Saudi Arabia’s Real Estate Future Forum started Monday with the signing of deals worth $2.66bn (SR10m), reported the Saudi Press Agency.
Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al-Hogail inaugurated the high-profile real estate event, in the presence of members of the royal family, ministers and senior officials.
At the forum real estate deals worth $2.66bn were signed and four investment funds were established to develop commercial, residential and tourism projects in the Kingdom.
Saudi Arabia real estate deals
Al-Hogail said the real estate sector enjoys unlimited support from the Saudi government and that it is one of the pillars of the national economy.
The state is keen to organise and develop the sector, improve supervision mechanisms, raise its efficiency and encourage investment with a view to increasing its contribution to GDP.
The minister said that increased digitisation of the real estate sector in the Kingdom is needed to attract further investment and establish transparency for buyers and sellers.
10 strategic areas of focus for the exhibition will include the role of regions, governorates, ministries and secretariats in the real estate sector, the future of real estate investment; real estate and regulations between implementation and oversight.
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