| 28 Apr 2010 |
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More Arab & foreign investors drawn by 8.8 per cent average annual growth rate of Syria's real estate sector
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BUILDEX Syria expects 10 per cent turnout hike as Syrian properties and construction offer exceptional investment returns
21% of Middle Eastern exhibitors at BUILDEX are from UAE
Syria's real estate sector has grown significantly after reforms were implemented less than a decade ago to allow private and foreign industry participation. Many mega-projects are now currently being undertaken under joint ventures among Syrians, other Arabs and foreign investors. Property developments employ around 15 per cent of the national population, and with almost all private banks in the country offering housing loans at longer payment periods, lighter collateral requirements and smaller down payments, the industry is expected to attain higher growth as the recession slowly subsides, leading to an increase in demands for new construction technologies and building material.
The 16th edition of the International Exhibition for Construction of BUILDEX Syria 2010 that will be held under the patronage of Syrian Prime Minister Mohammad Naji Al-Otri from May 12 to 16, 2010 at the Damascus International Fairgrounds in Syria will showcase the latest innovations and products in the building and construction sectors, in addition to local developments aimed at meeting elevated demand for residential and commercial spaces in Syria. The exhibition is held in collaboration with DHL Worldwide Express, Grohe, ISOBIT, Sinjab, and Diab Al Youssef acting as major sponsors. Event organizer Arabian Group for Exhibitions & Conferences has extended the exhibition area of BUILDEX Syria beyond 150,000 sqm in anticipation of a 10 per cent increase in exhibitors' turnout over 2009. More than 21 per cent of the Middle Eastern exhibitors at BUILDEX Syria, excluding Syrian exhibitors, are from the UAE.
"Syria's relatively young real estate sector remains largely untapped and offers excellent returns on investment, and so investors from areas such as the Gulf and Europe are keen to enter into this expanding market. Moreover, the Syrian Government has pledged to earmark billions of dollars into the development of infrastructure and tourism, which are major property business drivers. There is a substantial imbalance between supply and demand which BUILDEX Syria aims to help address," said Alaa Hilal, CEO of Arabian Group.
Over the past three years, most of the real estate investments emerging in Syria have been Arab-Syrian partnerships. The country expects real GDP growth to rise to 3.9 per cent in 2010 and 4.2 per cent in 2011, with over 4 per cent of the annual income to be generated by property-related activities. The Syrian Government plans to establish 20 new industrial cities to encourage and attract foreign investments.
The 2009 edition of BUILDEX Syria welcomed 225,000 visitors, 26 per cent of whom were from other countries. This year will feature 734 companies from 56 countries representing 2,129 brands covering Building and Construction, Heavy Machinery, HVAC and Water Technology, Stone and Marble, Paints and Insulation, Lighting Systems, and other industries in the construction and development mortgage sectors.
The international lineup of exhibitors includes prominent industry names in the construction sector such as APEX Metal (Turkey); CODE S.A.R.L (Lebanon); MESC Group (Saudi Arabia); Dubai Cable Company (UAE); Modern Chemical Industry company (Egypt); MCI (Egypt); Kripsasis Electronics and Machinery (Greece); ABLOY OY (Finland); Schilliger Holz (Switzerland); Banninger (Germany); EUROCO - SOLAR SA (France); EHWA Diamond (Korea); Chang Chun Lumber Co., Ltd. (Taiwan); and HXF Saw Co., Ltd. (China).
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© Press Release 2010
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