The "Future of Real Estate Forum" commends the Crown Prince's vision of involving the private sector in the real estate development process.

Monday 08 June 2026
momah

In a session attended by the Deputy Minister of Municipal and Rural Affairs and Housing

The "Future of Real Estate Forum" commends the Crown Prince's vision of involving the private sector in the real estate development process.

 

Participants in the fourth dialogue session entitled “Real Estate Development Industry and Quality of Life” within the activities of the first edition of the “Future of Real Estate Forum” held in Riyadh over two days, emphasized the role played by Vision 2030 in developing the real estate sector through the direction of involving private sector establishments in the real estate development process and the applications of quality of life and humanizing cities in residential projects, in an effort to achieve the objectives of the housing program to reach a rate of 70% homeownership by 2030.

His Excellency the Deputy Minister of Municipal and Rural Affairs and Housing, Engineer Abdullah bin Mohammed Al-Budair, explained during his speech at the session that the Kingdom’s Vision 2030 is based on a vibrant society, an ambitious nation, and a thriving economy. He stated that every industry produces a product that targets a specific consumer, including real estate development and contracting products. He pointed out that the real estate development sector is characterized by its comprehensiveness and breadth, as it provides integrated residential communities and includes several different activities, unlike the contracting sector, which is only concerned with providing housing units.

Al-Budair pointed out that the real estate sector in general and real estate development in particular is a major economic driver, as it is linked to about 120 activities and industries. The contribution of real estate activities to the GDP reached about 9.9%, and the contribution of the construction sector reached 7.9%. The percentage of local content in housing projects rose to nearly 64%. He also confirmed that the housing support system, represented by real estate financing in the housing program, has contributed significantly to supporting the demand for housing, as the total amount injected was more than 450 billion riyals during the past years, and the volume of real estate development projects that the ministry worked on with the private sector to provide housing units was more than 80 billion riyals. He noted that the direct economic impact of housing projects has become clear in cities through the growth of many life and commercial activities in the cities where housing projects are located.

For his part, Deputy Minister of Industry and Mineral Resources, Engineer Osama Al-Zamil, affirmed during his participation in the dialogue session that the industrial sector is a partner and enabler of the residential sector in all fields, and the Ministry of Industry and Mineral Resources is working to contribute with the Ministry of Municipal and Rural Affairs and Housing in developing the sector through industrial activities, noting that the vision of the Building Development Initiative aims to have 40% of new buildings and residential units with modern building technology until 2025, at a rate of 193,000 residential units.

In his remarks during the session, His Excellency the Secretary of the Madinah Region and CEO of the Madinah Development Authority, Engineer Fahd Al-Balihishi, pointed out that real estate development is one of the most important enablers of quality of life, noting the urgent need for residential neighborhoods that contain all services and elements of quality of life, including transportation, landscaping, and infrastructure and superstructure. He stressed that the public and private sectors must continue on the path of providing housing units that meet all the needs of those seeking housing, noting that citizens used to look for shelter, but now they look for an integrated housing experience in which all the enablers, services and facilities are available.

In the same context, His Excellency the CEO of the National Housing Company, Engineer Mohammed Al-Bati, spoke during the session, stressing that the authorities and those concerned in the real estate sector had a difficult journey ahead of them to change the culture of real estate development by shifting the sector’s course from the stage of real estate speculation to the stage of organized real estate development aimed at providing integrated residential environments. He indicated that what was spent during the past four years in the sector amounted to 500 billion riyals.

It is worth noting that the Future Real Estate Forum is an opportunity to discuss everything related to real estate in the Kingdom, especially in the field of regulations and legislation and their impact on the real estate sector, and how they are affected by the necessary flexibility. The forum provides a great opportunity to review the results of in-depth studies of the real estate sector, and the figures related to the rates of demand for rent and ownership, and the sources of this demand inside and outside the country. Speakers are expected to discuss a range of opinions on laws and legislation, and their ability to deal with expected and unexpected risks and challenges. For details of the forum, visit www.therff.com .

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The Kingdom of Saudi Arabia