RIYADH, 16 April 2007 — Prince Sultan, deputy premier and minister of Defense and Aviation, will inaugurate the two-day Saudi International Real Estate Conference in Riyadh on May 12.
Abdulaziz Ibn Mohamed Al-Ajlan, chairman of the National Real Estate Committee of the Saudi Council of Chambers of Commerce and Industry (SCCI), said at a press conference yesterday that it will be a landmark event in the annals of the Kingdom since it would guide the destiny of the country’s real estate business.
“After oil, real estate is the second largest sector in the Kingdom which is experiencing boom,” he said, estimating the market at SR800 billion to SR1.2 trillion. The ongoing projects in the related sector are valued at SR200 billion.
Al-Ajlan said: “Real estate business had remained conservative by nature for several decades and some of the regulations governing the immovable properties are obsolete to the present construction market.” He added that they should be refashioned to suit the changing environment in the construction industry. Another important topic that will be taken up of discussion, he said, will be allowing foreigners to own lands in the Kingdom. “Why can’t a person who invest SR1billion have his own property in the Kingdom?” he asked , requesting the decision makers to change the present system to accommodate foreign investors. He said the conference is to attract more than 1,500 real estate businessmen in the Kingdom. “ We have received more than 40 scientific papers for submission at the two-day meeting, however, we will present only 15 selected papers at the three workshops of the conference,” adding that renowned experts from all parts of the world have agreed to address the delegates on various challenges facing the real estate business and how they could be improved in the local context.
He said the conference will evaluate the current investments in the sector, existing regulations and the need for more commercial, housing and shopping complexes to meet the rising demand due to the increasing population in the Kingdom.
Al-Ajlan also signed an agreement with the two main sponsors of the event for the successful implementation of the proposed project. He inked the deal with Ayman T. Jamal, CEO of Mullak, and Mohammed Aba Al-Khail, GM for Marketing and Sales of Aloula Development.