On behalf of Prince Khaled Al-Faisal, Emir of Makkah, the Jeddah Mayor, Adel Fakieh will inaugurate Monday the Jeddah International Real-Estate and Housing Exhibition (JIREX 2009) which will showcase the Kingdom's over SR10 billion real-estate market potential at the Jeddah Center for Forums and Events, formerly known as Jeddah International Exhibition Center. The recent economic downturn in the global economy has affected real-estate development world-wide, however Exhibition Supervisor, Ahmed Al-Mohandis remains opitimistic. “The Kingdom still needs some $640 billion to be invested in real-estate during the next 20 years,” said Al-Mohandis who is also a member of the real-estate committee at the Saudi Chambers of Commerce and Industry. Started in 2003, JIREX has become a major investment opportunity in the GCC with a total investment value of up to SR10 billion. Al-Mohandis said the Kingdom will need close to five million residential units by 2020. Over 90 real-estate, finance, investment and development companies from the region will participate in the event organized by Al-Jeel Group for Conferences and Exhibitions, under the supervision of Jeddah Chamber of Commerce and Industry and the Saudi Architecture Science Society. Several seminars covering architecture, investment and financing will be conducted by academics and business at the exhibition.
