According to Dr Abdullah M. Bin Mahfouz, vice-chairman of the Jeddah Chamber of Commerce and Industry, who is also chairman of the Saudi Council of Chambers of Commerce and Industry, despite international markets reeling under financial crisis, development and investment in Saudi Arabia’s real estate sector is expected to remain strong.
At least 10 major new city and real estate projects are currently underway in Saudi Arabia. These include the King Abdullah Economic City ($93 billion), Prince Abdulaziz bin Mousaed Economic City ($53 billion), Jizan Economic City ($30 billion), Jeddah Project Mile High Tower ($10 billion), Shamieh Project ($9.3 billion), Madinah Knowledge Economic City ($7 billion), Al-Zahira City ($4 billion), Jabal Omar ($3.3 billion), Injaz ($3 billion) and Riyadh Marriland Leisure Park ($3 billion).
In an interview, Bin Mahfouz said that the Saudi real estate market is the second largest industry in the kingdom of Saudi Arabia after oil.
