Urban development takes lead as Saudi Arabia diversifies economy
The 7th edition of the Jeddah Urban Development & Real Estate Investment Event, powered by Cityscape, comes at a pivotal time for Saudi Arabia as the country prepares to diversify its economy away from oil-related revenues.
As developers, investors and experts keep a close eye on the reforms that will shape the market over the coming months, the upcoming Jeddah Urban Development & Real Estate Investment Event, under the patronage of His Royal Highness Prince Misha’al bin Majed bin Abdulaziz, Governor of Jeddah, offers a crucial platform for regional and international players to shape the growth curve of Jeddah’s real estate market and showcase the latest high-profile projects from across the region.
Taking place from November 2 to 4 at the Jeddah Centre for Forums and Events owned by Chamber of Commerce, the Event will bring together regional and international investors, developers, architects and designers, governmental authorities, key decision makers and senior executives involved in the design and construction of both public and private real estate developments.
“The exhibition this year will not only play a role in the transformation of the country into a global investment powerhouse, but will also give investors, developers and real estate professionals the opportunity to gain insights into the country’s evolving real estate market through a wide range of projects showcased at the event,” says Mr. Hussein AlHarithy, Vice Chairman and Exhibition Manager of National Exhibition Co., organisers of the Jeddah Urban Development & Real Estate Investment Event.
“The Event takes place during a crucial moment for the real estate industry in the Kingdom of Saudi Arabia, as fundamental changes in the country’s economy seek to stimulate development and investment,” says AlHarithy, referring to the Government’s announcement of its Saudi Vision 2030 earlier this year.
The Vision 2030, which features the National Transformation Program (NTP) as one of its key components, aims to minimise the Kingdom’s reliance on oil as a revenue source and promote economic diversification. “The Saudi Vision 2030, is a key part of the blueprint to prepare the Kingdom for a post-oil era, a strategy which will no doubt impact the real estate sector in a positive way,” adds AlHarithy.
The housing element of the NTP proposes to increase the annual growth rate in the property sector from four per cent to seven per cent by 2020, and increase the real estate sector’s contribution to the GDP from five per cent to 10 per cent by 2020.
In addition to Vision 2030, the Kingdom also introduced White Land Tax, which according to JLL country head for KSA, Jamil Ghaznawi, “will result in a fundamental change in Saudi Arabia’s real estate market and help stimulate further development to address the severe shortage of middle income housing”.
The White Land Tax has been identified as one of the topics up for discussion at this year’s one-day workshop at the Jeddah Urban Development & Real Estate Investment Event on November 2nd. The workshop this year will consist of intense debates from leading developers, investors, architects, financiers and government officials, along with in-depth presentations and lively discussions on the biggest challenges facing the real estate industry.
The show this year also includes the coveted Real Estate Awards Jeddah 2016, designed to reward industry professionals and companies for their achievements.
Key exhibitors participating at this year’s event include: King Abdullah Economic City, Jabal Omar Development Co., Lifestyle Developers, Schon Properties, Danube Properties, Al Marjan Island, Kleindienst, Dar Al Tamleek, Tamimi Pre Engineered Buildings, Tilal, Sloanes Real Estate Brokers KSA, Select Global Development, Artar Real Estate Development, Saudi Hollandi Bank, Sobha LLC, Green Valley Real Estate, Barcode Ltd, Banke International Properties, Tiger Group, Rawae Al-Umran Real estate Development co., Real Estate Progress Pivot and many others.