RIYADH – Real estate professionals and investors from Saudi Arabia and around the world will gather on Tuesday here in Riyadh for the 4th annual Riyadh Urban Development and Real Estate Investment Event - Cityscape Riyadh. The Dec. 10-12 event is under the patronage of Prince Khalid Bin Bandar Bin Abdulaziz, Governor of Riyadh. Some 50 local and international companies in the field of real estate planning and development, architecture and financers are participating in this year's event to showcase their products and services and network with international investors and decision makers from the private and public sector. The event is supported by the High Commission for the Development of Riyadh and sponsored by Tadawul, Barwa, Knowledge Economic City, Mohamed Alhabib and Flash Properties. In addition to the exhibition, the Riyadh Real Estate Summit, organized alongside the show, will form a meeting point for regional and international leaders shaping the curve of Riyadh's real estate growth and discussing challenges facing the real estate industry in Saudi Arabia. Commenting on the success of Cityscape, Dr. Abdullah bin Mahfouz, Chairman, National Exhibitions Company, said: “This hugely popular event is now in its 4th year and this year Cityscape Riyadh is being held at time when there is special interest from the Saudi government to reform this vital industry to meet the ever growing demand for housing projects and financing solutions. Interest in the kingdom's amazing mega development projects is truly global with attendees coming from all over the world, while what is going on in Riyadh - now in the future - is exciting the interest of the local population.” One of the topics being discussed at the real estate summit is the argument for investing in communities instead of buildings. Recent studies revealed that, rather than just buildings independent villas and apartment blocks, the Kingdom is in need of more integrated elevated lifestyle environments for the middle income class. Developers should define what is needed to create communities on a large and small scale which caters to the new modern lifestyle of Saudis and provide them with the services they need.
Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said “paying attention to the soul of the city can bring dividends to investors. The old conventional way of thinking should be replaced with a fresh perspective taking in consideration the changing dynamics of the market and recent trends calling for urban regeneration. One of the solutions would be to move outside city limits.” However, “the main challenges facing developers are the availability and high cost of providing a modern infrastructure serving these communities, and absence of a public transportation network facilitating access to the city and encouraging homebuyers to reconsider moving and living in these communities,” he added.
The Cityscape Riyadh Real Estate summit is going to be inaugurated with opening remarks by Tarek Ramadan, Chairman, Tharaa Holding, who will discuss the driving forces for the evolving Riyadh and greater region, reviewing factors promising to change the face of Riyadh and the surrounding area. Other speakers on day one will cover a range of topics including: New real estate opportunities created by the Kingdom's infrastructure initiatives; new urbanism in Saudi Arabia; ways to improve construction contracting on real estate projects; risk management for large scale developments in Saudi Arabia; ways to combat recent labor shortages; and Investment returns for real estate in Saudi Arabia. Speaking on the subject of new urbanism in Saudi Arabia and horizontal strain, Sheikh Khalid bin Hassan Abdul-Karim Al-Qahtani, Chairman HAK Group, will highlight the need to rethink a city's layout to mitigate strain on municipal resources and balance vertical pressure with horizontal strain for cities of the future. Day two of the summit will feature two sessions; Funding the Visions, which will discuss topics titled Going Abroad for Cash and Risk Management Techniques; and The Lure of Something New which will discuss the creation of a financial empire, namely Saudi Arabia's own Wall Street, and how to accomplish the vision of a technologically and academically advanced center of finance. Other topics on day two are: Saudi Arabian closed communities and the use of shared facilities; Building communities and investments via healthcare projects; How the mortgage law may change housing availability in the next two years. The annual Riyadh Real Estate Summit continues to be the most powerful meeting of real estate professionals who discuss current hot topics and is the key networking event for developers, government officials, investors and financiers who are shaping the real estate industry in the capital city of the Kingdom. – SG
