Riyadh, January 25, 2024, The Real Estate Future Forum 2024 wrapped up its three-day proceedings on Wednesday, marking a successful event with the signing of over 50 agreements and memoranda of understanding (MoUs) valued at more than SAR100 billion.
Centered on the theme "The Power of Resilience: Building a Sustainable and Prosperous Real Estate Future," the forum delved into new innovations, key challenges, emerging trends, and sustainable financing solutions within the real estate sector. Attendees included 300 speakers from 85 countries, comprising government officials, private-sector representatives, economists, investors, decision-makers, and real estate experts.
The event, which featured more than 30 dialogue sessions and 25 workshops, explored strategic topics and showcased the latest developments in real estate technologies, products, and financing solutions through an accompanying exhibition.
In his inaugural speech, Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, underscored the importance of the real estate sector in the Saudi economy. He emphasized its direct impact on human life, family stability, and the provision of quality living that aligns with aspirations.
Prince Turki bin Talal bin Abdulaziz, the governor of the Asir Region, highlighted the significance of identifying comparative advantages in each region as part of the Kingdom's Vision 2030. This vision, led by HRH the Crown Prince, seeks to diversify income sources and promote development across regions.
During a dialogue session on "Leading Transformation in Decision-Making," Minister of Justice, Dr. Walid bin Muhammad Al-Samaani, announced the implementation of a real estate identity for inheritances. This initiative aims to prevent duplication or overlap in instruments, using a unified electronic platform to expedite estate division procedures.
Minister of Tourism, Ahmed bin Aqeel Al-Khateeb, discussed the Kingdom's efforts to develop the tourism sector through major projects, aiming to attract investments and target 150 million visitors by 2030. The tourism sector is expected to contribute significantly to the national economy.
Minister of Human Resources and Social Development, Engineer Ahmad bin Sulaiman Al-Rajhi, emphasized the ministry's collaboration with government and private sectors to create economic and job opportunities for citizens. He highlighted the significant increase in Saudis working in the private sector, reaching a record high of 2.3 million in 2023.
The forum also marked the launch of the "Professional Volunteering" initiative in real estate by the Ministry of Municipal, Rural Affairs, and Housing. In partnership with the National Center for the Development of the Non-Profit Sector, the initiative aims to support youth development and promote volunteer work in the non-profit sector.
The third annual Real Estate Future Forum provided a platform for in-depth discussions on critical issues facing the real estate sector. The event explored global best practices, the latest technologies, sustainable development, financing solutions, the impact of natural factors on the industry, and the role of real estate in improving business quality.
Abdullah Al-Harbi, the forum's CEO, commended the forum's success, noting its attraction of investors and speakers globally. He emphasized the continuity of the forum in the coming years.
