Riyadh, January 22, 2024, Today, Majid bin Abdullah Al-Hogail, the Minister of Municipal, Rural Affairs, and Housing, officially opened the third edition of the Real Estate Future Forum in Riyadh. With the overarching theme, "The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future," the event attracted representatives from more than 85 countries. It boasted a distinguished lineup of over 300 speakers from both the public and private sectors, including economists, investors, decision-makers, and real estate experts.
In his inaugural address, Al-Hogail emphasized the steadfast attention and support that the wise leadership of Saudi Arabia dedicates to the real estate sector. He highlighted the sector's significant contribution to enhancing the quality of life, ensuring family stability, and fulfilling aspirations by providing a decent standard of living. Additionally, he underscored its pivotal role in propelling the national economy forward.
Al-Hogail shared that by the third quarter of 2023, real estate activities had contributed 12.2%, while the construction sector contributed 11.3% to the non-oil GDP. The minister pointed out the sector's profound connections to over 120 industries, emphasizing its vitality and significance. He noted that, supported by the ambitious Vision 2030 and generous support, the real estate market has become an attractive investment destination, fostering growth and ensuring sustainable prosperity. The implementation of flexible regulations and legislation has enabled the sector to adapt effectively to new developments while maintaining its dynamic nature.
Highlighting the sector's transformation and reforms, Al-Hogail mentioned the issuance of regulations and legislation by the ministry to protect rights, attract investments, and promote development, innovation, and a sustainable industry. He accentuated the Kingdom's appealing real estate investment opportunities for both local and international capital. The minister shared that the ministry actively seeks partnerships to enhance competitiveness, sector development, and expand the real estate supply.
Al-Hogail revealed recent agreements and memoranda of understanding, including significant investments exceeding SAR 5 billion resulting from partnerships with countries like China. He also announced a substantial residential project in collaboration with a prominent Egyptian company, set to provide around 28,000 housing units. The minister teased upcoming international partnerships, promising further announcements.
To complement the forum, Al-Hogail inaugurated and toured the accompanying exhibition. This platform showcases cutting-edge real estate technologies, products, and financing solutions from major local and international companies, as well as prominent investors.
