Minister of Municipal and Rural Affairs and Housing Mr. Majid bin Abdullah Al Haqeel launched yesterday evening the “Supporting and Empowering Real Estate Developers and ”Turning Contractors into Real Estate Developers” and ”Rental Index” for major cities, during his opening of the Riyadh Real Estate, Housing and Urban Development Exhibition “Restatex” at the Riyadh International Convention and Exhibition Center, stressing the role of the regulations and programs worked by the ministry to arrange the real estate market to achieve the objectives of the Kingdom's Vision 2030.

Riyadh's Minister of Municipal, Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, yesterday evening. Al-Haqeel explained during his speech that the two programs aim to empower developers and raise their capacities to reach a level that qualifies them to implement housing projects that match the aspirations and desires of Saudi families with the aim of increasing the percentage of residential ownership to 70% by 2030, to achieve the goals of the Housing Program - one of the programs of the Kingdom's Vision 2030 - while the rental index aims to help tenants and decision makers obtain detailed information at the neighborhood level for basic cities in its first phase.