mogbel.

Hussein Al Harthy, the deputy chairman and delegate of the National Exhibitions Company, said the Saudi real estate market enjoyed great prosperity evidenced not only by the number of developers who are working in it, but by the growing attendance from major financial institutions such as Dar Al Tamleek and NCB, while housing loans in the local market reflect the growing demand for home financing.

"The government's efforts are consistent with the broad wave of prosperity taking place in the market and support its growth to reflect its vision for Riyadh’s future and the Kingdom in general through a number of diverse major projects, especially in the infrastructure sector and public service sector projects, including public transport,  hospitals and schools," he added.

Dr Abdullah bin Mahfouz, the chairman, National Exhibitions Company, said Cityscape Riyadh was a mirror that reflected the great attention enjoyed by the Saudi real estate market, as shown by real estate companies and investors both locally and regionally, especially with the broad participation taking place in the event by a real estate developers and other specialized companies.

Cityscape Riyadh is the most important real estate event in the Kingdom and has the support of the High Commission for the Development of Riyadh as well as being sponsored by Tadawul Holdings, KEC, Barwa, Mohammad Al Habib and Flash Properties.

Muhannad bin Huthail, representative of the board chairman for Flash Properties, said, "We are targeting Saudi investors as well as foreign investors residing in the Kingdom, offering them a wide range of commercial and residential real estate products – both ready-made and under construction - and provide free consultancy on the best ways to invest in them.”

At this year's event, Flash Properties is showcasing two projects of the highest quality - The Polo Residence and the AK Residence project, he added.

The Polo Residence is an integrated residential community consisting of 29 buildings with 600 luxury residential apartments, extending over an area of 2.5 million sq m next to the horse racing course at Mohammed bin Rashid City.

The AK Residence project, which is owned and operated by the company, is part of the Akasha Avenue project. It offers a sophisticated integrated residential community that includes 29 buildings, recreational facilities, social and public services that meet the requirements and aspirations of residents. The project is a seven minute walk from the Burj Khalifa, and 25 minutes away from Dubai International Airport.-TradeArabia News Service