The Real Estate Future Forum 2024 has concluded its activities with over 50 agreements and memoranda of understanding (MoUs) worth more than $26.6 billion.
The forum focused on discussing innovations, key challenges, emerging trends, and sustainable financing solutions in the real estate industry. It also sheds light on the impact of natural factors on the real estate industry and its role in improving business quality. The theme for the forum was “The Power of Resilience: Building a Sustainable and Prosperous Real Estate Future.”
The event was attended by 300 speakers from 85 countries, including government officials, private-sector representatives, economists, investors, decision-makers, and real estate experts at the local and international levels.
The forum included more than 30 dialogue sessions and 25 workshops that discussed important strategic topics. Additionally, an accompanying real-estate exhibition showcased the latest developments in real-estate technologies, advanced real-estate products, and financing solutions.
In the inauguration speech, Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail emphasized the importance of the real-estate sector in the Saudi economy. Al-Hogail highlighted its direct impact on human life, the stability of families, and providing decent living that meets aspirations and improves the quality of life.
Al-Hogail noted that the contribution of real-estate activities to the non-oil gross domestic product (GDP) is 12.2 percent, compared to the construction sector’s contribution, which reached 11.3 percent by the third quarter of 2023. Al-Hogail confirmed that the real estate sector is linked to over 120 economic industries, highlighting its significance and vitality.
The governor of the Asir Region, Prince Turki bin Talal bin Abdulaziz, stated that the Kingdom’s Vision 2030, led by HRH the Crown Prince, aims to find alternatives and comparative advantages available across the Kingdom’s regions to diversify sources of income. Prince Talal bin Abdulaziz emphasized the importance of identifying the comparative advantages in each region and transforming them to advance the wheel of development in every region.
In the meantime, Minister of Justice Dr. Walid bin Muhammad Al-Samaani announced in a dialogue session titled “Leading Transformation in Decision-Making” that the ministry has started implementing real-estate identity for inheritances.
Dr. Al-Samaani said that this process ensures that there is no duplication or overlap in the instruments, and a unified electronic platform is being used for dividing the estate to speed up the division process and facilitate procedures from the death of the owner until the heirs receive their rights.
Dr. Al-Samaani stressed that the ministry is continuing to develop trading platforms through the real-estate stock exchange this year and is partnering with the Ministry of Municipal and Rural Affairs and Housing in many products.
Minister of Tourism Ahmed bin Aqeel Al-Khateeb stressed that the Kingdom’s expansion in implementing major projects aims to develop the tourism sector and attract investments as the Kingdom aspires to have a significant share of the 1.7 billion tourists in the world.
The minister added that the Kingdom aims to receive 150 million visitors by 2030 through implementing mega projects. He said that the tourism sector will contribute to achieving SAR750 billion in the national economy.
Minister of Human Resources and Social Development Engineer Ahmad bin Sulaiman Al-Rajhi, stressed the ministry’s integration with the government and private sectors to create economic and job opportunities for citizens.
Al-Rajhi noted that this effort increased the number of Saudis working in the private sector from 1.7 million in 2019 to 2.3 million in 2023, a record high, including 361,000 who have never been employed.
The forum included the launch of the “Professional Volunteering” initiative in real-estate activity by the Ministry of Municipal, Rural Affairs, and Housing, represented by the Third Sector and Community Participation Agency. This initiative is in strategic partnership with the National Center for the Development of the Non-Profit Sector to support youth development and promote volunteer work in the non-profit sector.
The third annual Real Estate Future Forum focused on several important issues related to the real estate sector. The event discussed global best practices and the latest technologies that could contribute to promoting sustainable development for a brighter future. It also addressed sustainable financing solutions, the impact of natural factors on the industry, and real estate’s role in improving business quality.
The forum featured specialized experts from within and outside the Kingdom who participated in extensive discussions and sessions. They discussed the impact of various strategies on the growth and sustainability of the real-estate sector, the transformation of the real estate industry, and the effect of technology on its future.
The experts explored technical developments and their impact on architectural creativity in cities and enhancing urban flexibility. Also discussed was the role of real estate in improving business quality, the undiscovered wealth of cities, technical services in real estate, and the future of commercial real estate.
The forum’s CEO Abdullah Al-Harbi praised the activities’ great success. Abdullah Al-Harbi noted that the forum attracted investors and speakers from within and outside the Kingdom, and real-estate agreements and MoUs were signed during the event. Al-Harbi stressed that the forum will continue to be held in the coming years.
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