Al-Hogail: The real estate brokerage system is supportive of the real estate sector, and work is in place to attract foreign investment to the sector

  • Add to favourites
  • 54.5
    (11 votes)
His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, expressed his thanks and appreciation to their royal highnesses, the princes and their excellencies the ministers participating in the sessions of the Future Real Estate Forum. The emirates, governorates and ministries are in harmony to empower the real estate sector.

During his speech, His Excellency praised the real estate brokerage system, noting that it will support the organization of the sector to achieve higher transparency and raise its efficiency, indicating that the ministry is in the process of reaching soon with the Capital Market Authority the system of real estate contributions, especially in light of the success of real estate funds, as the ministry seeks with the authority to regulate this field on Similar to what I did previously in other systems such as (rent, landlord, off-plan sale).

And Al-Hogail indicated that the banking sector currently led by the Central Bank contributes to providing innovative products that reduce the financing cost for developers and beneficiaries, and His Excellency stressed that the state has established the Saudi Refinancing Company, a company owned by the Public Investment Fund, with the aim of providing assistance in the maturity of this sector and pumping its liquidity In the sector, His Excellency also revealed the establishment of the guarantee company to assist developers and citizens who face difficulties in obtaining real estate financing.

His Excellency mentioned that the housing program works to stimulate supply, noting the presence of about 15 real estate developers who are able to pump more than 2000 housing units per year, and more than 80 developers who have the capabilities to pump 500 to 2000 housing units per year, and about 100 developers who are able to pump 500 units residential units per year, and His Excellency indicated that there are about 600 developers in the Wafi program who are able to join one of the three previous categories.

Al-Hogail revealed that the ministry is seeking development in partnership with the Ministry of Industry, pointing out that there are currently 60% of real estate projects using industrial technologies for ready-mixed concrete, as the cooperation resulted in the Ministry of Industry reaching equal cost between traditional construction and the use of construction techniques, which reduces time and effort in construction.

His Excellency praised the National Housing Company and the important role it plays as an enabler of the real estate sector through 145 projects with real estate development companies worth more than 100 billion riyals, and more than 300 million square meters to organize the infrastructure to become an enabler and catalyst for real estate development.

Al-Hogail indicated that work is underway to attract foreign investment to the real estate sector, stressing the Saudi market's need for more investors in light of the growing market need. His Excellency also revealed that the leadership - may God preserve it - supported the ministry to pump more lands to meet the growing demand.

It is noteworthy that the second edition of the Real Estate Future Forum lasts for three days, and more than 30 countries and 100 speakers representing the public and private sectors participate in it, in addition to the participation of elite economists, investors, elite decision makers and experts in the real estate sector system, locally and globally, and its work includes a number of sessions and workshops. Work, through which several axes covering the present and future of real estate are discussed.
Log in to post comments
no comments

Comments & suggestions

For any inquiries or comments on municipal services, please fill in the required information

Last update date: - Saudi Arabia
Was this page useful?
Please tell us why (select up to two options)
يرجى عدم تضمين معلومات شخصية أو مالية. سيتم إرسال تعليقك وتسجيله لغرض تحسين الخدمات في منصة بلدي
يرجى عدم تضمين معلومات شخصية أو مالية. سيتم إرسال تعليقك وتسجيله لغرض تحسين الخدمات في منصة بلدي
Enter the characters shown in the image.
1 visitors said yes from
1 responses