The Saudi real estate market is currently experiencing radical developments in an age of unprecedented growth that increases the potential for bridging the gap between supply and demand in the Kingdom.

With this comes the end of this years’ edition of Cityscape Jeddah 2015 — Jeddah urban development and real estate investment event — which ended on Tuesday, after a three-day run at the Jeddah Center for Events and Forums. The expo had the support of Jeddah Gov. Prince Mishaal bin Majed.

Visitors of the exhibition were able to see a variety of projects belonging to over 50 companies from the Kingdom and the Gulf, including Sumuo Real Estate Company, the principal sponsor of the event, and Ewaan Global Residential Company, the founding sponsor.

During the event, Ewaan Global Residential Company announced a partnership with the Ministry of Housing. The partnership includes training developers in the mega projects that have been announced by the ministry recently, which include expansion projects in the north of Jeddah, which was awarded to the company.

The proposed project announced by the ministry will soon begin and is situated south of the King Abdullah Sports City, including 4,200 housing units, and is expected to be completed after two years. In addition to this, the design of the project will be approved after one month from today and marketed to potential buyers and beneficiaries. This project will support over 100,000 people, which include the allocation of a number of units for selected individuals by the ministry to benefit from the project.

Sultan Sobhi Batterjee, president and founder of Lifestyle Developers and member of the real estate developers committee of the Jeddah Chamber of Commerce and Industry, said: “At Lifestyle Developers, we are continuously pushing to raise the standards of living by building quality communities focused on design and affordability that are accessible to young professionals across the Middle East. Industry exhibitions such as Cityscape Jeddah 2015 allow us to reach a wide audience of key decision-makers in the region and explore future collaborations and opportunities.”

During the exhibition, Lifestyle Developers showcased its newest residential and commercial projects, including The Loft and Diyar Al Salam. Lifestyle Developers also offered an inside look by showcasing successfully completed projects and giving a preview of upcoming ones.

Batterjee added: “Cityscape Jeddah 2015 comes at a key moment in time when all eyes are on macro trends like the continuous fluctuation of oil prices, changing public sector regulations, and the impact they have on the Kingdom’s real estate sector.”

Probably one of the most important projects on display in this year’s event is the Galaria Project by the Kling Consulting Company. Participating in the development of this project is the SEDCO Development Company, a subsidiary of SEDCO Holdings.

The luxurious commercial complex that was re-developed lies on the Prince Mohammed bin Abdulaziz Road in Jeddah and covers an area of over 52,000 sqm. The front face of the building reflects classical designs with a modern influence. The complex contains 12 floors and three underground parking levels. It also includes an elegant shopping mall, a five-star hotel, in addition to restaurants and event halls.

The event also included offers from other exhibitors in the financing sector. This comprised a number of renowned Saudi banks, such as Saudi Hollandi Bank, which offered customers exclusive rates on mortgages and housing loans limited only to the duration of Cityscape Jeddah 2015.

Bank AlJazira also offered Cityscape visitors a package of offers comprising flexible and exclusive real estate and mortgage loans that have been tailored to all segments based on the bank’s commitment in providing Shariah-compliant financial services. Their participation also included a raffle to win several prizes over the three days whereby participants had the potential to win a SR30,000 voucher to spend at ID Design for furniture in addition to a 15 percent discount on purchases over the price of the voucher.

Dar Al Tamleek, a major Saudi real estate credit provider, also had a strong showing. The company started operations in 2008 with a common vision to become the Kingdom's leading provider of home financing solutions. Now Dar Al Tamleek is the largest mortgage company in the Kingdom, and has helped over 20,000 family members achieve home ownership. The company operates in the Kingdom’s major cities of Riyadh, Jeddah, and Dammam along with 12 other branches all over the vast country.

In parallel with the activities of the event, the workshops held on the second day covered several important topics. On the first topic, Eyhab Rahmah, GM of Rikaz Properties, reviewed Makkaj’s multi-use development and shed the light on Hai AlQanadeel in the holy city. He discussed how more than 2 million sqm land will be filled and what will be the timeline for this monumental project. He clarified that the district’s master class enjoys a blend of residential and commercial zones together for the best results and ROI.

On the second day of the seminar, Abdulgader Amir, MD of Shamayel, and Neil Tobin, COO of SEDCO, tried to answer the question of how the ever-changing development and infrastructure projects in Jeddah may help or hinder the city’s real estate business.

They both concurred that it might be virtually impossible to carry on with urban development, especially the residential part of it, without having infrastructure that is ready— or at least under construction — based on which they discussed whether the government or the developers themselves should be responsible for finding the best ways to handle infrastructure development.

They all agreed that a good starting point would be to determine the type of infrastructure needed so that developers may evaluate its impact on cost and pricing before they break ground on a given project. They pointed out that there should be partnerships between the public and private sectors so as to share the burden of developing infrastructure, from water and power to public transportation, medical facilities schools, and any other major, vital facilities any real estate project may need.

Tobin said that while determining the cost of infrastructure may be easy when a given project is within Jeddah’s city limits, it might become harder the farther a given project is from the city – which is especially true for the mega-projects currently being developed on the outskirts of the city.

Hearing this, the audiences wondered why developers would want to start developing projects in places where there is no infrastructure, especially given that 40 percent of Jeddah itself does not have a comprehensive infrastructure.

The event, considered as the premier real estate event in the Kingdom, contributes greatly to achieving the vision of the country’s leadership for growth in the industry. It highlights the country’s developmental milestones and architectural identity, and provides direct access to the Arab world’s largest real estate market.