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Saudi Arabia Aspires for Real Estate Role in Attracting Foreign Investments

Saudi Arabia Aspires for Real Estate Role in Attracting Foreign Investments

Monday, 23 January, 2023 - 07:15
First edition of the Saudi Real Estate Future Forum (Asharq Al-Awsat)

The Saudi Real Estate Future Forum keeps pace with the government's tendency to attract foreign companies to invest in the Kingdom's real estate sector, asserted Minister of Municipal, Rural Affairs, and Housing Majid al-Hogail on Monday.


Hogail described the forum as an "opportunity to exchange regional and international experiences and views to benefit from them, as it represents an intellectual platform at the local and international levels."


The second edition of the Real Estate Future Forum is set to be launched on Monday in Riyadh, with over 100 speakers and decision-makers from more than 30 countries representing local and international public and private sectors.


The forum is set to discuss the real estate sector's present and future, according to a practical and scientific concept and method based on dialogue and discussion and exchanging ideas and opinions that boost the industry.


The minister indicated that the success of the work and outputs of the forum in its first edition posed a significant challenge to continue this boom in the future.


The forum represents an excellent opportunity to present the Kingdom's experience and government efforts in developing and sustaining the real estate sector, especially the residential sector, said Hogail.


He also noted that it reflected the ministry's achievements in developing the urban environment and the smart and modern building technologies.


The minister named the private sector a "strategic partner" for the public sector in real estate.


He explained that the partnership is based on creating practical solutions to inject housing products that meet the needs of citizens and contribute to increasing the rate of Saudi families' home ownership to 70 percent in 2030, based on the objectives of Vision 2030.


The forum will address the importance of alternative means of settling real estate disputes instead of resorting to time-consuming means through the judiciary.


Participants in the forum sessions and workshops will discuss real estate disputes, arbitration, and the role of reconciliation mechanisms and centers in providing a fair and attractive environment in the Kingdom characterized by confidentiality, impartiality, speed, and high professionalism.


Saudi Arabia plays a significant role in spreading the culture of alternative means to settle real estate disputes following international norms and standards.


The settlement centers, namely the Reconciliation Center of the Justice Ministry and the Saudi Real Estate Arbitration Center, are legally licensed and characterized by a speedy and impartial settlement of real estate disputes, under complete confidentiality.


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