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Cityscape Saudi Arabia Sees SR14b Onsite Deals

DUBAI - With more than SR14 billion in onsite deals and 100 companies exhibiting, Cityscape Saudi Arabia has confirmed its standing as the kingdom’s largest and most important real estate investment and development event, a press statement said.

“To successfully launch a real estate event in the current economic climate is a testimony to the strength and the confidence of not only the Saudi market but the Cityscape brand as well,” said Deep Marwaha, exhibition director, Cityscape Saudi Arabia.

To underscore those points, Abdullah Al Khariji, member of the real estate committee at the Chamber of Commerce and Industry in Jeddah, confirmed that two onsite deals were announced on the first day of the show, totalling SR12 billion.

In addition, Omar Al Jaroudi, chief executive officer of Shuaa Capital Saudi Arabia, or SCSA, confirmed that the company was now in the final stages of providing financing solutions for investments worth SR2 billion in Saudi hospitality developments.

“Irrespective of the total size of the onsite orders, what it clearly demonstrates is that the Saudi real estate market is very much alive and well,” said Marwaha.

Cityscape Saudi Arabia is aimed at regional and international investors, real estate developers, government and development authorities, architects, designers, consultants and senior professionals involved in the real estate industry. It also provides an arena to showcase projects and network with investors and developers from around the world.

In addition the Cityscape Real Estate Awards, which took place on the opening night of the show, recognised exemplary contributions to architecture and real estate development throughout the kingdom. The awards were dominated by projects in Jeddah such as King Abdullah Economic City, Al Andalus Mall and the architectural design excellence of Jeddah’s redevelopment master plan. All eyes will now turn to the UAE as preparations for Cityscape Dubai, which takes place at the Dubai International Exhibition and Convention Centre from October 5-8, 2009, swing into gear.

business@khaleejtimes.com