«Housing and Real Estate Financing Symposium» Discusses Obstacles and the Future of the Real Estate Sector
Dammam—Amlak
Preparations are complete for the launch of the «Housing and Real Estate Financing» symposium organized by the Eastern Province Chamber of Commerce under the patronage of Housing Minister Dr. Shuish Al-Duwaihi. The event will be held at the Chamber’s headquarters on November 26, with broad participation from specialists, businesspeople, and experts in the real estate sector.
For his part, Ayed Al-Qahtani, Chairman of the Chamber’s Real Estate Committee, explained that the first session of the symposium will address the current state of housing in the Kingdom and provide an overview of the sector, highlighting the benefits of recent decisions and circulars as well as some of the practices observed in the sector.
Al-Qahtani explained that the first session—one of four working sessions—is titled “An Overview of the Housing Sector” and will examine the current state of housing in the Kingdom and proposed solutions through the first paper presented by Engineer Muhammad bin Abdullah Al-Quweihs, In the second paper, Abdulhakim bin Ibrahim Al-Aqil, Chairman of the Off-Plan Real Estate Units Committee at the Ministry of Commerce and Industry, will provide a comprehensive explanation of the regulations governing the sale of off-plan real estate units. The session will be chaired by Ahmed Al-Shuwaier, Chairman of the National Real Estate Committee at the Council of Saudi Chambers.
The seminar aims to shed light on the National Housing Strategy, strengthen the partnership between the private sector and the Ministry of Housing, introduce new real estate laws and regulations, and highlight the role of real estate and housing finance institutions. Al-Qahtani noted that the seminar aims to paint a picture of the current housing situation, the new real estate regulations and rules, and real estate financing institutions.
Al-Qahtani emphasized that the importance of the seminar lies in examining the range of initiatives, decisions, and legislation aimed at finding successful solutions to the housing problem, and to contribute to it with a set of proposals that help facilitate and accelerate the process of finding solutions and addressing the issue. He noted that the Chamber has consistently monitored economic events and developments at the local level, analyze them, and offer recommendations and proposals, driven by its constant commitment to the national interest and to supporting the private sector’s participation in national development.
The seminar aims to shed light on the national housing strategy, strengthen the partnership between the private sector and the Ministry of Housing, introduce new real estate laws and regulations, and highlight the role of mortgage and housing finance institutions.
