(MENAFN - Bahrain Tribune) Total real estate investments in Saudi Arabia, which represents the largest construction market in the Middle East, are estimated at 270 billion and the total value of new projects is likely to reach 410 billion this year.
Due to extra liquidity generated from high oil revenues and regional governments. Saudi Arabia is planning ambitious infrastructure programmes.
Growth According to a report by Business Monitor, the growth of the industry has been pushed by the government's efforts to liberalise the economy. Over the past few years, new laws have been voted to ensure attractive capital flow into the nation.
Foreign companies are now allowed to own 100 per cent of property and projects and to bid for government contracts. Since 2005, corporate taxes have decreased from 45 per cent to 25 per cent, encouraging companies to invest in the country.
To further attract investors, local authorities have therefore partnered with Naseba, an international business information company, in hosting the Real Estate Investment World Summit in Riyadh on October 19-20.
"There are tremendous opportunities in Islamic investments in the real estate market in Saudi Arabia.
With this summit, we aim at further opening the Saudi market to foreign investors, exploring the investment opportunities within the conventional and Shari'ah-compliant real estate sector," Teena Tolani, the organiser of the Real Estate Investment World Summit, said in information made available to Khaleej Times here on Tuesday.
Summit Working in partnership with BBC World News, Time magazine and Forbes Arabia, the Real Estate Investment World Summit is the first event of its kind to gather up to 250 global leaders including high net worth individuals, VIPs and board members from companies such as Kuwait Finance and Investment company, The National Investor, Amlak Finance, Jordan Investment Trust, Bank Al Jazira, and many others.
The summit will explore the investment opportunities through educational conference sessions, networking opportunities and an exhibition featuring companies such as Kuwait Finance House, Abraj Tourism, Dubai Islamic Bank, Nakheel, The Land Holding, Al Oula Development, TMG Holding, Al Rajhi Bank and Palm Hills Developments.
Mortgage finance Islamic finance, one of the most booming markets in the world, is estimated to be worth 800 billion and growing at a substantial rate, by 15 per cent to 20 per cent a year.