Saudi Arabia a 'sleeping' property giant

Although still at an early stage of its development cycle when compared to Dubai, there are over 285 civil construction projects.

The biggest project underway is the $93bn King Abdullah Economic City, being developed by Emaar Economic City. Announced in 2005, it is cited on the Red Sea, between Jeddah and Rabigh, it is designed to attract new businesses and people to the region, creating one million jobs.

The KAEC is the furthest along of the five planned economic cities and is part of a plan to make Saudi Arabia a major industrialised nation, using its vast oil wealth to promise heavy industry cheap energy. Phase one should be ready by 2010, with the whole project completed by 2020.

Other projects include the $53bn Prince Abdulaziz Bin Mousaed Economic City, the $30bn Jizan Economic City and the $10bn Jeddah Mile High Tower, a 1,600 metre skyscraper to rival those in Dubai and Kuwait.

Rohan Marwaha, Managing Director of Cityscape, which is launching a real estate show in Saudi Arabia next summer, said: 'Saudi Arabia's wealth as a nation places it in a better position than many to weather the challenging international financial uncertainties.

'Investment in real estate is at an earlier stage in the cycle and has not matured to the same extent as other regional countries.'

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