JEDDAH, 19 February 2005 — Some 160 companies are expected to participate in the international real estate, finance and housing exhibition here tomorrow. Business deals worth SR6 billion are likely to be concluded during the show.
Jeddah Mayor Abdullah Al-Muallami will open the six-day exhibition, which will be attended by companies from the United Arab Emirates, Egypt and Lebanon, organizers said. It offers a golden opportunity for investors intending to put their money in this lucrative sector.
Ahmed Al-Muhandis, the exhibition’s supervisor, said he expected the show would attract thousands of visitors from within and outside the Kingdom. The last two shows in the city were attended by a large number of companies and drew nearly 500,000 visitors, he added.
A number of lectures and seminars on real estate, construction, housing and finance will be held on the sidelines of the show with the participation of experts and businessmen. Female experts will also address to activate women’s role.
The organizers have allocated 4,500 square meters of the Jeddah International Exhibition Center for the participating companies. The exhibition is organized by Al-Mustaqbel Company in association with the Al-Aqariya magazine.
The event is significant as it comes at a time when Saudi Arabia and other Gulf countries are witnessing a major real estate boom. According to a report issued by the Riyadh Chamber of Commerce and Industry, total investments in the Kingdom’s real estate have crossed SR900 billion.
A recent study showed that Makkah and Madinah have become the most preferred areas for real estate investment. Riyadh came second and Jeddah third followed by Alkhobar, Dammam and Abha. Real estate investment in Makkah during the last three decades is estimated at SR400 billion. Out of the SR15 billion invested every year, 50 percent was channeled to the central area around the holy mosque.
Real estate business in Madinah has attracted many investors after the executive committee for developing the central area of Madinah approved 60 new projects including seven, five and four stars hotels, residential units and commercial centers valued at SR60 billion.