AS MANY as 100 companies will take part in Cityscape Saudi Arabia, which will be held in Jeddah, Saudi Arabia, this month.

The networking exhibition and conference, which will focus on the potential of Saudi Arabia’s real estate market  and aspects of the development cycle, will run from June 14 to 16 at the Jeddah Center for Forums and Events.
The exhibition will be held over a floor space of more than 10,000 sq m and is expected to attract 5,000 participants over the course of the show.
The conference will feature a series of panel discussions on the impact of the global financial crisis on real estate investment and development in the kingdom; updates on the regulatory system, legislation and mortgage law; shariah and conventional opportunities in real estate investment; and the residential needs of the kingdom.
Statistics reveal that one million new homes will be needed in Saudi Arabia over the next five years as the kingdom takes the leading regional role in real estate development and investment, says IIR Exhibitions,  the organiser of the event.
“The UK-based Architects Journal recently summed up the potential saying that Saudi Arabia was unique among GCC states, with large numbers of  investors interested in buying property,” says an IIR Exhibitions spokesman.
He continues: “Demand is estimated at 200,000 homes a year, with one million new homes needed within the next five years. In addition, a new law, which will eventually allow mortgages for the first time, will come into effect later this year.”
Alongside the event, the Cityscape Real Estate Awards will recognise “exemplary contributions to architecture and real estate development in Saudi Arabia”.