JEDDAH, 27 February 2006 — The real estate exhibition, which opened last week, ended on a successful note on Friday night, with exhibitors reporting deals that run into several millions of riyals. The show had such an overwhelming response that it had to be extended by a day until Friday, according to the organizers.
Some 135 large companies specializing in real estate building and marketing showcased their residential, office and commercial projects that they have already executed or are currently being planned. They included firms from Egypt, Lebanon, the UAE, Yemen, Syria, Malaysia, Kuwait, Bahrain, Pakistan and South Africa.
The number of inquiries from visitors and also some positive trends for following up likely deals indicate that citizens and residents are interested in making investments in real estate projects, according to Waheeb Kamfar, a Jeddah-based engineer.
Many visitors have been examining various projects and some of them even held consultations and discussions with exhibitors, thus showing their seriousness in investing in real estate, Nayyar Iftikhar of the Dubai-based Best Homes Emirates Real Estate & Construction Co. LLC, told Arab News.
Significantly, Saudi businessmen and families in particular have evinced interest not only in real estate projects across the Kingdom, but also in other parts of the Gulf and also elsewhere in the world where investment opportunities are available, he added.
“Inspired by our track record in North America and the great success of Dubai, we chose to take part in the exhibition to showcase our experience that includes designing and developing scores of prestigious properties, he added.
“Our work stretches from high-rise towers to commercial and shopping centers, from condominiums to town-houses and independent villas, in Canada and elsewhere in the world,” Iftikhar said. “We’re here to bring you homes that you’ll simply love.”
Best Homes Ltd. is a very well known firm in Canada, with over 40 years of experience in building new home communities. Recognized internationally for building excellence and customer satisfaction, the company is currently making its name in the Greater Toronto area in Canada and has won the “Markham Building Excellence Award 2003 and 2004” for its Swallows Nest project.
One of its projects in the region showcased is a ground plus 34-story tower with 331 apartments having studios, with bedrooms ranging from one to five on different floors in the Jumeirah Lake Towers community near Dubai Media City and Dubai Internet City. Its global Green view 2, located at Dubai’s International City on Emirates Road.
Going by Dubai’s success, many exhibitors like Best Homes focused on their existing and upcoming projects in the UAE. “Clearly, Dubai has been in focus and many citizens and expatriates have made keen inquiries about various real estate plans in the UAE,” an executive representing Jafza Dubai Business Hub, said.
“Jafza is a powerful symbol of the positive pro-business attitude of Dubai. As a free zone pioneer, our experience has enabled us to create a thriving business community,” he said, adding that since its establishment in 1985 the Dubai government is committed to it and according the same importance as every other major project in the country. This commitment has resulted in major investments in the Free Zone’s infrastructure, including the very latest information technology.
For the past eight years, the UAE has witnessed strong economic growth, which was mainly driven by the government’s strategy to position the emirate as the economic center of the region, according to Mahmoud A. Tajuddin of the Dubai department of tourism and commerce.
Both Saudi and UAE exhibitors said that the increased efforts by the Dubai government to promote it as the regional center for commerce and tourism, combined with the development of Palm Island, the Dubai International Financial Center, the new Convention Center, and other major developments is expected to result in a considerable increase in demand for transient accommodation in the area.
Despite the dominance of businessmen in the Kingdom’s real estate market, a large number of Saudi women visited the Jeddah real estate exhibition.
Ahmed Al-Mohandes, director general of Al-Mustaqbal Company for Exhibitions, said 20 percent of some 300,000 people visited the five-day show were women.
“The exhibition offered a good opportunity to purchase suitable housing units,” one Saudi woman told Arab News.
— With input from Galal Fakkar
