Fifty national and regional companies are showcasing their real estate projects at Cityscape Jeddah 2015, which Jeddah Gov. Prince Mishaal bin Majed opened on Sunday.

The Jeddah urban development and real estate investment exhibition and its accompanying workshops kicked off in the presence of homebuyers, investors, developers, architects, designers, and major government officials, who came along to explore the present and future state of the Red Sea port city’s real estate market and that of the Kingdom at large.

Abdullah Bin Mahfouz, chairman of the National Exhibitions Company, which is organizing the event at the Jeddah Center for Forums and Events, welcomed Prince Mishaal’s visit to the annual event, and expressed his pride at the governor’s support of the event.

Bin Mahfouz praised the Kingdom’s leadership for the keenness to provide the citizens the best possible standards of living. “Amid the rapid, accelerating pace of the Saudi real estate market, Cityscape Jeddah has proven over the years what an important platform it is to bring together experts, project owners, and investors from all over the region, so they could discuss ways to take advantage of the countless promising opportunities that set the Kingdom’s real estate market apart,” said Bin Mahfouz.

“Saudis are pleased with the Ministry of Housing’s latest announcement of launching a new housing project in Jeddah that will include 14,000 units of over 13 sqm, which will do a great deal to narrow the supply-demand gap in the local housing market,” he added.

Anees Ahmed Moumina, chairman of Ewaan Global Residential Company, told Arab News: “Al-Fareeda project is doing well. We have started delivering 320 units from Zone I this year out of the total project of 1,800 units.”

He said: “We will start development of Al-Mayar project, next to Al-Fareeda, which will contain 2,000 units (apartments). “We will start work in two phases. The first phase will include infrastructure development and in the second phase we will begin construction of units. This project will be ready by 2018.”

Moumina, who is also the CEO of SEDCO Holding Group, expressed the imperative role of the real estate market in the Kingdom. “Our participation as a group in this event proves to what extent we are keen on the development of the real estate sector at SEDCO Holding through our contribution to the exhibition, which brings together the biggest players and investors, real estate developers, contractors and consultants Kingdomwide and elsewhere in the GCC.”

Riyad Ahmed Al-Thagafi, CEO of Ewaan Global Residential Company, said: “We’ve all seen just how keen the government is lately to shore up the local real estate market by giving land owners more incentives to invest their lands in various residential, commercial and industrial projects, thus bringing the prices of real estate down, and especially of residential units.”

He said: “The result will inevitably be more Saudis owning their own homes in the next few years. Ewaan will continue to put its vision — one which it shares with the government — for growth in the real estate sector, based on its belief that the private sector is the government’s partner in providing solutions for affordable housing to the citizens,” he added.

Al-Thagafi said: “Al-Fareeda project is an embodiment of that vision, as it provides some 1,800 quality villas aimed at buyers with average incomes.”

About the Cityscape exhibition, Al-Thagafi said: “People attending the show reflect market conditions. There are too many regulations pertaining to real estate and so they want to see the regulations.”

"The property market in Saudi Arabia has witnessed resurgence leading to renewed optimism and at Sabban Group we have been closely monitoring this trend,” said Arron Browne, group sales and marketing director at Sabban Group of Companies.

Sloanes Real Estate Brokers, a subsidiary of the Sabban Group of Companies, on Sunday unveiled its plan to become the exclusive agent for a “unique residential development project," Bayat Plaza, in Jeddah.

Bayat Plaza will be located off the intersection of Madinah Road and King Abdullah Road in Jeddah, and is being developed by Manazil, Sabban’s development arm.

Browne said: “The launch of Bayat Plaza project is a significant milestone for Sloanes Saudi Arabia and we are excited to introduce a world-class real estate development in the Kingdom.”

Mir Ahmed Ali, associate research director at YouGov, said: "Cityscape is a platform where buyers , sellers and regulators can meet under one roof and simplify the real estate business with a view to benefit end-customer as well as facilitate smooth process for the sellers."

More than 10,000 visitors are expected to attend the three-day event, where exhibitors are showcasing their projects at a time when a wave of prosperity and enthusiasm is sweeping through the Saudi real estate market.