His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, inaugurated today the programs “Support and Empowerment of Real Estate Developers” and “Converting Contractors into Real Estate Developers” and the Rental Index for the main cities, during the opening of the Riyadh Exhibition for Real Estate, Housing, and Urban Development “Restatex”, in the Riyadh Center International Conferences and Exhibitions, stressing the role of the organizations and programs that the Ministry has worked on to arrange the real estate market in order to achieve the goals of the Kingdom’s Vision 2030.
During his speech, His Excellency clarified that the two programs aim to empower developers and raise their capabilities to reach a level that qualifies them to implement housing projects that are compatible with the aspirations and desires of Saudi families, with the aim of increasing the percentage of housing ownership to 70% by the year 2030, in order to achieve the goals of the Iskan Program – one of the Kingdom’s Vision 2030 programs. Rental Index Helping tenants and decision makers to obtain detailed information at the neighborhood level of the main cities in its first phase.
He emphasized the strength of the participatory relationship between the Ministry and the private sector, represented by real estate developers, whose numbers exceeded 80 developers at the level of cities and regions of the Kingdom, in addition to 400 developers qualified to work in off-plan sales or rental projects “Wafi” to enhance the residential real estate supply in the market within large, medium and small real estate projects.
Al-Hogail pointed out the importance of applying modern construction techniques in 60% of the ministry’s projects to speed up the pace of construction compared to traditional construction in partnership with the Ministry of Industry and Mineral Resources, pointing to the role of the Real Estate Arbitration Center in cooperation with the Ministry of Justice in facilitating dispute resolution, and the role of electronic platforms “residential” and “The real estate consultant” and “rent” in preserving rights and facilitating families’ benefit from housing options. After his speech, His Excellency honored the sponsors of the exhibition, then toured the exhibition, and was briefed on the various services and options that highlight the role of the participatory relationship between the financing and real estate development sectors. To implement current and future projects, and various programs aimed at facilitating the provision of housing for Saudi families with various options, high quality, and reasonable prices, in addition to the programs offered by the Real Estate Development Fund within the framework of enabling citizens to build and buy the homes they desire.
It is noteworthy that the exhibition includes a number of accompanying activities that include 10 workshops that review the role of regulations and legislation in developing the housing market in the Kingdom, in addition to the ministry’s efforts to enhance the balance between supply and demand, and the efforts of the housing program – one of the Kingdom’s Vision 2030 programs – in activating the partnership with the public sectors. And private pumping of various housing units with high quality and reasonable prices in all regions of the Kingdom.