JEDDAH, 2 September — Jeddah will witness a major real estate exhibition in January, according to Ahmad Mohammed Al-Mohandis, member of the real estate committee at Jeddah Chamber of Commerce and Industry.
About 70 national companies are expected to take part in the show. Organized by Al-Mustaqbil Company and Al-Aqariah magazine in association with the real estate committee, “The Jeddah Real Estate, Financing & Housing Exhibition” will open on Jan. 5.
“This exhibition is organized on the basis of studies and keeping in mind the real estate market requirements,” said Al-Mohandis, who is editor in chief of Al-Aqariah.
He said the show, to be held at Jeddah International Exhibition & Convention Center, would give real estate businessmen an opportunity to present their projects as well as new investment opportunities.
Al-Mohandis said the five-day exhibition would also provide an opportunity for Saudi banks and financial institutions to offer their products and services related to real estate business.
Spread on 8,000 square meters, the show will highlight investment opportunities in Jeddah. “It will be organized in a professional manner, matching the progress achieved by the sector,” he added.
“The exhibition will provide businessmen a suitable atmosphere to take vital decisions and conclude deals,” Al-Mohandis said.
“It offers an opportunity to meet with leading investors and financiers in the sector as well as to know the latest developments in the field,” he said. “We are also planning to organize lectures and discussions on new trends in real estate business, to give investors new thoughts and ideas,” he added.
The exhibition comes at a time when real estate market in the Kingdom is likely to witness a big boom over the coming months as a result of repatriation of funds from the United States.
Khaled Sultan, head of a real estate company in Jeddah, said the situation in the market was “extremely satisfactory” as a result of growing demand.
“Reports on the return of billions of dollars in Saudi and other Gulf investments abroad would definitely give a boost to the market,” he said.
Dr. Abdul Rahman Al-Sanie, an economist, said the real estate sector would be one of the major beneficiaries of repatriated funds. Sanie expected a major boom in the sector if the government encourages foreigners to purchase real estate in the country.
“There are about six million expatriates in the Kingdom. Some of them have considerable incomes which allow them to purchase property in the country,” he said.
