JEDDAH, 4 April 2007 — A Malaysian construction marketing mission held a meeting at the Jeddah Chamber of Commerce and Industry (JCCI) yesterday to explore Saudi Arabia’s real estate sector.
“With the Kingdom’s ongoing economic boom and plans for five new cities including King Abdullah Economic City, opportunities for you are plenty,” Abdulrahman El-Khereiji, vice chairman of the JCCI’s contractors committee, said.
Additionally, he said, the Kingdom’s plans for developing the nonoil sector offer immense scope for international companies to take part, as there are many multibillion dollar projects related to hospitals, malls, schools, housing and tourism.
The Kingdom has around 3,500 real estate companies, 34 percent of them in the Makkah and Jeddah region alone.
“An attraction for international players is that the development of infrastructure and real estate in the Kingdom is all done by the private sector with the least involvement of the public sector,” El-Khereiji said, adding that the overseas investors will find the Kingdom a big attraction due to the liberalization of investment rules.
With Malaysia’s vast experience in developing many of its world class infrastructures, the country is now ready to share its success with other countries. “We are keen to assist and cooperate in the development of our host countries,” Zakaria Kamaruddin, director, services and product promotion division, Malaysia External Trade Development Corporation (MATRADE), said.
Malaysian companies have so far made their presence felt across the Middle East, India, Bosnia, Africa, Vietnam, Cambodia, Sudan, Bahrain, China and Iran, and are now making initiatives to share their experiences with other countries.
Whether through privatization or through the build, operate and transfer (BOT) method, Malaysia’s fast-track contractors are known to have the capabilities to complete time-critical projects ahead of schedule, Roslan Awang Chik, director of Construction Industry Development Board Malaysia, said.
Malaysian construction companies are willing to undertake projects through joint ventures, enabling transfer of technology and providing means for training of local workers to ensure that the ventures are mutually beneficial to both parties, he said.
“Our mission comprises 14 real estate companies and all of them are looking for partnerships and projects here,” he said, adding that they are among the companies that are taking Malaysia’s construction industry to new heights by offering global competitiveness.
The mission includes companies of architects and professional services.