SR14bn onsite deals at Cityscape Saudi

"To successfully launch a real estate event in the current economic climate is a testimony to the strength and the confidence shown 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, totaling SR12bn.

In addition, Omar Al Jaroudi, Chief Executive Officer of Shuaa Capital Saudi Arabia (SCSA), confirmed that the company was now in the final stages of providing financing solutions for investments worth SR2bn 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,"

commented 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 swept the board, having picked up top honours in four of the five award categories.

All eyes will now turn to the UAE as preparations for Cityscape Dubai which takes place at the Dubai International Exhibition and Convention Centre on 5-8 October 2009, swing into gear.

Principal sponsor of Cityscape Saudi Arabia is Sumou Holding; founding sponsor is Ewaan Global Housing; inaugural sponsor is Aqarat Real Estate Development Company; gold sponsor is Manazel; silver sponsors are Dar Al Tamleek and Norr Group Consultants. The conference investment sponsor is Shuaa Capital.

Supporters are the Royal Institute of Chartered Surveyors of the UK; the European Public Real Estate Association; the Asian Public Real Estate Association; and the International Real Estate Federation. International media partner is CNN International and regional media partner is Al Arabiya.