RIYADH: Saudi Arabia’s real estate sector will grow significantly as leaders, investors and policymakers came together at the Real Estate Future Forum held in Riyadh to discuss significant projects and investments.
Asir Gov. Prince Turki bin Talal declared that the Public Investment Fund (PIF) led the nine major projects in the region, with four already launched and five under development. He mentioned Asir’s role in the nation’s real estate market and its developing hospitality sector, which offers 6000-8000 approved hotel rooms.
Al-Ahsa Gov. Prince Saud bin Talal announced strategies to expand hospitality offerings with more than 25 rural lodges and three five-star hotels, Hilton, Radisson Blu, and Hilton Garden Inn. Ahmed Al-Khateeb, Saudi Tourism Minister mentioned the industry’s growth, with a predicted rise of hotel rooms from 475,000 to 675,000 by 2030. He also highlighted that Riyadh will continue to be at the centre of Saudi tourism efforts, while efforts will also be placed in other regions to diversify growth.
Major infrastructure projects like the King Salman International Airport expansion and the launch of Riyadh Air are predicted to boost real estate and tourism.
Mohammed El-Kuwaiz, Chairman of Capital Market Authority, revealed that real estate companies comprise of 20% of the 55 initial public offerings under review by the authority. He also announced that listed companies with property in Makkah and Madinah can now accept foreign investment, boosting Saudi Arabia’s real estate market.
