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Wed 24 Jun 2009 12:16 PM

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$3.7bn deals done at Cityscape Saudi Arabia

Organisers claim the success of show reflects strength of real estate market in kingdom.

$3.7bn deals done at Cityscape Saudi Arabia
UPBEAT MESSAGE: Cityscape Saudi Arabia saw $3.7bn worth of deals done, according to organisers. (Getty Images)

More than SAR14 billion ($3.7bn) worth of deals were done at Cityscape Saudi Arabia, organisers revealed on Wednesday.

And Shuaa Capital Saudi Arabia officials announced that it was in the process of organising finance for hospitality projects worth a further SR2bn, as a direct result of the real estate show.

One hundred companies took part in the exhibition earlier this month which attracted in excess of 8,500 visitors, organisers said.

“To successfully launch a real estate event in the current economic climate is a testimony to the strength and the confidence shown not only the Saudi market but the Cityscape brand as well," said Deep Marwaha, exhibition director, Cityscape Saudi Arabia.

Abdullah Al Khariji, member of the real estate committee at the Chamber of Commerce and Industry in Jeddah, confirmed that two onsite deals were announced on the first day of the show alone, totalling SR12 billion.

In addition, Omar Al Jaroudi, CEO of SHUAA Capital Saudi Arabia (SCSA), confirmed that the company was now in the final stages of providing financing solutions for investments worth SR2 billion in Saudi hospitality developments.

"Irrespective of the total size of the onsite orders, what it clearly demonstrates is that the Saudi real estate market is very much alive and well," added Marwaha.

Organisers said the next Cityscape exhibition will be in Dubai which takes place at the International Exhibition and Convention Centre on October 5-8.

All eyes will be on the show, which follows a traumatic year for real estate and construction companies in the emirate.

billy bob 10 years ago

What absolute nonsense!! How would they know that?? ´Come on Arabian Business, are you still just printing press releases or actually confirming the legitimacy of these claims like REAL reporters?!