Landmark Real Estate Developments and Residential Finance Options highlight of Riyadh Urban Development and Real Estate Investment Event
- Saudi Arabia: Sunday, December 09 - 2012 at 16:36
- PRESS RELEASE
The Riyadh International Urban Development and Real Estate Investment Event-Cityscape Riyadh, which was inaugurated by Eng. Abdullah bin Saeed Al-Mubti, Chairman of the Council of Saudi Chambers of Commerce, has successfully attracted 40 exhibitors representing key real estate developers from the Kingdom of Saudi Arabia and region, as well as a number of home finance companies, in an attempt to fill the gap between supply and demand in the Kingdom and display their products and services to an expected 10,000 visitors.
He continued by adding, "Companies are gearing up to launch operations in Saudi Arabia, while others are preparing to offer new products and services in anticipation of the increased demand that will be generated once the Mortgage Law is finally announced."
"Companies like Dar Al-Tamlik, Abdul Latif Jameel United Installment Real Estate, and Samba Financial Group are some of the companies taking advantage of the massive opportunities available at the Riyadh Urban Development and Real Estate Investment Event - Cityscape Riyadh, as well as in benefitting from the unique platform it presents for such occasions as announcing landmark construction projects," he concluded.
Kinan International Real Estate Development is a prime example, which utilized its presence at Cityscape Riyadh to announce the launch of its inaugural residential project in the capital city, Masharef Hills. Strategically located in the northwest of Riyadh, the project occupies a total of one million square meters and provides a unique living experience through its well designed units and vast greenery, setting it apart from other projects.
Commenting on the status of the project Nidal Jamjoum, CEO of Kinan explained, "We have already completed work on the infrastructure and are currently finalizing the model villas and sales center in preparation to start sales in early 2013, after obtaining the final official permits."
Recently, Kinan also announced the launch of phase 3 of its flagship project in Jeddah, after successfully selling phases one and two, accounting for more than 75% of the entire project aimed at targeting the mid-income segment.
"Cityscape Riyadh represents a unique opportunity to engage with our customers in addition to supporting the Government's initiatives to bridge the gap between supply and demand towards increasing home ownership in Saudi Arabia," Mr. Nidal concluded.
Day one of the real estate summit workshops was opened with a keynote address by Dr. Saudi Amalaq, Vice Chairman of KSSG Investment company who stressed on the strength of the Saudi economy, noting that the Saudi reform agenda is in full swing and it further reinforces its economic and political stability.
He further added, "The government efforts at rehabilitating and building its infrastructure is underpinned by robust oil market that will add a further SR500bn surplus to this year's budget. The government's efforts not only includes both hard and soft reform, the latter including the eagerly awaited mortgage law that will further support the real estate sector through the right legislation that will enable this important sector to evolve and contribute to the kingdom's economic well-being."
With the first day of the summit workshops focusing on the residential real estate market, Nabil Al-Mubarak, CEO of Saudi Credit Bureau (SIMAH) shed light on the Kingdom's emerging consumer credit market and how SIMAH is enhancing the overall system to allow investors and citizens to build credit in supporting home financing.
He explained, "One important aspect is providing the necessary statistics to help developers better plan what to build and what to realistically expect. By better planning, investors can immensely improve their credit rating in the emerging Saudi market."
Commenting on much needed solutions to solving the current housing crisis, Zuhair Hamzah, Executive Manager at Tamlik Company said, "As issues evolve and rise to the urgency level, solutions must be dynamic, swift and highly effective. Normally, the success of efforts to solve a problem depends on the components of the solution."
He added, "Solving the affordable housing problem in Saudi Arabia is no exception as it is heavily dependent on the focused vision of both the private and public sector towards this challenge that could be achieved either jointly or independently, but must be successful in yielding fundamentally satisfactory results. It is clear that a transparent examination of the goals and objectives, functionality and roles are the primary elements that will assist in engineering the proper concept for this alliance."
Al-Nakhlah Real Estate, a subsidiary of Mohawraean International Group, showcased two of its current projects at Cityscape Riyadh, namely the MIG Office Tower Building, which is currently under construction on Olaya Main Street adjacent to the King Abdullah Financial District and the Palm Village Compound, a premium expatriate compound located next to the Riyadh Gate and nearby King Khalid International Airport (KKIA).
"The aim of Al-Nakhla Real Estate is to meet the growing real estate demand in both the residential and commercial sectors. Our mission is to construct and provide premium real estate options that support the rapid economic growth of the Kingdom and increasing population," said Khalid Al-Jumaid, Chairman of Al Nakhlah Real Estate.
With extraordinary projects underway in the Kingdom, there is no doubt that Riyadh Urban Development and Real Estate Investment Event - Cityscape Riyadh 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.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.