Prince Mishaal Bin Majed, governor of Jeddah, views a real estate project model after inaugurating the 5th edition of 'Cityscape Jeddah' on Sunday. – SPA Saudi Gazette report JEDDAH – Prince Mishaal Bin Majed, governor of Jeddah, opened here on Sunday the three-day Jeddah Urban Development and Real Estate Investment Exhibition ‘Cityscape Jeddah 2014.' President of the Board of Directors of National Exhibitions Company, the organizing agency of Cityscape Jeddah 2014, Dr. Abdullah Bin Mahfouz, said the exhibition includes workshops on Jeddah Real Estate Summit and awards ceremony for real estate development and architectural design in the Kingdom. “We have noticed increased participation from regional real estate companies attracted by the opportunities in Saudi Arabia's real estate sector which is thriving in the Kingdom's prosperous and stable economic climate,” said Mahfouz. Eng. Ahmed Abu Alola, Director of Operations and Developments at Ewaan Global Residential Company, said the Saudi government aims to increase home ownership to 80% of the population by 2024 through affordable housing. As a result, private and public developers need to build a total of 1.65 million homes over the next six years. Looking at the longer term, a minimum of 150,000 new units are needed per year to fill the housing shortage over the next 10 years, he said. “This will bring major opportunities for the Kingdom's real estate, construction and home financing companies. But construction management remains an internal challenge for the developers in Saudi Arabia and there is an urgent need to adopt global best practices and technologies to address this issue,” said Abu Alola. One such technology is Autoclaved Aerated Concrete (AAC) which has been pioneered in Ewaan's flagship Alfareeda residential community. Cityscape Jeddah is always at the forefront of innovation, and this year several exhibitors are displaying the technical advancements. One such exhibitor is Sumou Real Estate Company which is showcasing a 4D simulation of their projects for the first time ever. Commenting on how Cityscape Jeddah is an important contributor to the growth and development of the Kingdom's real estate sector, keynote speaker at the Jeddah Real Estate Summit, Hisham Malaika, Partner and Head of Property and Social Infrastructure at Arcadis in Saudi Arabia, said: “The Jeddah Real Estate Summit at Cityscape Jeddah is the ideal platform to network with the region's top real estate and investment professionals and collaborate as a whole to strengthen the local real estate industry.” “The 2014 Global Built Asset Performance Index (BAPI) report reveals Saudi Arabia as the fastest growing market in built asset performance, forecast to grow by 70 percent over the next decade,” he said. Mounib Hammoud, CEO of Jeddah Economic Company, developer of The Kingdom Tower and City, gave an update on The Kingdom Tower and City development and how it is expected to alter the shoreline's character, saying: “With the rise of The Kingdom Tower and City, Jeddah will soon have a skyline that will identify the city's position as an urban and business destination.” Commenting on the Jeddah property market, Hammoud said: “The property market is in a positive momentum and Jeddah's real estate topography is being transformed. Saudi Arabia's growth is at its peak and government spending is the highest ever and this is expected to continue for the next five to 10 years, fueling the economy in the process. As far as the Jeddah real estate market is concerned, the city is home to around 3.5 million people and the population growth rate is about 4%. Jeddah is moving upward and the property market is moving with it. The government is playing a huge role in helping the market to grow and due to the Kingdom having an open economy we are witnessing the formation of a very effective partnership between the public and private sectors.”
