During his participation in Future of Real Estate Forum, currently being held in the capital Riyadh, Deputy Minister of Industry and Mineral Resources Osama Al-Zamil revealed that the Construction Development Initiative aims to have 40% of new buildings and residential units constructed using modern building technology by 2025, at a rate of 193,000 residential units.

Al-Zamil emphasized the role that Vision 2030 plays in developing the real estate sector through the approach of involving private sector entities in the real estate development process and implementing quality-of-life initiatives and urban humanization in residential projects, in an effort to achieve the Housing Program’s targets of reaching a 70% homeownership rate by 2030.

For his part, the Mayor of Madinah and CEO of the Madinah Development Authority, Engineer Fahad Al-Baleeshi, noted in his remarks during the forum sessions that real estate development is one of the most important factors in quality of life, noting the urgent need for residential neighborhoods that include all services and elements of quality of life, such as transportation, green spaces, and both above- and below-ground infrastructure, emphasizing that the public and private sectors must continue to provide housing units that meet all the needs of those seeking housing. He noted that in the past, citizens sought merely shelter, but now they seek a comprehensive housing experience that includes all amenities, services, and facilities.