WELCOME LETTER
exhibition will take place from 11th – 13th June at the Jeddah Centre for Forums and Events. Te event will bring together real estate investors, developers, consultants, architects and other senior-level real estate professionals from the region. Participants can look forward to hearing about investment opportunities and networking with some significant international real estate investors and developers. A phenomenal amount of construction is currently taking place
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across the Kingdom of Saudi Arabia to meet the current shortfall in housing. Te Saudi housing market needs 1.65 million new units by 2015 to meet demand. In view of this, Te Jeddah Development and Urban Regeneration Co (JDURC) is giving high priority to addressing the city’s severe shortage of housing for low and middle-income residents and has planned extensive development to meet the city’s rising demand for accommodation and prevent further unplanned settlements. Te JDURC’s 20-year plan for the city includes 283,000 new housing units. Of these, 80,000 are to be set aside for low-income residents and 150,000 will house people displaced by initiatives to clear unplanned areas. Te Kingdom recently welcomed the news that after 10 years of planning the Shura Council has approved a draft law that has been sent to the king, which could pave the way for a traditional mortgage system. Te Shura council passed rules that define the provider of a loan as the owner of a property rather than the borrower. Tis could create a more efficient foreclosure process and remove the legal ambiguity that has traditionally deterred banks from lending. Te March report from Banque Saudi Fransi, says: “Te enactment of Saudi Arabia’s long-awaited mortgage law will act as a catalyst for the domestic real estate sector. Te law should enhance the market’s sophistication and widen funding options for middle and low-middle income groups if applied and enforced.” Tis year’s Cityscape event will present the chance to take part in the Jeddah Real Estate Summit, fully approved by the Ministry of Industry and Trade and supported by the Jeddah Chamber of Commerce. Tis two-day conference is an essential learning and networking event for the
ityscape Jeddah is now just a few weeks away and we would like to welcome you to our latest magazine – dedicated to Saudi Arabia’s second largest city. Te third annual Cityscape Jeddah
Rohan Marwaha Managing Director, Cityscape
Kingdom’s real estate investment, development and finance professionals. Panel discussion topics are set to include: a market overview, finance, investment, hospitality, affordable housing and infrastructure amongst many others. Tis year we’re pleased to announce the launch of a new initiative – the addition of our exhibition business matching service. By pre-registering to visit the show on the Cityscape Jeddah website, you’ll automatically be added to the business matching group which will allow you to pre-arrange meetings with your industry peers at the exhibition. Visitors will be able to arrange meetings at each and every exhibition stand or make use of the free, dedicated, business networking lounge. We look forward to welcoming you to Cityscape Jeddah.
Editor Claire Hill Designer Davis Mathai Advertising Sales John Duggan, Santosh Sarma
Although every effort is made to ensure the accuracy of information contained in this magazine is correct, Cityscape cannot be held responsible for any errors or inaccuracies contained within the publication. All information contained in the magazine is under copyright to Cityscape and cannot be reproduced or transmitted in any form, without first obtaining written permission from the publisher
For advertising sales contact John Duggan and Santosh Sarma Tel: +971 4 408 2836 For editorial enquiries contact
claire.hill@iirme.com
Zabeel Printing Press, P.O. Box 5143, Dubai, UAE, Tel: +971 4 2626171, Fax: +971 4 2696067
JUNE 2011 I CITYSCAPE I 1
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