Opportunities abound File photo shows curious visitors listen to a spokesman of a participating company giving the updates on urban development projects in Riyadh. (SG) n Opportunity to take advantage of plans regional and global interest in property development plans JEDDAH: The upcoming Riyadh International Urban Development and Real Estate Investment event - Cityscape Riyadh 2010 slated for Dec. 12-14 at the Four Seasons Hotel in Riyadh - will focus on the Saudi capital's transformation into a modern commercial hub within the next 4 to 5 years. Construction of around 1.1 million sqm of office space is already underway as part of efforts to establish a “New Riyadh” brand. The National Exhibitions Company and I.I.R Middle East are organizing the inaugural local edition of the Kingdom of Saudi Arabia's premier real estate investment and development event which will feature a large scale exhibition, in addition to various interactive speaking events to deliver a comprehensive business-to-business platform for key industry players to pursue new projects and support the “New Riyadh” development concept. Husain Alharthi, Managing director of the National Exhibitions Company, said: “Real estate investors and developers need to strategically position themselves as early as possible to maximize the opportunities offered by the ambitious ‘New Riyadh' masterplan. The Riyadh International Urban Development and Real Estate Investment event will be instrumental in outlining the huge potential of Saudi's thriving real estate sector and Riyadh has the opportunity to take advantage of growing regional and global interest in Riyadh's property development plans.” He added: “Among the prominent participants of the three-day exhibition is Saudi Arabia's Public Pension Agency (PPA), an independent agency that provides social protection and insurance coverage to civil and military officers employed in the public sector. PPA is the landowner and prime developer of the SR28 billion King Abdullah Financial District (KAFD) which will serve as the centerpiece of the emerging ‘New Riyadh' business and entertainment metropolitan area. It will include over 60 towers and expected to be completed before the end of 2012. The district will contain offices, housing, hotels, retail attractors, restaurants, college and other facilities.” Mohammad Bin Abdullah Al Kharashi, governor of Public Pension Agency - KSA, said “Cityscape Riyadh is an important platform for us to understand the interest of people for real estate and strategically position KAFD within the capital's growth plans. We intend to generate greater awareness on the social and economic significance of the district while learning more about other property-related investments that align with our agenda.” Riyadh's population has significantly expanded from some 150,000 in 1960 to over 5 million today and is expected to exceed 10 million by 2021. This opens up various development opportunities for housing, utilities, education and other facilities which will be extensively outlined in the Riyadh Urban Development and Real Estate Investment event.
