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Saudi Arabia Launches Real Estate Registry, Indicators Platforms

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
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Saudi Arabia Launches Real Estate Registry, Indicators Platforms

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)
Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail speaks at the Saudi Proptech Summit. (Asharq Al-Awsat)

Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail launched on Monday the Real Estate Registry platform and the Real Estate Indicators platform on the sidelines of the Saudi Proptech Summit.

Proptech Summit is the first conference specialized in real estate technologies aiming to digitize the sector to achieve Vision 2030 goals.

The event, which kicked off on Monday, will encompass a comprehensive review of the key technical advancements in the real estate sector, sharing beneficiaries' experiences, and engaging in discussion sessions and workshops with over 25 speakers representing 20 countries.

The summit will be complemented by a real estate technical exhibition featuring the involvement of local and international real estate and technical companies and platforms.

Speaking at the inauguration, Hogail stressed the importance of real estate technology and its role in developing the sector's future to reach a prosperous economy by providing an appropriate environment for growth, creating job opportunities, developing investments, and seizing great potential in the Kingdom.

The minister pointed out that real estate technologies support the culture of innovation, provide distinctive opportunities for the sector's growth, and help attract the best international expertise to be a platform that supports real estate technology.

He stressed that the launch of Proptech benefits from the promising potential of real estate empowers the private sector, and contributes to the development of projects and infrastructure.

The Real Estate General Authority enables real estate technology projects through legislation and regulations to open new markets that contribute to diversifying the income locals of the local economy and supporting the non-oil domestic product.

Digital transformation

CEO of the Real Estate General Authority, Abdullah al-Hammad, confirmed that real estate technologies are among the capabilities to boost real estate efficiency and effectiveness, enhancing its role in diversifying sources of income and maximizing the benefits from digital transformation in various fields.

Hammad noted that mega Saudi real estate projects, which are constantly being announced, prove real estate technology is the future, which ensures the application of sustainability standards and enhances the quality of life.

Data bank

CEO of Real Estate Registry Mohammad al-Sulaiman confirmed that launching the platform aims to attract investments by enhancing user experience with qualitative and accurate information.

Sulaiman told Asharq Al-Awsat that the Real Estate Registry platform is expected to cover Riyadh city in 2024 and will gradually include all regions.

The commercial registry platform covers all relevant services that include changing ownership and selling and real estate management services such as sorting and merging.

Sulaiman explained that the registry also covers rights management services such as mortgage, endowment, and management services for correcting data.

The platform provides quick and effective access to the primary information related to real estate and transactions through a digital data bank, enabling investors and owners to complete real estate transactions in a safe and reliable environment.

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Business

Saudi Minister of Industry Stresses Kingdom’s Commitment to Expanding Partnerships with Russia

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's event. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's event. (SPA)
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Saudi Minister of Industry Stresses Kingdom’s Commitment to Expanding Partnerships with Russia

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's event. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's event. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef stressed on Monday the Kingdom’s commitment to deepening its industrial and investment partnerships with Russia and leveraging joint opportunities across several priority sectors to achieve the mutual interests of both countries.

He made his remarks during the keynote speech at the International Industrial Exhibition “INNOPROM. Saudi Arabia,” underway in Riyadh and continuing until February 10. The event is witnessing wide participation from leaders in the public and private sectors, as well as major industrial companies from the Kingdom, Russia, and several other countries.

Alkhorayef said that Riyadh’s hosting of INNOPROM reflects the mutual interest between Saudi Arabia and Russia in boosting industrial and investment cooperation, building on historical relations spanning over a century.

This helps in expanding strategic industrial partnerships and stimulating targeted investments between the two countries, the minister added.

Riyadh’s hosting of the exhibition shortly after the Kingdom’s participation as a partner country in its previous edition in Russia underscores both countries’ commitment to deepening bilateral relations and developing cooperation in priority sectors, particularly industry, logistics, and supply chains, he went on to say.

Moreover, the minister underlined the Saudi and Russian governments' commitment to establish a strong cooperative foundation that provides a stable and secure investment environment for long-term investors.

Alkhorayef addressed the mining and minerals sector, noting that the Kingdom views Russia’s advanced experience in this field as a model to benefit from.

Promising opportunities exist in Saudi Arabia for Russian companies specializing in mining and mine services to participate in developing the vital sector, which constitutes the third pillar of the national industry under Saudi Vision 2030, he remarked.

The Kingdom also possesses an integrated system to support industrial projects, including advanced industrial cities, modern infrastructure, industrial financing, and training and qualification programs, alongside policies that support localization and knowledge transfer, all contributing to enabling high-value industrial investments and bolstering their sustainability, he noted.

INNOPROM is one of the leading international industrial exhibitions, organized annually for more than 15 years in Russia, attracting major industrial companies.

The current edition in Riyadh features broad Saudi and Russian participation, along with a business program that includes dialogue sessions and bilateral meetings aimed at building strategic partnerships that support the economic development objectives of both countries.

Business

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.

Business

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.