Al Hogail inaugurates Restatex Riyadh, launches real estate funds worth over SAR 4 bln

Officials during Restatex launching ceremony

Minister of Municipal, Rural Affairs and Housing Majid Al Hogail inaugurated Restatex Riyadh Real Estate Exhibition 2023 on March 7.

The exhibition, being held at Riyadh International Convention & Exhibition Center, will continue until March 10.

A number of senior officials from government agencies, financing agencies and real estate development companies are expected to attend.

During the opening ceremony, Al Hogail witnessed the launch of four real estate funds with a total value of more than SAR 4 billion, according to a press release.

The funds aims to provide more than 4,000 housing units in Riyadh and Madinah on an area of over one million square meters (sqm).

The minister also oversaw the signing of a number of agreements and memoranda of understanding (MoUs).

During the first day of the show, an agreement was signed among National Housing Co. (NHC), the Building Technology Stimulus Initiative and three factories of modern building technology service providers, Lightweight Construction Co. (SIPOREX), Keir International Quadratics, and FORSA TechnoBuild Co.

The agreement aims at providing modern construction methods for individuals, to enable increasing the housing supply, enhancing and opening the market for modern technologies for individuals in self-construction projects, and raising the quality of housing supply in less time and at a competitive cost.

The exhibition enjoys wide participation from real estate development and marketing companies, financing agencies, Saudi banks and institutions specialized in housing and real estate affairs in the public and private sectors, which provide unique housing and financing solutions that suit various Saudi families and meets with the Vision 2030.

In this edition, Restatex will include eight dialogue sessions mainly focusing on the real estate industry and the role of the public and private sectors, sustainability and quality of life in the real estate sector, urban development and Saudi innovation, digital transformation in the real estate sector, affordable housing, real estate brokerage, housing projects challenges and solutions, and a success story by balancing quality and price.