Business & Money | Wednesday 20 March, 2019 2:31 am |

Major names in the local, regional and global property sector are lining up for Cityscape Jeddah - as government-driven giga projects begin to incentivise the market and point to medium-to-long-term uplift, according to Informa Exhibitions, the event organiser. 

Sponsored by the Ministry of Housing, this year’s show, which runs from April 5-7 at the Jeddah Centre for Forums and Events, is being held under the patronage of the Minister of Housing, HE Mr. Majed bin Abdullah Al-Hogail, and is the largest international real estate and investment event in the country. 

“Highly reputable names such as Abu Dhabi-headquartered developer Aldar, our Principal Sponsor, our Global Citizenship Partner Arton Capital, real estate experts JLL and suppliers Kohler – our Gold Workshops and Awards Sponsors – have all demonstrated their confidence in the Saudi market by weighing into the show through various sponsorship agreements,” explained Mohaned Yaman, Senior Exhibition Manager. 

This year Cityscape Jeddah will for the first time include Egypt’s top real estate developers in their exhibitor line-up. Egypt’s drive to garner international investment with its substantial real estate developments has earned it the title of Country of Honour at this year’s Cityscape Jeddah. The show will see leading Egyptian developers like Tabarak Development, Palm Hills, Mena Group, and City Edge Developments – together with the Egyptian Ministry of Housing – showcase a range of investment opportunities from the country. 

“This strong and industry-wide participation can be viewed as a solid sign of trust in the market,” said Yaman.

Looking at the Saudi real estate market, Yaman says the KSA Ministry of Housing has authorised a major home buildings programme, Sakani, which has spurred interest in the Saudi development landscape. 

Sakani, under which the Saudi Government plans to build 19,500 homes for its citizens, supports other giga-projects in the Kingdom in delivering a real estate industry proposition that has spurred interest both within and outside the country. Current giga-projects under development or announced by the Government include Neom smart city on the Red Sea in the country’s north-west, the Public Investment Fund’s Qiddiya entertainment, sports and cultural destination in Riyadh, the Amaala luxury wellness destination, and the ultra-luxurious Red Sea Project.

“In addition, the government’s continued focus on strengthening the business, tourism and hospitality environment to attract overseas investment should have a positive impact on the real estate sector in the long run,” commented Yaman. “These milestone projects are key drivers of non-oil economic growth and industry experts are predicting they could well trigger other large-scale development activity which may be unveiled at Cityscape Jeddah.” 

Dana Salbak, Associate Research at JLL agrees. “The Kingdom has made significant progress in providing opportunities for international and local investors through announcing and launching large-scale and world-class projects, implementing various urban development and regeneration schemes and investing in infrastructure to improve connectivity and the urban landscape of the cities. Events like Cityscape offer a platform for industry professionals whether they are private developers or government entities to display these opportunities and engage with both international and local investors which in turn boosts sentiment and improves the dialogue between all parties,” she said. 

Over 50 exhibitors have now signed up for Cityscape Jeddah. “The line-up includes major players within the Kingdom but also leading regional names and overseas suppliers – Saudi Arabia has become the new real estate focus within the Arabian Gulf. Exhibitors include Arada Development LLC, Architecture & Planning Group (APG), Top Capital Investment, MSQ Property, KPMG, Turkey’s Kelesoglyu Holdings, and UAE’s Al Futtaim Group and Arada Development.

The impact of the Kingdom’s giga-projects will come into sharp focus at the Cityscape Jeddah Workshops, where sector experts will deliver updates on the Kingdom’s real estate market, help delegates understand Saudi Arabia’s specific market performance indicators, advise on how to mitigate against current risk and forecast future opportunities.  

“The Workshops are a significant knowledge-building opportunity for all involved in the real estate and development sectors,” said Yaman. “Delegates will be able to drill down into the specifics of the Saudi market, explore the type of developments most likely to attract investors, and understand what demand looks like now and assess what it is likely to look like in the future.”

This year, Cityscape Jeddah marks its eighth edition as a barometer for the Kingdom’s real estate industry. Informa believes the 2019 event will be regarded as something of a watershed. “This edition comes at a time of rising optimism within the Kingdom on the back of its Vision 2030 priorities,” explained Yaman. “It will be an event which will connect people, cities and ideas.”