Most of real estate sector's needs can be secured nationally: Alkhorayef

Ministry of Industry and Minerals Resources Bandar Alkhorayef

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the real estate sector is a major driver of demand in the industrial sector. The growth of the housing and construction sector also drives demand and contributes to encouraging investments into the industrial sector.

During his participation in the Real Estate Future Forum, Alkhorayef stated that most of the sector's needs can be secured from the national industry. He added that a significant growth has been observed in the recent period in the industries related to the construction sector, as the number of factories established for this sector has grown by 50% compared to 2018.

The Kingdom is working to create an added-value integrated chain locally, starting from the natural wealth of oil, gas and minerals, to conversion and localization of construction and building, he added.

Alkhorayef also indicated that the sustainable growth of the construction sector spurs investment as well as innovation and development in industries. Ministries of housing and industry are working to help the sector adopt modern construction technologies and convert most of its activities into an industry that local factories, instead of construction sites, cater to.

There is a joint initiative between the two ministries to finance industrial projects that focus on building technology. This is bound to have a direct impact on the economy and help implement projects at a faster rate, lower cost and higher quality, to cover the market needs and export to the region, the minister said.