Follow: Muhammad al-Amin Jamous
With great success and remarkable interaction from participants and visitors, the Eastern Real Estate, Housing and Urban Development Exhibition "Restatex Sharqiya 2015" concluded its work after its activities lasted for four days from 26 to 29 last October, More than 36 specialized real estate companies, government agencies, banks and leading financing companies participated, and the pavilions covered all available exhibition halls at the Dhahran International Exhibition Center, and the exhibition was patronized by His Royal Highness Prince Saud bin Naif, Governor of the Eastern Province, who honored the opening ceremony.
<p class="p2Significant government participation
During the opening ceremony, the CEO of Restatex Real Estate Exhibitions in the Kingdom, Hussein Al-Faraj, praised the participation of government agencies in the exhibition, especially the Ministry of Housing, which participates in a large pavilion that also includes the achievements and initiatives of the Real Estate Development Fund, and the participation of the off-plan sales program at the Ministry of Commerce and Industry, which put points above the letters for many investors, traders and visitors, as well as the Eastern Province Municipality, which presented its work and plans for the future cities of the region to the visitors of the exhibition, and the Royal Commission in Jubail with a special pavilion about its exceptional projects.
This year's Sharqiya Exhibition contained large participants and constitute the future gateway to the region, which made the exhibition an important economic event that highlighted the strength of the investments of the region's real estate companies, the size of their capital and the diversity of their real estate products between residential, commercial and tourism.
Care for housing projects
As a result of the general trend that has recently occurred in the economic and real estate map in the Kingdom, housing real estate projects have found an estimated space in the exhibition halls, especially those recently announced by the participating companies, which is a factor in attracting visitors to the exhibition, which was visited by approximately 20.The major real estate companies sought to highlight the elements of success in real estate development and display residential projects targeting owners and owners of large lands, in preparation for their inclusion in the urban area so that they do not fall on them the decision of fees on white lands for the purpose of forming alliances that have a positive return for the developer and the owner of the property.
The real estate housing projects found an appreciable area in the exhibition halls, especially the recently announced participating companies, which is an attraction to visit the exhibition, which was visited by about 20,000 visitors, with the aim of forming alliances that have a positive return for the developer and the owner of the property.
20 Riyal billion projects
Despite some obstacles that limited the participation of many companies and the coincidence of the exhibition with exhibitions in other regions, the exhibition found a large turnout of companies exhibiting strategic projects, and the Exhibitions Committee at the Council of Saudi Chambers estimated the value of the projects displayed at about 20 billion riyals, At the same time, Dr. Bassam Bodi, Vice Chairman of the Real Estate Committee at the Eastern Chamber, attributed the weakness of Gulf and Arab participation in Saudi real estate exhibitions to the controls and conditions of the Ministry of Commerce, which prohibited the participation of any company to market products outside Saudi Arabia, except on the condition of obtaining a license by it or in partnership with licensed Saudi companies, as the Gulf participants in this exhibition amounted to only 3 participants from Kuwait and Qatar, which are introducing their real estate and tourism projects.
<p class="p3Boody added 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, indicating 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 in the Kingdom.
Anticipation and measures for the fee decision
Restax Eastern provided a great opportunity for businessmen and owners of participating companies to talk about the future of real estate in the Kingdom in light of the developments that have occurred in the Saudi economic reality, especially after the white land fees are close to implementation, the mechanism of which is currently being studied in the Shura Council, and the investment path is now directed to free white lands from the grip of monopoly and benefit from them by developing them to contribute to solving the housing shortage in the cities of the Kingdom, While others believe that some will resort to selling through public auction or selling to relatives through the courts, so real estate developers believe that the decision serves urban development and its effects will be positive in serving the citizen, developer and landowner, and some observers called for adding a mechanism to impose fees, so that the areas targeted for development are lands that are ready for construction but have not been built.
<p class="p1Off-plan sales program products worth27 billion riyals
The Ministry of Commerce and Industry, represented by the off-plan real estate program, responded to the activities of the exhibition by announcing, during the scientific session on the future of off-plan sales, the readiness of real estate products for sale worth more than 27 billion riyals, including raw lands, commercial complexes and residential units belonging to the program.
The Secretary General of the program, Mohammed bin Saud Al-Ghazwani, said that the list is ready for sale, indicating that the program is concerned with selling real estate units before the development stage and before the construction stage, this came during the first session of the scientific program accompanying the Eastern Real Estate Exhibition "Restax 2015" He reviewed the advantages of off-plan sales according to the mechanism provided by the committee in charge of this, most notably the consumer obtaining a real estate unit with high quality and competitive prices, stimulating many real estate activities, and enhancing the ability of companies to develop, indicating that the committee has several projects for implementation, including partnership agreements with banks to finance buyers and finance developers, as well as the project of building electronic services for the off-plan sales system and the project of preparing technical and financial qualification conditions for real estate developers.
Prince Saud bin Naif praises the role of Amlak newspaper in supporting the real estate sector
His Royal Highness Prince Saud bin Naif bin Abdulaziz, Governor of Eastern Province, visited the stand of Amlak newspaper, and reviewed the latest issue of the newspaper, praising its distinguished role in supporting the real estate market and its specialized sponsorship of such events and its coverage by conveying the live image from the reality of the event.
This came during a tour of the pavilions and participating parties after opening the exhibition "Restax Al Sharqiya 2015" He was received by the head of the newspaper's delegation, Mr. Mohammed Al-Nahdi, who explained to His Highness the future programs and development plans of the newspaper, its spread, and its service to the community. Al-Nahdi pointed out in his speech the support of Amlak newspaper for all economic events and the newspaper's presence in all real estate exhibitions and forums to provide consultations and logistical support to exhibiting companies.
Mortgage financing does not require salary transfer
Restax East 2105 attracted Financing entities specialized in real estate financing to offer their various services to visitors and investors, in order to take maximum advantage of the advantages that these entities allocate to the visitors of the exhibitions, where it drew the attention of the exhibition visitors, especially that the offers contain no salary transfer and other encouraging items such as the National Commercial Bank, Saudi Fransi Bank, Al Rajhi Bank, Saudi Dutch Bank, and from companies Dar Al Tamleek specialized in housing finance solutions, Saudi Housing Finance Company, Amlak International, Deutsche Gulf Real Estate Finance Company, Abdul Latif Jameel Property Finance and other companies and banks.
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GCC companies head to Sharqiya to invest in 25 tourism projects
Sources revealed during the exhibition that there are Gulf companies intending to enter the Saudi market to invest in the tourism sector in the Eastern Province, which needs more than 25 diverse tourism projects that serve the Saudi and Gulf tourist, adding that the Eastern Province has become competitive with most Gulf countries in attracting tourists, especially on official holidays and weekends, adding that the large number of tourism projects in the region is a necessary requirement to create honest competition in providing services and prices, The Eastern Province occupies a prominent place in the Kingdom's tourism sector due to its distinctive geographical location and proximity to all Gulf Cooperation Council countries, in addition to the tourism ingredients and the attention the region receives from the state and its people. The march of development in the Eastern Province is moving at a steady pace, which qualified it to be a destination and a safe depository for attracting capital, especially that sources say 90% of real estate projects during the past decade were developed by development companies, and that the state has undertaken to develop some old plans and lands.
