The show, which included the Riyadh International Urban Development and Real Estate Investment Event, was attended by prominent officials including Prince Mohammed bin Salman, special adviser to the Emir of Riyadh; Naser Abdulaziz Daoud, undersecretary to the Riyadh Governorate; Abdullatif Al-Asheikh, chairman of projects and planning center at Arriyadh Development Authority (ADA); and French Ambassador Bertrand Besancenot.

The three-day event included an exhibition, a high-level conference, and investor roundtables. Over 40 expert speakers and more than 150 delegates discussed the challenges and opportunities surrounding Riyadh’s growing property market.

The conference agenda on the first day covered a state of the market address on real estate investment and development in the Kingdom, a session titled “The Investor Challenge” that covered the critical role of the investment community, “The Developer Challenge” session that covered the importance of delivering relevant and sustainable developments, and a session tiled “Effective Partnerships” that focused on public-private partnerships in real estate and infrastructure projects.

The second day of the conference included topics called “Focus on Housing,” “The Off-Plan Game Plan” and “The Big Debate” that featured a discussion on the Kingdom’s mortgage reform. The final day featured a brainstorming session, a legal clinic and a master planning masterclass.

Besancenot told Arab News that the show is timely since the Kingdom is witnessing huge developments in the field of construction. "With more than 70 percent of the Saudi population living in urban centers such as Riyadh and 68 percent under the age of 30, the Kingdom offers huge housing opportunities particularly in developing urban areas," he noted. He pointed out that currently a good number of French companies are engaged in industrial projects in the Kingdom. "We have competent expertise which could be shared in the construction field too," the envoy said.

Georges Chehwane, chief executive officer of Beirut–based Plus Holding, said that his company could build apartments for Saudis who are given 50 percent bank loans in Lebanon. He said that his company decided to participate in the show considering the huge potential for real estate development in the Kingdom.

“Danat Realty is the region’s foremost independent full service real estate company, so we are capable of delivering comprehensive solutions ranging from marketing and property management to appraisal,” said Saud Al-Rashudi, chief executive officer (CEO), Danat Realty.

“This event enabled us to reinforce our presence in the capital and throughout the Kingdom and increase awareness on our new projects, particularly our 2 million square meter Masay Resorts just 20 kilometers north of Riyadh. This V-shaped development includes villas and a hotel in addition to a youth section and a spa.”

“During this exhibition we have been offering Shariah-compliant financing for villas, apartments and land under the supervision of Shariah Home Loans’ (SHL) Shariah committee headed by the well-known scholar Sheikh Abdullah Al-Manea,” said Omar Malik, vice president (VP) originations, Saudi Home Loans. “SHL is the first specialized Shariah-compliant home financing company in the Kingdom and has financed over 2,500 units worth over SR1 billion.”

Another key industry player, GHESA Fuentes, offered its expertise in technologically complex real estate developments. The company is one of the world’s leading turnkey organizations in the design, project and installation of ornamental and cybernetic musical fountains and multimedia shows. It is currently at work on what will be the largest multimedia floating fountain in salted water in the Middle East and possibly the world.

RW Armstrong, a global engineering consulting and design firm with offices in the US and the MENA region, also offered its multi-disciplinary expertise in building services, planning and urban design, aviation and transportation. The company recently received the UAE’s prestigious "Interior Design of the Year" award at the 2010 Commercial Interior Design Awards held in Dubai.

“We managed to gather some of the top developers and financial services providers to offer a one-stop-shop for all of Saudi’s real estate needs and a key platform for advancing Riyadh’s urban development agenda for the next few years. The success of this inaugural show forecasts more regional and global interest in Riyadh’s growing property business in particular and the Kingdom in general,” concluded Deep Marwaha, director of the Riyadh International Urban Development and Real Estate Investment Event — Cityscape Riyadh 2010.