The sixth edition of the Jeddah Urban Development and Real Estate Investment exhibition (Cityscape Jeddah 2015) launches Sunday as the largest real estate event in the region. The exhibition will be held over three days in a number of Arab countries with the participation of the most prominent 50 real estate companies, according to the Cityscape website. A number of Arab countries, including Egypt, Jordan, the United Arab Emirates and Saudi Arabia, host the exhibition annually, in order to activate investment in the real estate sector to meet the population needs for housing. Cityscape is the most significant real estate event in the market; it comprises of big developers and marketers. In addition to presenting the newest products by participants, discussions are held among the exhibition activities. The event is perceived as a compass that determines real estate prices and market directions. Cityscape Jeddah 2015 is taking place during a very critical time for the real estate sector in the kingdom, where everyone is following fluctuations in oil prices and their effects on the sector. According to the President of the Egyptian Businessmen Association, Hussein Sabbour, "Cityscape Jeddah has a special importance this year, due to severe fluctuations international oil markets witness and the large drop in prices". Real estate will draw the attention of businessmen, as a safe haven for their investments. "Egypt is waiting for Cityscape Egypt after its postponement. Some attributed the delay to the wait for parliamentary elections. It is decided the exhibition will be held between 16 and 19 September, 2015," said Sabbour, Chairman of Al-Ahly For Real Estate Development. Sabbour added that he expects "2015 will be more attractive to developers and clients". "Egypt has huge infrastructure projects and is seriously moving towards real reform of the legislations that rule the investment system," Sabbour said, expressing his optimism regarding the growth of the real estate sector during 2015. Real estate investors in Egypt are waiting for Cityscape Egypt next September to present the latest projects, and discuss with the government points of contention. According to the website of Cityscape Jeddah, Abdullah bin Mahfouz, Chairman of the National Exhibitions Company, which is the organiser of Cityscape, said: "There are specific factors likely to affect the real estate market this year; namely, the new governmental systems, especially after King Salman bin Abdulaziz took office, after the death of King Abdullah, and the fluctuations of oil prices. These factors will be discussed within the workshops of Cityscape Jeddah 2015." King Salman bin Abdulaziz issued a royal order to allocate SAR 20bn in order to execute water and electricity projects, which will make a huge recovery in the sectors of contracting and real estate. Mahfouz further noted that this year's annual gathering is the most important for real estate. It comprises of elite investors, developers, engineers, designers, officials, decision makers and representatives of prominent companies in region and the world, who work in designing and executing projects for both private and public sectors and have the ability to affect the real estate market of Jeddah. "I expect fruitful discussions regarding the best ways to face challenges of 2015. We look forward to come out with positive results from this event," said Mahfouz. Sabbour added that "the next Cityscape Egypt and the current Cityscape Jeddah will allow real estate developers a perfect platform to present their latest projects as well as to communicate with potential clients and decision makers". Observers expect that governmental reforms may lead to significant changes in the real estate scene in the kingdom, as well as in the work ethics of the real estate sector. This will be one of the major topics that will be discussed in the event, which will be held from 5-7 April. Ayman Sami, Country Head of Jones Lang LaSalle Egypt for real estate consulting, said that real estate workers in Egypt face plenty of challenges, due to the circumstances related the Egyptian revolution in 2011 that led to a significant slowdown in real estate market. Sami added that "Cityscape Egypt that was held in the first quarter of 2012 witnessed unexpected activity in respect to sales volume". However, the market performance was unstable, affected by the political fluctuations Egypt went through. According to Samy, the Egyptian economy is still strong and is still attracting investments. The real estate market has a positive effect on the Egyptian economy. Al-Futtaim Group, Coldwell Banker New Homes, Emaar Misr, Hassan Allam Sons, Hyde Park, Jong Lang LaSalle, La Mirada, Madinet Nasr Housing and Development, Roaya Group, Suez Industrial Development Company (SIDC), Tabarak Holding, Tiba Group, Jaffa Mac, New Giza for Real Estate and Development, Orascom Housing Cooperative, Palm Hills Development, SODIC Human Developments, Talaat Moustafa Group (TMG) and other senior companies are considered the brightest national and international companies for investments and real estate development in Egypt. The mentioned companies also participate annually in Cityscape Egypt, since it was launched in 2012.
