Robust real estate market in Riyadh has ushered in an agreement between two exhibition organisers
Informa Exhibitions, organiser of the Cityscape real estate events, has signed an agreement with Ramtan Exposition & Conference, organiser of the Restatex real estate events in KSA, to jointly organise Restatex Cityscape Riyadh this year, and Restatex Cityscape Jeddah early next year.
Leveraging the real estate potential in Riyadh and Jeddah, both shows will be among the largest real estate events held in the country and are expected to connect exhibitors from across the Gulf with thousands of receptive real estate investors.
The latest addition to Cityscape’s growing portfolio of real estate exhibitions and conferences, Restatex Cityscape Riyadh, takes place on the 27–30 September at the Riyadh International Convention & Exhibition Centre. Restatex Cityscape Jeddah takes place early next year, from the 6th until the 9th February at the Jeddah Centre for Forums and Events.
The partnership signifies a turning point for real estate in the kingdom, not only because it combines a wealth of industry knowledge from two leading exhibition organisers but, more importantly, because of the ability of Ramtan and Cityscape to influence the real estate market as is evident through their previous events.
Cityscape has become the leading real estate event brand in the region, running ten exhibitions globally, including its flagship event in Dubai, Cityscape Global. Meanwhile, Ramtan has positioned Restatex as one of the most successful and respected real estate events in Saudi Arabia, running events in Riyadh, Jeddah and Dammam.
“We look forward to working with Ramtan to create a platform for regional and international players to generate opportunities and foster partnerships that drive development and investment across the country,” said Wouter Molman, Group Director Cityscape, Informa Exhibitions.
Hussain Farraj, CEO of Ramtan, agrees. “This alliance and the professional joint effort between Restatex and Cityscape brands will result in a leading real estate exhibition and urban forum in Riyadh and Jeddah that brings together investors, developers, government officials, financial institutions and real estate professionals from the kingdom and the wider Gulf region,” he said.
The partnership between Cityscape and Ramtan is indicative of an evolving real estate market in the country, especially as Saudi Arabia looks to diversify its economy in preparation for a post-oil era.
Last year, the kingdom released a set of strategic objectives and key performance indicators aimed at expanding its non-oil economy. The National Transformation Program (NTP) identifies the property sector as a key player in diversifying the country’s economy and reducing its dependence on oil. It’s a plan that forms the basis of the Kingdom’s Vision 2030.
The government aims to increase the property sector’s contribution to the country’s GDP from 5% to 10% by 2020, the equivalent of $74.8 billion.
In addition, the Kingdom’s Vision 2030 plan aims to increase the rate of home ownership among citizens; a government initiative is expected to provide 1.5 million housing units in the next five years.
Under the new objective, both the public and the private sector are encouraged to take a role in ensuring the growth of the property sector, either through individual initiatives or forming public-private partnerships (PPP).
It’s a pivotal time for the real estate sector. Earlier this year the government announced regulations for its White Land Tax – a game-changing reform in the real estate sector, which will result in a fundamental change in Saudi Arabia’s real estate market and help stimulate further development to address the shortage of middle income housing.
“With these crucial changes in the government there’s no better time for us to work together to bring Restatex Cityscape Riyadh and Restatex Cityscape Jeddah to Saudi Arabia,” added Molman.
For information on Restatex Cityscape Riyadh visit www.RestatexCityscape.com.