Deputy Minister of Municipal and Rural Affairs and Housing Engineer Abdullah bin Mohammed Al-Badeer monitored a number of data that confirms the vitality of the real estate sector and its effectiveness in building the national economy; explaining that the contribution of real estate activities to GDP is about 9.9 %, the contribution of the construction sector reached 7.9%, and the percentage of local content in residential projects increased to nearly 64%.
The contribution of real estate activities to GDP is about 9.9 % and the construction sector's contribution reached 7.9%.
This came during his participation in the "<a href="https://amlak.net.sa/34667/" data-type="post" data-He stressed during a dialogue session entitled ”The real estate development industry and quality of life“ within the work of the ”The housing support system represented by mortgage financing in the housing program contributed significantly to supporting the demand for housing, as the total amount pumped more than 450 billion riyals during the past years and the volume of real estate development projects that the ministry worked on with the private sector to provide housing units more than 80 billion riyals, noting that the direct economic impact of housing projects has become clear in cities through the growth of many life and commercial activities in the cities in which they are held.
The Deputy Minister touched on the three pillars of the Kingdom's Vision 2030; a vibrant society, an ambitious homeland and a prosperous economy, noting that each industry produces a product that targets a specific consumer, including the real estate development product and the contracting product, indicating that the real estate development sector is characterized by its comprehensiveness and breadth as it offers integrated residential communities and includes several different activities, unlike the contracting sector that is only concerned with providing housing units.
Real estate development sector is characterized by its comprehensiveness and breadth as it offers integrated residential communities and includes several different activities.
