Real estate investments rose to 45 percent in Makkah in 2012



JEDDAH: ARAB NEWS

Published — Monday 25 February 2013

Last update 27 February 2013 10:42 pm

| نسخة PDF Print News | A A

There is no doubt that Saudi Arabia’s real estate sector is poised to witness a boom in offering tremendous growth opportunities this year. This is due to the much-anticipated approval of the mortgage law, implementation of affordable housing projects and growth of the hotel and hospitality sector, as the industry further taps into religious tourism, which is expected to contribute to sector growth of more than 20 percent in 2013 alone.
It is for this reason that this year’s Cityscape Jeddah assumes importance. Currently in its fourth successful year, the exceptional event will take place with the support of Jeddah Gov. Prince Mishaal bin Majed from March 2-4 at the Jeddah Center for Forums and Events and will include a large exhibition, plus three intensive, interactive days, consisting of 40 top-level management speakers, including CEOs and chairmen, more than 20 interactive panel discussions and case study presentations, round tables to spread knowledge sharing and 7 networking opportunities to increase the possibilities to establish local and international contacts with key stakeholders that are otherwise impossible to reach.
Hussein Al-Harithy, VP and MD, National Exhibitions Company, said,” Among the newest features to be added to the event this year, in addition to the largest Real Estate Exhibition in Saudi Arabia is the Residential & Affordable Housing Summit, the Hotel Investment & Development Summit and the World Architecture Congress Saudi Arabia, which were created to meet everyone’s specific interests and objectives and to be the premier platform for real estate professionals and organizations to meet, network and discuss development and investment opportunities in Jeddah, Saudi Arabia and beyond.”
“It has been forecasted by the Saudi Commission for Tourism and Antiquities (SCTA) that among the most exciting opportunities expected to emerge in the near future will be in the Saudi hotel and hospitality sector. This is due to the government’s enhanced support of the development of the religious tourism industry with forecasts projecting the Kingdom to welcome 15.8 million religious tourists by 2014 and experience growth in tourist arrivals from between 6-8 percent over the next five years. It is for this reason that this year’s Cityscape Jeddah is the only event where local and international brands, that cannot afford to be left out, can gain insight into prime hotel and hospitality sector investment opportunities, unavailable any place else,” Al-Harithy said.
Despite Makkah being the most expensive city in the world, in terms of real estate and land prices, it as well as the Holy city of Madinah, has become one of the most lucrative and attractive investment cities on the globe, in especially enticing international brands.
According to data from the Real Estate Committee of the Makkah Chamber of Commerce and Industry (MCCI), real estate investments in 2012 rose to 45 percent in Makkah alone compared to 55 percent in the remaining regions of the Kingdom. This is as a result of the expansion of the holy sites, new Mashaer and Makkah railway projects and completion of the Jamarat Bridge, with Makkah expected to account for half of the country’s real estate investments by the end of this year.
Supporting the government’s vision for growth in the real estate industry, The Jeddah Urban Development and Real Estate Investment Event - Cityscape Jeddah, is expected to attract more than 10,000 visitors.

What's happening around Saudi Arabia

RIYADH: The $22-billion Riyadh Metro project is going on according to the plan despite the fact that many global projects are faltering.“There are many stalled projects all over the world and not in the Kingdom alone, but the metro project in the Sau...
JEDDAH: Four members of the Commission for the Promotion of Virtue and the Prevention of Vice (Haia) were stabbed by a youth who was allegedly trying to blackmail a girl in Jeddah. The incident happened on Tuesday night and the four officers, who sus...
RIYADH: A recent report released by the Ministry of Labor revealed that the number of violations registered on the ministry’s electronic program “Together for Monitoring” in the months of December 2015 and January 2016 amounted to 484, of which 157 w...
RIYADH: Health Minister Khalid Al-Falih visited the medical complex in Thuwal, near Jeddah, on Tuesday. The facility was set up by Saudi Aramco, whose chairman is the health minister himself.According to the minister, the complex provides primary hea...
JEDDAH: A number of Shoura Council members have voiced objections to some imams who express their personal opinions during Friday sermons.The members asked the Ministry of Islamic Affairs to supervise the sermons to make sure they were written by spe...
MADINAH: Street vendors near the Prophet’s Mosque pose a risk to the country’s reputation and economy besides blocking the way of service cars, Red Crescent and Civil Defense vehicles, an expert has said.Ninety-eight percent of these street merchants...
RIYADH: Appropriate action has been taken against the Haia members who were involved in beating up a girl opposite the Nakheel shopping mall here recently, but the girl was also at fault, a Haia official has clarified.“A probe has revealed that the g...
I am from the east of France but moved to Saudi Arabia from Paris in 1990. I worked for a princess as a French language tutor. I was young and single. I thought it was very exotic and mysterious. I lived in a palace. I left Saudi Arabia in 1992 and c...
JEDDAH: The Pakistan Repatriation Council (PRC) held a symposium on Kashmir and the obligation of Muslim world toward Kashmiris.It was presided by Ali Al-Ghamdi, a former Saudi diplomat. Other guests and speakers at the event were Shahid Nayeem, pres...
DAMMAM: A total of 627 kidney transplant surgeries were performed in the Kingdom last year, bringing the number of kidney transplants, performed since the beginning of the organ donation program, to 9,000 surgeries, said Dr. Faisal Shaheen, director...
ABHA: Saudi women spend more on cosmetics compared to women in the West, the Arab world and even in the Gulf, economic studies show.Recent statistics issued by the Saudi Customs suggest the amount of imported cosmetics in the past year exceeded SR2.3...
RIYADH: A study is under way to provide health insurance to Umrah pilgrims and domestic workers and certain articles of the health regulations needs to be amended, an official has said.According to local media, the statement was made by Mohammed bin...
JEDDAH: The government last year helped over 2,000 children overcome circumstances that forced them to beg or work illegally. The number of children who got help to overcome was 2,039 last year, of which the proportion of the Saudi children was 16 pe...
RIYADH: The number of visitors to the United Kingdom from Saudi Arabia has been steadily increasing from 89,000 in 2009 to 144,000 in 2014.This was revealed at a presentation made to mark the launch of “Visit Britain” program in Riyadh on Wednesday....
NAJRAN: Three members of the Saudi National Guard died in Rabuah, Najran, on Wednesday.National Guard spokesman Maj. Mohammed Omari identified them as Lt. Faisal bin Abdullah Al-Shehri, Lt. Faisal bin Talal Al-Toub and Lt. Saud bin Khaled Al-Rukhayye...

Stay Connected

Facebook