Huge contracting opportunities in 'New Riyadh'

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Retail areas, office space and real estate in the Saudi city of Riyadh is expected to grow by thousands of square metres in the next 4-5 years, reflecting the gradual emergence of a ‘New Riyadh’.

Whilst retail space is expected to increase from 2.3million m² to 2.9million m² by 2014, an additional 93,000m² of office space will be developed between now and 2015, creating a wave of new opportunities for developers and contractors alike.

Meanwhile, the real estate market is continuing to thrive in Saudi Arabia’s capital, with more than 900,000 units in the pipeline and prices expected to rise by anything from 5-10% over the next two years.

Providing a setting for industry experts to tap into the new opportunities in the region, real estate investment and development event, Cityscape Riyadh, will be held on 12-14 December this year at the Four Seasons Hotel.

Commenting on the emergence of a ‘New Riyadh’, Cityscape Riyadh’s director Deep Marwaha said: “Retail property sales in Riyadh are being driven up by improving consumer confidence. Year-on-year point-of-sale transactions were up 22% in April 2010 and the Kingdom’s most robust economy will help sustain this trend within the next few years.”

Following the success of Cityscape Jeddah earlier this year, the three-day event planned for December will bring together real estate firms, developers, and investment authorities; architects, consultants and contractors, with a view to discussing opportunities for development in the KSA capital.

Marwaha added: “Cityscape Riyadh 2010 will give us a clearer picture of where the opportunities are and what strategies developers and investors should take as Riyadh overhauls its local infrastructure."