“Jeddah Summit” Treats City Expansion

Big 5

The Jeddah Expansion Summit 2012 opens today (March 27) with the aim of addressing the challenges, opportunities and strength of “expanding and regenerating” Jeddah.
The Mayor of Jeddah, Dr. Hani Bin Mohammed Abu Ras, will deliver the keynote address at the one-day summit to be held at the Park Hyatt Hotel here.

Jeddah Expansion 2012 brings together the cream of the Jeddah’s construction community. As such, it is an ideal place to position company’s brand, meet potential customers and existing clients. The conference will feature keynote addresses from leading players active in the investment and construction of real estate in the Jeddah. A series of keynote addresses and interactive panel discussions will provide a platform to discuss and debate the best way to design and construct the projects required to meet the demand of the growing population.

In his role as Mayor, Dr. Hani is responsible for setting plans and policies for developing city infrastructure, which covers transportation, gardens and parks, buildings, uses of lands, services, economic development for disorganized regions and areas, in addition to cultural and environmental development of Jeddah City in general.

The gathering is packed with real life examples that will outline the practical challenges of development in Jeddah, how obstacles have been overcome, and will reflect the opportunities for contractors and developers in the residential, commercial and hospitality real estate sectors, as Saudi Gazette stated.

To be mentioned that Jeddah’s real estate market is benefiting from the government’s recently declaration of SR500 billion financial stimulus package and massive public sector infrastructure investments.

Opportunities abound in Jeddah’s residential sector as market rents and sale prices continue to rise. An additional 25 million square meter of land offered by the Jeddah Municipality for future large-scale residential developments is encouraging market activity by mitigating one of the key barriers to development: the high cost of land.

Expanding the supply of land available for development will help address inventory and affordability issues to meet the growing housing demand from both the local and expatriate population.

Jeddah’s market will be further supported by the government’s increased spending on housing and the large capital injection into the Real Estate Development Fund.

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