JEDDAH, 21 December 2004 — The prospects of real estate development in the Kingdom and the two holy cities were in focus at a conference opened by Jeddah Mayor Abdullah Al-Muallami, as part of the Saudi Real Estate Development & Investment 2004 exhibition at Jeddah Hilton yesterday.
The mayor, who earlier viewed some of the real estate projects on display and interacted with the exhibitors, told the conference that this was the most opportune time for property developers, designers and engineers to conceptualize projects and execute them by giving due consideration to the aesthetics and environment. “All developments in the city should be in accordance with the regulations laid down by the Municipality,” he emphasized and hoped that the developments in the city will be faster and more rapid than in the past because of the ongoing real estate boom.
There was never a slowdown in the local real estate sector, but its development is reaching unprecedented levels now due to the enterprising nature of individuals and the private sector. There is tremendous liquidity in the market that is attributed to the repatriation of investments and funds from overseas locations.
Khaled ibn Hassan Qahtani, who heads the National Real Estate Committee of the Saudi Chambers of Commerce & Industry and president and chief executive officer of Rikaz, said in his presentation that the real estate sector had gathered lot of pace because of the generous support of the authorities, both in terms of procedure and funding.
He referred to the accolade Dubai had received as the “city of cities” and said the dramatic real estate developments in Dubai and other places, especially in the Gulf, were exemplary. The Kingdom’s major cities could not lag behind if the current pace was maintained.
He said since its inception in 1997, Rikaz for development had worked in real estate development setting up and managing portfolios, real estate investments and provided solutions and services related to this sector. “Throughout the years, Rikaz has opted for an approach characterized by absolute transparency, high professionalism and quality standards, and a sense of civic duty and social responsibility that have set it apart form other leading real estate firms in the Kingdom,” he said. Rikaz today boasts of more than 12 real estate development projects worth more than SR3.5 billion. These projects range from residential towers in Makkah, light industry zones and sea resorts to a multipurpose modern city.