Yesterday evening, the Minister of Municipal, Rural Affairs, and Housing, Mr. Majid bin Abdullah Al-Hogail, opened the Riyadh Real Estate, Housing, and Urban Development Exhibition “Restatex,“ at the Riyadh International Convention and Exhibition Center, emphasizing the role of the regulations and programs the Ministry has implemented to regulate the real estate market in order to achieve the goals of the Kingdom’s Vision 2030.
He also highlighted the strong partnership between the Ministry and the private sector, represented by real estate developers—numbering more than 80 across the Kingdom’s cities and regions— in addition to 400 developers qualified to work on “Wafi” off-plan sales or lease projects to boost the supply of residential real estate in the market across large, medium, and small real estate projects.
Al-Hogail noted the importance of applying modern construction techniques in 60% of the Ministry’s projects to accelerate the pace of construction compared to traditional methods, in partnership with the Ministry of Industry and Mineral Resources, highlighting the role of the Real Estate Arbitration Center, in cooperation with the Ministry of Justice, in facilitating dispute resolution, and the role of the online platforms “Sakani,” ”Al-Mustaşar Al-Aqari,” and ”Ejar” in protecting rights and making it easier for families to benefit from housing options.
Following his speech, he honored the exhibition’s sponsors and then toured the exhibition, reviewing the various services and options on display that highlight the collaborative relationship between the finance and real estate development sectors in implementing current and future projects, as well as various programs aimed at facilitating housing provision for Saudi families through diverse, high-quality, and affordable options, in addition to the programs offered by the Real Estate Development Fund to empower citizens to build and purchase the homes of their choice.
It is worth noting that the exhibition includes a number of accompanying events, including 10 workshops that examine the role of regulations and legislation in the development of the Kingdom’s housing market, as well as the Ministry’s efforts to promote a balance between supply and demand, and the efforts of the Housing Program—one of the programs under the Kingdom’s Vision 2030—to activate partnerships with the public and private sectors to provide a diverse range of high-quality, affordable housing units throughout the Kingdom.
