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29 May 2023

Saudi real estate sector set to 'remain strong'

By Staff Writer

While international markets are reeling from the financial crisis, development and investment in Saudi Arabia's real estate sector is expected to remain strong, according to one of the kingdom's leading business figures.

Dr Abdullah M bin Mahfouz, Vice-Chairman of Jeddah Chamber of Commerce and Industry, was speaking as he welcomed the latest addition of the real estate development event brand – Cityscape – to Saudi Arabia.

Cityscape Saudi Arabia, a networking exhibition and conference focusing on all aspects of the real estate development cycle, will take place from June 14 to 16 at the Jeddah Centre for Forums and Events under the patronage of Prince Misha'al bin Majed bin Abdulaziz, the Governor of Jeddah Province.

"Cityscape is a world renowned brand in the field of real estate events with Cityscape Dubai and Cityscape Abu Dhabi becoming two of the most important business events on the Middle East calendar," said Dr Abdullah. "Cityscape Saudi Arabia is an essential component of the growth of Saudi Arabia as it is the biggest name in real estate event organising now taking place in the largest economy in the Middle East. Therefore, I am optimistic about the impact that Cityscape will leave on Jeddah city, as well as on real estate investment for years to come."

Deep Marwaha, Event Director of Cityscape Saudi Arabia, said: "We are delighted to be launching the first Cityscape Saudi Arabia at this time as, in these difficult days for the international property and real estate industry, Saudi Arabia continues to have pent-up demand combined with strong fundamentals. A report from real estate experts Jones Lang LaSalle – who will be exhibiting at Cityscape – pointed out that Saudi Arabia has a large domestic economy and is less dependent on global flows of capital and labour. There are also many opportunities for investors, developers and occupiers with a recent snap poll finding that Saudi Arabia is expected by the construction industry to take centre stage in the coming period."

Cityscape Saudi Arabia is aimed at regional and international investors, real estate developers, government and development authorities, architects and designers.