More than 285 civil construction projects worth in excess of $260 billion are currently underway or in design in Saudi Arabia - the sleeping giant of the Arabian Gulf real estate market - according to the latest analysis.

Details of the continuing surge in the kingdom's civil construction market were revealed today at Cityscape Dubai where the latest addition to the world's largest international business to business property development brand was announced - Cityscape Saudi Arabia.

"The Cityscape portfolio now encompasses most of the world with ten separate events," said Rohan Marwaha, Managing Director of Cityscape. "Cityscape Saudi Arabia is a natural addition. With an indigenous and growing population of 19 million and organic growth of its own, Saudi Arabia is not as exposed to potential downturns as other Arabian Gulf states and is less reliant on overseas investment.

"Saudi Arabia's wealth as a nation also places it in a better position than many to weather the challenging international financial uncertainties. Investment in real estate is at an earlier stage in the cycle and has not matured to the same extent as other regional countries."

Saudi Arabia's drive to become one of the top ten globally competitive investment destinations and the development of complete, major new cities in the kingdom are further reasons to introduce Cityscape Saudi Arabia, which will be held from 14-16 June 2009 at the Jeddah International Exhibition Centre.

The Proleads database of active civil projects under construction or in design in dramatically illustrates the extent of the continuing boom in Saudi Arabia's property development industry with the top ten alone valued at over $200 billion. For the most part, these projects are massive, entirely new cities being created where there was once only desert (see table for details).

The announcement of Cityscape Saudi Arabia was made at a joint press conference today on the sidelines of Cityscape Dubai, taking place until 9 October 2008 at the Dubai International Exhibition and Convention Centre, by Marwaha along with Sumou Holding Company, associate sponsors of the Jeddah event. The announcement of Saudi Arabia's first real estate investment trust was also made at the press conference.

Cityscape Dubai is the flagship event of a now internationally recognised brand developed in Dubai. "A key strength is the access Cityscape events have to some of the wealthiest and most liquid property investors in the world," said Marwaha. This strength led to the introduction of Cityscape Asia, in Singapore, Cityscape Abu Dhabi and Cityscape China in Shanghai, all of which are now approaching their third year.

The international reach of Cityscape achieved a new level in September with the inaugural Cityscape USA event in New York. The second Cityscape Latin America will follow hot on the heels of Dubai with a show in Sao Paolo in November and the second outing for Cityscape India takes place in Mumbai this December.

"But the growth of Cityscape doesn't stop there," Marwaha added.  "We are not only launching the new show in Saudi Arabia, we are also opening in Cityscape Russia in Moscow next June and Cityscape South Korea next September.

"It emphasises that while the world may change we at Cityscape remain intent on a strategy of showcasing emerging real estate market opportunities to an international audience wherever they may be."

-Ends-

For media enquiries, please contact:
Chris Mullinger
Account Director and Senior Consultant
Shamal Marketing Communications
Dubai, United Arab Emirates
Tel.: +9715 0658 5843
E-mail: chris@theshamalgroup.com

© Press Release 2008

 

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