Al-Ahsa governor honors “Real Estate Systems Forum” and calls for an independent supreme body for real estate

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His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, honored on Tuesday morning at the Intercontinental Al-Ahsa Hotel the “Real Estate Systems Forum” organized by the Al-Ahsa Chamber, represented by the Real Estate Committee and lawyers.

Demanding an independent supreme body for real estate

The forum opened with a blessed recitation of the Holy Quran, Then the Chairman of the Board of Directors of the Chamber of Commerce and Industry in Al-Ahsa Saleh Al-Afaleq delivered a speech in which he welcomed His Highness Prince Badr bin Mohammed bin Jalawi Al Saud and pointed out that the Chamber intends to organize the forum on an annual basis amid the anticipation of the real estate community to launch it with great interest because it represents a platform and a real estate platform in which real estate professionals and interested parties discuss their issues and concerns, and explained that the forum will focus on several main and important themes and discuss the challenges imposed by the development of the real estate market in the Kingdom and the expected movement after the adoption of real estate regulations from providing qualified national cadres to work in this sector and attention to training and training.

Al-Afaleq revealed the most important requirement
to establish an independent supreme body for real estate to be a stable reference for the work of the sector, working to develop and follow up the work systems of the sector in line with the needs of the real estate market.

Real estate market size 1.3 trillion riyals

Then Engineer Khaled bin Saud Al-Saleh, Vice President of Al-Ahsa Chamber and Chairman of the Real Estate Committee, delivered a speech in which he emphasized the strength of the real estate market as it represents a strong destination for investors, as the total size of the real estate market in the Kingdom exceeded approximately 1.3 trillion riyals during the current time, thus considered the largest real estate market in the Middle East region, and it is expected that the market size will reach 1.5 trillion riyals over the next few years, especially with strong demand from both consumers and investors, who are looking for a market that returns large profits and high capital growth.

Saleh added that the real estate market in the Kingdom exceeds 1.3 trillion riyals. The Kingdom's real estate market continues its recovery in an economic boom that confirms the Saudi development process and its financial viability,

Al-Saleh added.

Real estate investments need $640 billion

Al-Saleh said that the investment and real estate portfolios in the Kingdom are estimated at about 50 billion riyals, and it is expected, God willing, that the real estate market will witness an unprecedented movement in terms of the volume of investments, as it is estimated that the Kingdom needs 640 billion dollars in real estate investments.

More than 25 regulations to regulate the real estate market

<In his speech, Dr. Yousef bin Abdullatif Al-Jabr, Chairman of the Chamber's Lawyers Committee, stressed that the state is interested in regulations and laws, including the subject of real estate, referring to a package of real estate regulations that participated in the preparation of various ministries and took its influential position in the organization of life affairs in the Kingdom. Al-Jabr pointed out that there are more than 25 regulations that reflect the government's interest in organizing the real estate market.

<At the end of the ceremony, a documentary film was shown about the development of the urban and real estate renaissance in the Kingdom in general and Al-Ahsa in particular, after which Prince Badr bin Jalawi handed out shields to supporters and participants in the forum, and then received a commemorative gift on this occasion from Chamber President Saleh Al-Afaleq.

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