(MENAFN - Arab News) Jeddah Gov. Prince Mishaal bin Majed will open tonight the 4th annual Jeddah Urban Development and Real Estate Investment Event-Cityscape Jeddah.
The three-day exhibition will be held in Jeddah Center for Conferences.
Cityscape Jeddah comes as five government projects are being contracted in the northern area of the city.
The projects, in addition to the lack of space inside Jeddah, have turned investors' interests toward the north.
Other factors such as the King Abdullah Economic City, King Abdullah University in Thuwal, housing projects, the new stadium, hospitals and colleges, are attracting real estate investors to the city.
Real estate experts predict the government will start providing ideal residential property in the north to meet the demand from individuals and companies.
Mohammad Al-Qahtani, CEO of Salateen Real Estate Co., said the area has been frozen for 25 years and now landlords are looking forward to the mortgage law that would bring the long awaited services to the area.
Abdullah bin Mahfoudh, chairman of National Exhibitions Co., said that Cityscape is expected to be a platform for 200 companies to meet the increasing demand to real estate loans and to enhance houses ownership among citizens.
"It is important to discuss the impact of the mortgage law on the Saudi market," bin Mahfoudh said.
Nafeed Siddiqui, CEO of a Real Estate Finance Co., said the mortgage law is making clear what is required from finance companies.
"It is framing the rights and responsibilities of the financier and the beneficiary," he said. "It provides liquidity center with huge capital."
Any competition will be part of the general framework that betters the Kingdom's economy, he said.