Cityscape Jeddah plays major role in Saudi real estate sector

The last day of the three-day conference discussed hot topics such as the need for excellent master planning, sustainable design, innovation in design and materials, and improvement of architecture in residential and commercial buildings while ensuring traditional Arabian designs and identity. The most innovative and inspiring leaders from among the international, regional and local design communities participated in the event and shared best practices and their visions for the future.

Among them Mr. Yasser Hejazy, Director of Yasser Hejazy Consulting Engineering, commented on bringing good architecture and design to affordable housing by explaining, "There are many things to be considered when developing affordable houses; first, one must think about the occupants' needs in terms of size and try to optimize the space efficiently to eliminate waste. Another important consideration is selecting the right designer based on experience and not cost."

He went on to say: "One of the solutions that can be implemented in our market is building a small house that meets the occupants' current requirements but making the house expandable for future needs. By adopting this method the cost can be brought down significantly."

Mr. Hejazy also pointed out that one of the issues facing contractors in Saudi Arabia is shortage of skilled labor that can handle use of new techniques and materials in construction.

Confirming the importance of the World Architectural Congress and Cityscape Jeddah, participants and firms which exhibited voiced their happiness and satisfaction with the event for the many business opportunities it provided.

Commenting on the successful participation of his consulting company, Dr. Mohamed Fahmy, Vice President and Partner of EHAF Consulting Engineers, said: "Exhibiting at Cityscape Jeddah is perfect for our company, since here we are able to network and promote our services to developers and other professionals vital to our business. So far we have made many new contacts and gained a lot of leads towards signing new contracts."

Mr. Hussain Al Harthi, Managing Director of National Exhibition Company, summed up the huge success of the event saying: "This year, Cityscape Jeddah enjoyed exceptionally strong support from a wide spectrum of companies operating in the real estate business including local and regional developers, financers, project management companies, architects and consultants. The participation of all the leading players affirms that Cityscape has become firmly established as the regional real estate industry's main annual event."

Mr. Al Harthi concluded by saying: "The general consensus of opinion among all participants is that Cityscape is making a major contribution to the Kingdom's economic and social development by providing the real estate industry with a platform for discussion of topical issues such as the urgent need for affordable housing, while also offering an annual meeting point for real estate professionals to network and discus sustainable solutions, as well as giving property developers a showcase to launch new projects."

Key sponsors this year included Ewaan Global Residential Company, which showcased its Alfareeda project being developed north of Jeddah and also chose Cityscape to reveal the first time its future project Almayaar residential apartments planned to be launched towards the end of 2013. The Principle Sponsor of this year's Cityscape was Sumou Real Estate Company, which showcased its unique project in Makkah, Dahiat Sumou.

Other key developers participating this year included Emaar Middle East who displayed Alhilal Towers 2 in Jeddah Gate, and Kinan Real Estate Company showcasing its project Masharef at Asfan district in north Jeddah.

Adding his comments, Riyadh Al Thaggafi, CEO of Ewaan, said: "Cityscape is the ideal place to brand your company and network with other real estate professionals, create analysis with other real estate developers and banks. We have been sponsoring Cityscape Jeddah for the last three shows and we believe it is the best venue to exhibit our projects. The real estate market in Saudi Arabia is a massive industry that is worth one trillion Saudi Riyals within the next 10 years and this is reflected in the huge interest in Cityscape shown by real estate developers, project financers and banks."

Speaking on behalf of Cityscape's Principle Sponsor Sumou Real Estate Company, CEO Khalid Telmisany said: "Our participation in Cityscape Jeddah 2013 gives us the opportunity to open free dialogue with real estate developers and stakeholders as well as to meet and speak with potential customers and ascertain what they expect from the real estate development companies. It is essential to be in Cityscape at this particular time when Saudi Arabia is going through a construction boom, especially the Western Region. Projects in Saudi Arabia are around $4bn, which is considered the largest amount in the world, and Cityscape Jeddah is where such projects are monitored and discussed with a view into the future of the real estate industry in the Kingdom."

The event witnessed this year exceptional participation from Saudi banks in response to the increase in demand for home financing and as an immediate result to the recent mortgage laws published by SAMA earlier this year. The banks have been able to attract new customers by offering special rates for home financing. For example, SAMBA is offering a special scheme for home finance especially for Cityscape Jeddah customers. "Our offer has a locked in rate of 3.75% for 20 years, which is a Murabaha plan, not Ijarah with no extra charge or change in the rates in the future," said Tariq Ziad Al-towireb, Sales Team Manager, Consumer Assets Business Sales at SAMBA.

Saudi Hollandi Bank also launched a special promotion exclusively for Cityscape visitors with a low profit margin and an exemption from the administration and appraisal fees. At the same time, Riyadh Bank provided Cityscape visitors with a discounted profit margin starting from 1.7% with finance duration up to 30 years.

With the latest information on economic building materials, project financing options and affordable housing under discussion in the Kingdom, there is no doubt that Jeddah Urban Development and Real Estate Investment Event - Cityscape Jeddah, is one of the leading real estate events in the region, supporting the Government's vision for growth in the real estate industry, highlighting iconic architecture and innovative development, and providing direct access to the region's biggest real estate market - Saudi Arabia.