Saudi Minister of Municipal, Rural Affairs and Housing Inaugurates Real Estate Future Forum

Riyadh, January 22, 2024, SPA -- Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al-Hogail today inaugurated the third edition of the Real Estate Future Forum in Riyadh.
Held under the theme "The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future", the event, attended by representatives of over 85 countries, including 300 speakers from both government and private sectors, brings together a distinguished group of economists, investors, decision makers, and real estate experts.
In his opening speech, Al-Hogail underscored the unwavering attention and support the wise Saudi leadership gives the real estate sector, which contributes greatly to improving the quality of life, ensuring family stability, and fulfilling aspirations by providing a decent standard of living, as well as to playing a pivotal role in driving the national economy forward.
According to Al-Hogail, real estate activities had contributed 12.2% and the construction sector 11.3% to the non-oil GDP by the third quarter of 2023.
With strong connections to over 120 industries, the sector demonstrates its significance and vitality, said the minister, adding that "supported by the ambitious Vision 2030 and generous support, the real estate market has become an appealing investment destination, fostering growth and ensuring sustainable prosperity. The implementation of flexible regulations and legislation has enabled the sector to effectively adapt to new developments and maintain its dynamic nature".
Al-Hogail also said that the real estate sector has undergone significant transformation and witnessed reforms meant to help it address challenges, adding that the ministry issued regulations and legislation to protect rights, attract investments, and foster development, innovation, and a sustainable industry.
He highlighted the Kingdom's appealing real estate investment opportunities for both local and international capital, adding that the ministry "is actively pursuing partnerships to enhance competitiveness, sector development, and expand the real estate supply".
Agreements and memoranda of understanding have been recently signed with countries like China, resulting in investments exceeding SAR5 billion. A sizable residential project in collaboration with a prominent Egyptian company is under way, providing around 28,000 housing units. The ministry is preparing for upcoming international partnerships, with announcements to follow, said the minister.
Al-Hogail also inaugurated, and toured, the exhibition accompanying the forum, in which major local and international companies and prominent investors showcase cutting-edge real estate technologies, products, and financing solutions.
--SPA