Salaries within Saudi real estate and property sector increased by 9.1 percent in 2008, Macdonald & Company said on Monday in its second “Middle East Salary Survey” for the real estate sector, coinciding with the opening of Cityscape Dubai 2008. The highlight of this year's survey is the average rise of 13.2 percent in salaries across all disciplines in the Middle East real estate sector. The survey has also reported that the average total monthly remuneration (basic, housing and transport allowances) of professionals in the property sector has risen by 10.7 percent since last year, to reach SR39,181. In a related development, according to research from the Proleads database, Saudi Arabia has construction projects worth more than a quarter of a trillion dollars in design or under way. The Kingdom's huge potential in the international property sector has now inspired Cityscape to launch a conference there. There are currently 285 civil construction projects worth over $260 billion (£148 billion) in the country. The biggest of these, Emaar's King Abdullah Economic City, is worth $93 billion (£53 billion) all on its own, but other projects include the $10 billion (£5.7 billion) Mile-High Tower, a 1,600m skyscraper planned for the north of Jeddah, and the $30 billion (£17.1 billion) Jizan Economic City to the south of the country, near the Yemen border. Cityscape, the property and construction brand, has now announced plans to organize a conference in the country for the first time. It has already launched Cityscape conferences in Dubai, Singapore, Abu Dhabi, Shanghai, New York, Sao Paolo, Mumbai, Moscow, and South Korea. Rohan Marwaha, the managing director of Cityscape, said: “Cityscape Saudi Arabia is a natural addition. With an indigenous and growing population of 19 million and organic growth of its own, Saudi Arabia is not as exposed to potential downturns as other Arabian Gulf states and is less reliant on overseas investment. Cityscape Dubai continues until today (Thursday). Regional clients, professionals and global visitors can discover more about the current salary trends in the real estate sector at the Macdonald & Company stand, where it will also be providing consultancy services to interested parties for the duration of the show. “This salary survey is a representation of Macdonald & Company's unique position to provide new and transparent information to both employers and employees across the Middle East real estate industry,” said Matthew Taylor, international director, Macdonald & Company. Macdonald & Company will be placing a considerable emphasis on developing business in Bahrain, Qatar, Kuwait and specifically Saudi Arabia over the next year and we hope to have a similar increase in participation, particularly from the non-UAE countries.” With the Middle East's significant job mobility rate, this year's Salary Survey highlights the number of new professionals entering the market. The results indicate that one in three survey participants began working in the region within the last two years, and fewer than 40 percent have worked here for five years or more. However, 60 percent of the survey respondents have actually had between two and five different jobs since arriving in the Middle East. “The high number of new applicants participating in the survey proves that the Middle East remains a very attractive destination. However, the results reflect a very transient market and Macdonald & Company recognizes the importance of providing honest, consultative advice.” __
