(MENAFN - Arab News) The Cityscape exhibition in Riyadh is considered a good opportunity for citizens and residents to acquaint themselves with the volume of real estate projects that are being implemented in the Kingdom as well as in the region, said Riyadh Mayor Abdullah bin Abdulrahman Al-Muqbel.
He opened the fourth annual Riyadh urban development and real estate investment event in Riyadh, on behalf of Riyadh Gov. Prince Khalid bin Bandar
In the wake of the renaissance in various urban activities, he said such exhibitions are an opportunity for individuals, private and public sector firms to identify activities to help the concerned parties plan and work out current and future investment programs.
Highlighting the significant participation of the Higher Commission for Development of Riyadh (HCDR) at the event, Al-Muqbel said the HCDR is exhibiting the public transport project due to the fact that there is a close relationship between urban development and the public transport project s and their contribution to the overall development in the city in all areas.
Husain Al-Harthi, chairman of the National Exhibition Company, said the real estate market in the Kingdom is enjoying enormous prosperity not only in terms of the number of developers but also in the solid presence of major financial institutions.
The government efforts come consistently with the growing real estate boom witnessed by the market aimed to support its growth and reflect its vision for the future of the capital through a number of major projects, especially in the infrastructure sector and public services such as public transport, hospitals and schools, he said.
He said the exhibition is considered a mirror to reflect the care given to the real estate market by specialized real estate firms and local and regional investors.
Flash Real Estate Company is actively participating in the event as representative of real estate brokers in the UAE.
The company is keen to availing itself of investment opportunities in the Saudi market and also to attract Saudi investors to the UAE promising markets, said a top executive.
In this context, Muhannad bin Hazail, representative of Flash Co, said they were targeting Saudi investors and foreigners residing in the Kingdom by providing them a wide range of real estate products, housing or commercial, notably two key projects: the Polo Residence Project which has 29 buildings composing some 600 apartments and occupying 2.5 million square meters, and, secondly, EK Residence Project having 29 buildings and contains a variety of entertainment, social and public service projects.
Mohamed Al-Jasir, deputy CEO of Maceen Capital, said real estate investment sector in the Kingdom is one of the biggest and flourishing industries in the Kingdom.
He expected that the real estate market in the Kingdom would witness a major restructuring process due to issuance of new legislation which will create new property products and services.
Some 50 local and international companies in the field of real estate planning and development, architecture and banking are taking part in this year's event to showcase their products and services and network with international investors and decision makers from the private and public sector.
The Cityscape Riyadh Real Estate summit featured the opening remarks by Tarek Ramadan, chairman, Tharaa Holding, who discussed the driving forces for the evolving Riyadh and greater region, reviewing factors promising to change the face of Riyadh and the surrounding area.
Among the topics that will be taken up for discussion include: new real estate opportunities created by the Kingdom's infrastructure initiatives; new urbanism in Saudi Arabia; ways to improve construction contracting on real estate projects; risk management for large scale developments in Saudi Arabia; ways to combat recent labor shortages; and Investment returns for real estate in Saudi Arabia.
The second day of the summit will feature two sessions; Funding the Visions, which will discuss topics titled Going Abroad for Cash and Risk Management Techniques; and The Lure of Something New which will discuss the creation of a financial empire, namely Saudi Arabia's own Wall Street, and how to accomplish the vision of a technologically and academically advanced center of finance.