Value of ongoing and planned Real Estate projects for Saudi Arabia estimated at US$586billion

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Riyadh   – The value of ongoing and planned projects in the Kingdom of Saudi Arabia are estimated at US$586billion, according to a report by marketresearch.com. The report said the estimated amount represented around 128% of KSA’s GDP.
While office rental prices have held up in Riyadh, several supply issues have placed pressure on prices in Jeddah. However, there is a consensus that these prices will recover later this year or early next year.
 
Affordable housing has also emerged as a key opportunity in KSA. This is being driven by demographics and the health of the Saudi economy in relation to other Gulf Cooperation Council (GCC) countries. Saudi Arabia is currently embarking on much needed reforms, introducing new laws as well as a regulatory framework to ensure that the growth of its real estate sector remains healthy and viable. KSA is also expected to introduce a mandatory escrow account/guarantee system for off-plan sales.
 
With this in mind naseba – a business information company that produces, promotes and hosts upper-level executive B2B congresses and forums – is proud to present the second annual Real Estate Investment World Summit (REIS). The event is set to take place from November 9^th – 10^th at Al Faisaliah Hotel, Riyadh, Saudi Arabia.

The two-day summit will focus on education and networking and will explore investment opportunities in real estate, taking into consideration the global economic climate.  It will bring key government bodies, high net worth individuals, property developers, private and institutional investors, financial institutions and family business owners together.
 
The event will also highlight the latest trends and issues facing the property sector. These include the international investment climate, Islamic financing - along with its risks and returns - investor sentiments, transparency of laws and regulations and investment in the Middle East and Africa with the major focus being on the property market.
 
Commenting on the summit, Fabien Faure, Group Managing Director, naseba said: “Despite the global financial crisis, the Saudi real estate market still provides a fertile ground for investment. There is an increasing demand for housing in KSA with investments having returns of no less than thirty percent. As a result, all eyes are now on the biggest economy in the Middle East, monitoring the steps that will be taken in order to overcome the crisis. We strongly believe that the second annual Real Estate Investment World Summit (REIS) will be the ideal platform to discuss the latest trends and opportunities in a dramatically changing market. We are looking forward to a successful edition of REIS.”
 
While office rental prices have held up in Riyadh, several supply issues have placed pressure on prices in Jeddah. However, there is a consensus that these prices will recover later this year or early next year.
 
Affordable housing has also emerged as a key opportunity in KSA. This is being driven by demographics and the health of the Saudi economy in relation to other Gulf Cooperation Council (GCC) countries. Saudi Arabia is currently embarking on much needed reforms, introducing new laws as well as a regulatory framework to ensure that the growth of its real estate sector remains healthy and viable. KSA is also expected to introduce a mandatory escrow account/guarantee system for off-plan sales.
 
naseba has also announced the presence of several government representatives and industry experts who will be speaking at the summit. These experts include H.E. Eng. Abdullatif Abdulmalek Al Sheikh, Highest President, Arriyadh Development Authority; HE Eng Imad N Fakhoury, Chief Executive Officer, Aqaba Development Corporation; Brad Bourland, Chief Economist, Jadwa Investment; Purshotam Ramchandani, Senior Vice President, Abraaj Capital; Dr. Badr Al Badr, Managing Director, Cisco; Emad Shorrab, Founder, Arab Real Estate Academy; Mohammed Matrouk Almansour, Board Member of Madinah Chamber of Commerce; Holger Heims, Managing Partner, Falcon; Khaled Mohammed Al-Aboodi, CEO, Islamic Corporation for Development; Hani B. Khashogji, Chief Marketing Officer, Ewaan; Mohammed Aly Sergie, Correspondent, Zawya Down Jones.
 
For more Information, please visit: www.reis-saudi.com

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