Restax East 2105 continued its presentations on Tuesday in its evening period amid a large turnout of visitors and interested parties, to benefit from the services provided by real estate development companies, contractors and companies exhibiting construction and construction services, while specialized real estate finance companies and banks offered opportunities with special advantages that attracted the attention of the exhibition visitors, especially since the offers include not transferring the salary, such as the National Commercial Bank, Saudi Fransi Bank, Al Rajhi Bank, and from companies Dar Al Tamleek specialized in housing finance solutions, Saudi Housing Finance Company, Amlak International Company.
As for the level of foreign participation, weak participation was observed, and at the Gulf level, three Gulf companies participated in the exhibition from Kuwait and Qatar, introducing their real estate and tourism projects. For his part, Bassam Boudi, Vice Chairman of the Real Estate Committee in the Eastern Chamber, attributed the weakness of Gulf and Arab participation in Saudi real estate exhibitions due to the controls and conditions of the Ministry of Commerce, which prohibited the participation of any company to market products outside Saudi Arabia, unless those companies obtain a license by it or in partnership with licensed Saudi companies.
Bassam Boudi Bodi said that the Ministry's firm decision contributed to reducing the participation of some fictitious and manipulative companies, most of which market fictitious projects that do not exist on the ground, pointing out that there is continuous communication with the Ministry of Commerce and Industry and providing it with the number of projects displayed at the exhibition for Gulf companies located in the Kingdom.
Bodi said that the Ministry of Commerce and Industry is in constant communication with the Ministry of Commerce and Industry. <It is worth mentioning that the exhibition witnessed a large gathering of businessmen and owners of participating companies and deliberated on the future of real estate development in the Kingdom, considering that the real vision will become clear after the completion of the mechanism for imposing fees on white lands, some believe that the initial signs of the decision are positive, and there is a proposal to add a mechanism to impose fees, so that the areas targeted for development are lands ready to build and not built, and give two orders by developing them and imposing fees on those who develop them, while some expected that the decision will not lead to a reduction in property prices except in some speculative lands, at the same time it contributes to the ease of providing housing for the Kingdom's residents.
