Saudi real estate sector 'key' economic driver for GDP: Minister

Minister of Housing Majed Al-Hogail

Saudi Arabia's real estate sector is a key and effective economic driver for the country's gross domestic product (GDP) and is connected to at least 120 industries, said Minister of Housing Majed Al-Hogail.

The organizational programs reflected positively on the sector, the minister said in his speech during a conference held by the Real Estate General Authority, titled Prospects and Future of Real Estate Sector.

He added that a number of laws and legislations were derived from the policies of the housing program – which is one of the programs of Vision 2030 – such as 'Ijar' and 'Wafi', as well as other programs such as sorting units and sustainable buildings.

He also indicated that the partnership between related parties represents a major pillar that helps achieve the sector's strategic goals, as well as enhance its organization and efficiency. It also boosts investors' confidence, in addition to developing real estate firms, especially the small and medium enterprises (SMEs).

The Saudi Cabinet recently approved the updated comprehensive strategy for the real estate sector and its executive summary, according to data available with Argaam.