Real estate activities in Saudi Arabia have contributed 12.8 percent of the non-oil GDP in the third quarter of 2022, announced First Vice chairman of the Board of Directors for Riyadh chamber Mohammed al-Marshad.
Marshad highlighted the significance of the Cityscape Global exhibition that was held in Riyadh from September 10 to 13, saying it was one of the largest events focused on real estate investment and a premier venue for significant real estate deliberations.
The exhibition served as an avenue to enhance the investment climate in the real estate sector and a platform for property investors.
The event showcased recent developments and challenges through seminars and workshops, positively influencing the sector's appeal to local and international investors.
Marshad described the real estate sector in the Kingdom as a pivotal driver in diversifying the sources of the national economy and one of the primary contributors to the total GDP, linking to at least 120 varied industries.
Furthermore, Marshad stated that the Real Estate Committee in the Riyadh Chamber strives to refine and prepare the real estate sector to align with the Kingdom's vision through its strategic plan and in collaboration with relevant entities.
The Committee aims to strengthen collaboration between the public and private sectors, initiate programs to boost investment, improve the investment environment, and identify new investment opportunities specific to the industry.
Additionally, the Committee aims to bolster national capabilities, raise awareness about the economic and social significance of the real estate sector, participate actively in its legislative process, strengthen ties with real estate entities to improve the business environment, and promote the role of women as active participants in the sector.
The Cityscape Global exhibition is the world's largest real estate show, attended by over 170 countries and featuring exhibitors from 21 nations.
The event targets home buyers, investors, property developers, engineers, designers, real estate investment funds, insurance companies, and property owners.
