Saudi Arabia’s Ministry of Investment (MISA) concluded its participation in International Real Estate Exhibition (MIPIM) held in Cannes, France, signing several Saudi-Foreign Partnership Agreements.
The Ministry showcased the endless opportunities in the real estate field in Saudi Arabia, as well as the diversity, investment opportunities, and competitive gains of the promising sector.
During the exhibition, 12 Saudi-foreign partnership agreements were signed under the “Invest in Saudi”, which was attended by several government agencies and the private sector, including the Ministry of Municipal and Rural Affairs and Housing, the Royal Commission for the City of Riyadh, National Housing Company, Roshn, Retal, Ajdan, to showcase Kingdom’s investment opportunities and major real estate and housing projects.
Under the umbrella of “Invest in Saudi”, the ministry highlighted the investment opportunities for the real estate sector in KSA, the volume of growth, and the demand for real estate services, which stands at $20.5 billion, reflecting the sector’s size and diversity of investment opportunities.
The Ministry’s participation in the exhibition aims to review the strategic goals and plans of the real estate sector in the country, the competitive achievements, and the promising opportunities and to provide information and studies on the sector.
It also aims to create potential partnerships to achieve the goals of Kingdom Vision 2030, increase the homeownership ratio to 70 percent, including three Saudi cities in the top 100 most livable cities in the world, and increase the contribution of the private sector to 65 percent of GDP and the contribution of foreign investment to 5.7 percent of GDP.
With population growth expected to add another 6 million by 2030, the ministry showcased the country’s capabilities in the region’s largest real estate sector, with the value of mortgage loans projected to rise from $133.3 billion to $213.3 billion over the next ten years.
As part of the partnership, the Ministry has explained the country’s support for the development of the sector by increasing the transparency of real estate by publishing real estate indicators online with relying on technology in the value chain and providing innovative financial solutions to those who wish to obtain products.