Informa Exhibitions, organiser of the Cityscape real estate events, has signed an agreement with Kuwaiti-based Top Expo Group, organiser of the Kuwait Real Estate & Investment Exhibition (RIE) and Kuwait International Property Show (KIPS), to jointly organise two real estate events for 2017, Cityscape Kuwait RIE and Cityscape Kuwait KIPS.
Leveraging the real estate potential in Kuwait, both shows will be the largest real estate events ever held in the country and are expected to connect over 100 exhibitors from Kuwait and countries across Europe, Middle East and North Africa with thousands of receptive real estate investors.
The latest addition to Cityscape’s growing portfolio of real estate exhibitions and conferences, Cityscape Kuwait RIE will take place from April 10th until the 15th, while Cityscape Kuwait KIPS takes place in the second half of the year, from October 9th until the 14th. Both events will be held at the Kuwait International Fairgrounds. The partnership signifies a turning point for real estate in Kuwait, not only because it combines a wealth of industry knowledge from two leading exhibition organisers but, more importantly, because of the ability of Top Expo Group and Cityscape to influence the real estate market as is evident through its previous events.
For example, Cityscape has become the leading real estate event brand in the region, running ten exhibitions globally, including its flagship event in Dubai, Cityscape Global. Meanwhile, Top Expo Group has positioned RIE and KIPS as one of the most successful and respected real estate events in Kuwait over the past decade. “We look forward to working with Top Expo Group to create a platform for regional and international players to drive real estate in Kuwait and abroad,” said Wouter Molman, Group Director Cityscape, Informa Exhibitions. “By combining our professional capabilities and the strengths of our real estate brands, Cityscape with KIPS and RIE, will ensure that both events will be THE events to participate in Kuwait going forward.”
Shaikh Malek Al Sabah, Chairman of Top Expo Group agrees. “It is a great pleasure for us to team up with an established exhibition organiser like Informa and to have the Cityscape brand in Kuwait. The country has witnessed the launch of many real estate events in recent years, which has created a somewhat confusing environment for exhibitors and visitors who find it difficult to select the right event, however we believe that by combining our industry knowledge and skills we can ameliorate this and create a platform through which all requirements are met under one roof,” he said.
The partnership between Cityscape and Top Expo Group is indicative of an evolving real estate market in the country, especially as Kuwait looks to diversify its economy in preparation for a post-oil era. Under its economic development blueprint Kuwait Vision 2035, the country aims to develop sectors such as finance and real estate to make them even more competitive internationally. Kuwait is already on a successful path, earlier this month the International Monetary Fund (IMF) lauded the country’s plans for reformation and its path towards diversification as it lessened the impact of the current low-oil price environment.
Driven by low oil prices, Kuwaitis are also diversifying their investments in overseas markets. Over the last few years outward foreign investments by Kuwaitis have helped boost the Gulf country’s economic leverage in both the region and in the world. It’s an advantage for the country, with industry experts stressing the need to maintain such an approach so the country can benefit from the leading Kuwaiti investments abroad. Kuwaitis invested nearly USD 14.2 billion abroad in 2007 alone. Almost ten years later, Kuwaitis are still looking at opportunities overseas.
Kuwait is the Middle East’s largest and the world’s seventh largest foreign investor, according to the World Investment Report of 2015, released by the United Nations Conference Trade and Development. The report noted that Kuwait also came first in terms of outward foreign direct investment in the Middle East region with total investments of USD 13 billion. GCC is the prominent investment hub for Kuwaitis along with major investment from both the private and public sector into UK real estate, France and Germany. Turkey is another major investment destination for Kuwaitis after a decision was made by the Turkish government to legalise real estate ownership for GCC nationals in 2012.
Thus, Cityscape Kuwait KIPS and Cityscape Kuwait RIE will include exhibitor brands from key markets including UK, Europe, America, Asia, on top of it Cyprus, Dubai, Turkey and Egypt.