“Saudi Arabia is the largest among the real estate markets in the region and offers immense potential for real estate development,” said Ayman Adel Kamal, chief of Investments and Real Estate at Dubai Islamic Bank recently. The Kingdom's total real estate investments are estimated at $270 billion and the total value of new projects is likely to reach $410 billion this year. He said the Kingdom's economy is witnessing unprecedented growth and “coupled with the wide gap in demand and supply of housing units and the recent approval of the mortgage law makes Saudi Arabia a lucrative option in real estate investment.” The rapid emergence of a wider range of real estate financial instruments compatible with the principles of Islamic finance is significantly contributing to the growth of the sector. Currently, Islamic finance is estimated to be worth $800 billion and growing at a substantial rate of 15-20 percent a year. With the fast emergence of a prosperous middle class snapping up credit to buy homes, demand for Shariah-compliant retail financial services is set to accelerate. Due to the extra liquidity generated from high oil revenues, regional governments are planning ambitious infrastructure programs, especially the Kingdom, which now represents the largest construction market in the Middle East. According to a report by Business Monitor, the growth of the industry has been pushed by the government's efforts to liberalize the economy. Over the past few years, new laws have been voted to ensure attractive capital flow into the nation. Foreign companies are now allowed to own 100 percent of property and projects and to bid for government contracts. Since 2005, corporate taxes have decreased from 45 percent to 25 percent, encouraging companies to invest in the country. The upcoming Real Estate Investment World Summit in Riyadh on Oct. 19-20 at the Four Seasons Hotel at Kingdom Center would offer “tremendous opportunities in Islamic investments in the real estate market in Saudi Arabia,” said Teena Tolani, producer of the Real Estate Investment World Summit. “With this summit, we aim at further opening the Saudi market to foreign investors, exploring the investment opportunities within the conventional and Shari'ah-compliant real estate sector,” the producer added. The summit will explore the investment opportunities through highly educational conference sessions, networking opportunities and an exclusive exhibition featuring companies such as Kuwait Finance House, Abraj Tourism, Dubai Islamic Bank, Nakheel, The Land Holding, Al-Oula Development, TMG Holding, Al Rajhi Bank and Palm Hills Developments. The most influential speakers in the Middle East will discuss the latest trends and issues in the finance and real estate industry. They include high profile members of the industry such as Saleh Bin Ali Al-Turki, chairman of Council of Saudi Chambers of Commerce & Industry; Nasser Al-Shaikh, chairman of Amlak Finance; Dr Sulaiman Al-Fahim, CEO of Hydra Properties; and Khaled Al-Kamda, group managing director & CEO of Dubai Islamic Bank. Working in partnership with BBC World News, TIME magazine and Forbes Arabia, the Real Estate Investment World Summit is the first most exclusive event-of-its-kind to gather up to 250 global leaders including high net worth individuals, VIPs and board members from companies such as Kuwait Finance & Investment Company, The National Investor, Amlak Finance, Jordan Investment Trust, Bank Al Jazira, and many others. They will learn more about new projects by meeting the key players in the real estate and finance industry and will discuss opportunities for future investments and developments. For further information, log on to www.therealestateworldsummit.com __
