Riyadh, Saudi Arabia — Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which ended Wednesday.
Over 50 agreements and memoranda of understanding (MoUs) were signed during the event that focused on discussing new innovations, key challenges, emerging trends, and sustainable financing solutions in the real-estate industry.
It also shed light on the impact of natural factors on the real-estate industry and its role in improving business quality. The theme for the forum was “The Power of Resilience: Building a Sustainable and Prosperous Real Estate Future.”
The event was attended by 300 speakers from 85 countries, including government officials, private-sector representatives, economists, investors, decision-makers, and real-estate experts at the local and international levels.
The forum included more than 30 dialogue sessions and 25 workshops that discussed important strategic topics. Additionally, an accompanying real-estate exhibition showcased the latest developments in real-estate technologies, advanced real-estate products, and financing solutions.
In his speech during the inauguration of the forum, Minister of Municipal, Rural Affairs, and Housing Majid bin Abdullah Al-Hogail emphasized the importance of the real-estate sector in the Saudi economy. He highlighted its direct impact on human life, the stability of families, and providing decent living that meets aspirations and improves the quality of life.
Al-Hogail noted that the contribution of real-estate activities to the non-oil gross domestic product (GDP) is 12.2 percent, compared to the construction sector’s contribution, which reached 11.3 percent by the third quarter of 2023. He confirmed that the real-estate sector is linked to over 120 economic industries, highlighting its significance and vitality.
The governor of the Asir Region, Prince Turki bin Talal bin Abdulaziz, stated that the Kingdom’s Vision 2030, led by HRH the Crown Prince, aims to find alternatives and comparative advantages available across the Kingdom’s regions to diversify sources of income. He emphasized the importance of identifying the comparative advantages in each region and transforming them to advance the wheel of development in every region.
Minister of Tourism Ahmed bin Aqeel Al-Khateeb said that the Kingdom’s expansion in implementing major projects aims to develop the tourism sector and attract investments as the Kingdom aspires to have a significant share of the 1.7 billion tourists in the world.
The minister added that the Kingdom aims to receive 150 million visitors by 2030 through implementing mega projects. He said that the tourism sector will contribute to achieving SAR750 billion in the national economy.
Minister of Human Resources and Social Development Engineer Ahmad bin Sulaiman Al-Rajhi, stressed the ministry’s integration with the government and private sectors to create economic and job opportunities for citizens.
He noted that this effort increased the number of Saudis working in the private sector from 1.7 million in 2019 to 2.3 million in 2023, a record high, including 361,000 who have never been employed.