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Robust oil market to underpin Saudi infrastructure projects
Published in The Saudi Gazette on 10 - 12 - 2012

Nidal Jamjoum, CEO of Kinan International Real Estate Development, briefs Eng. Abdullah bin Saeed Al-Mubti, Chairman of the Council of Saudi Chambers of Commerce, on the features of Masharef Hills, Kinan's inaugural residential project in Riyadh.

THE Saudi government efforts at rehabilitating and building its infrastructure is underpinned by robust oil market that will add a further SR500 billion surplus to this year's budget, Dr. Saudi Amalaq, Vice Chairman of KSSG investment company, said Sunday in his keynote address on the first day of the Riyadh International Urban Development & Real Estate Investment Event – Cityscape Riyadh summit workshop.
Amalaq 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 that 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 said 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 that 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.
Cityscape Riyadh 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.
“SAMA's recent announcement towards finalizing regulations on the newly approved Mortgage Law has, no doubt created a positive twist to the Saudi real estate market and especially among finance companies,” said Hussain Al-Harthy, Managing Director, National Exhibitions Company.
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.”
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, said, “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 percent 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,” Nidal added. — SG

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