Saudi Arabia leapfrogs to 16th spot among G20 nations in terms of GDP: Al-Falih

Saudi Arabia leapfrogs to 16th spot among G20 nations in terms of GDP: Al-Falih
Saudi Arabia leapfrogs to 16th spot among G20 nations in terms of GDP: Al-Falih

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi developers received a funding boost with deals exceeding SR2.4 billion ($640 million) signed on the sidelines of the four-day Restatex Real Estate Exhibition in Riyadh.  

In addition, the event witnessed the launch of three property development funds, amounting to over SR1 billion.  

The exhibition aims to underscore the property sector’s role in diversifying investment sources, a key goal of Saudi Arabia’s Vision 2030. 

Being held at the Riyadh International Convention and Exhibition Center, the event was inaugurated on Feb. 18 by the Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail. 

The gathering included real estate decision-makers, as well as housing and financial investment stakeholders, such as banks, financing companies, and property developers. 

The new edition of the exhibition saw participation from the Real Estate General Authority, the Real Estate Development Fund, and the National Housing Co. Additionally, the New Murabba Development Co., fully owned by the Public Investment Fund, also took part.  

During his visit to the exhibition, the minister examined the latest residential projects, real estate products, and financial services offered by participating entities.  

The focus is on meeting the desires and needs of Saudi families for affordable homes with contemporary designs, ultimately contributing to the realization of Vision 2030 objectives in the housing sector.  

The exhibition will host over 10 panel discussions, each delving into different topics.

These include property developer classification, the real estate incentive initiative, and regulations and commitments for real estate appraisal.

Other areas of discussion encompass building safety under the Saudi Building Code, professionalism in real estate transactions, sustainability assessment for residential projects, and innovation in real estate.  

The event serves as a platform to exchange expertise and showcase successful experiences in real estate development.

Moreover, it will facilitate the signing of extensive agreements and partnerships between government entities and private sector participants. This will advance the stimulation and enhancement of housing supply and the development of the real estate sector in the Kingdom.  

In 2023, Riyadh experienced a 7 percent increase in real estate transaction volumes compared to the previous year, according to Knight Frank.  

This positive development contrasts with other cities in the Kingdom, including Jeddah and Dammam, which witnessed declines of 21 percent and 12 percent in transaction volumes, respectively.   

In its latest report, the UK-based agency revealed that overall transaction volumes in Saudi Arabia’s real estate sector fell by 17 percent in 2023 to just over 177,000.  

On the other hand, the total volume of all deals in the Kingdom declined by 9 percent to SR197.7 billion. 

However, on a positive note, the total value of residential transactions in Riyadh rose by 1 percent during 2023 to SR50.9 billion. 

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