On a significant day for the global real estate industry, the Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, initiated the third Real Estate Future Forum in Riyadh. The forum operates under the insightful theme “The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future” and boasts participation from over 85 nations with 300 speakers spanning government and the private sector.
Esteemed economists, investors, policymakers, and property specialists are convening at this prestigious event to exchange knowledge and explore the sector’s future. Minister Al-Hogail, in his inaugural address, lauded the consistent commitment and encouragement that the Saudi leadership dedicates to the real estate domain. He emphasized its critical role in enhancing living standards, ensuring familial stability, and meeting citizens’ aspirations, as well as its contribution to the propulsion of the national economy.
The minister presented compelling statistics, indicating that by the third quarter of 2023, the real estate and construction activities had contributed 12.2% and 11.3% respectively to the Kingdom’s non-oil GDP. He highlighted the sector’s extensive interconnection with over 120 other industries, underlining its essential nature and dynamism.
Minister Al-Hogail pointed out that the real estate market, invigorated by Vision 2030 and considerable support, has transformed into an attractive hub for investment, promoting expansion and enduring prosperity. He credited the implementation of adaptable policies and laws for enabling the industry to effectively respond to emerging trends and maintain its lively character.
The minister drew attention to the substantial evolution and reforms the property sector has experienced, directed at overcoming challenges. He noted the ministry’s endeavors in issuing regulations and legislation aimed at safeguarding rights, drawing investments, and encouraging development, innovation, and sustainability within the industry.
Additionally, he underscored the Kingdom’s lucrative opportunities for real estate investment, appealing to both domestic and global investors. The ministry’s active engagement in partnerships seeks to boost competitiveness, sector growth, and broaden the property market’s scope. Recent collaborations, including those with China and a significant residential initiative with an Egyptian firm, have resulted in investments surging beyond SAR5 billion and the creation of approximately 28,000 housing units. More international partnerships are on the horizon, with forthcoming announcements from the minister.
In culmination, Minister Al-Hogail inaugurated and visited the forum’s exhibition space, where leading local and international enterprises, along with renowned investors, are displaying state-of-the-art real estate technologies, products, and financial solutions.