Over the past two weeks, the real estate sector has seen intense activity through the holding of several events that revealed the extent of interest in all real estate activities by relevant government agencies and the private sector; This has clarified the future outlook for those working in this field, and it appears that confidence in the real estate economy has doubled. More than one official has confirmed that the real estate sector is one of the largest contributors to GDP, with a value of 115 billion riyals, and provides approximately 40,000 direct jobs.
What we must study and evaluate strategically is the outputs and statements presented by officials with complete transparency and confidence, which reflect the reality of the sector and chart its future; These valuable data and statistics will form the roadmap for organized action so that everyone can keep pace and shift away from the mindset of waiting to see how others fare; for example: The Ministry of Municipal, Rural Affairs, and Housing announced that its future plans are based on enabling 40% of its housing projects to utilize construction technologies, In the same context, cooperation with the Ministry of Industry and Mineral Resources has been intensified through the signing of 19 financing contracts worth over one billion riyals, and the cooperation included training 60 contractors to use these technologies in projects; These brief references serve as an early warning bell regarding the necessity of strategic planning by studying these outcomes, to which “Amlak Newspaper” has dedicated six pages in this issue so that they are accessible to those interested.
Among the outcomes that require a strategic approach are the initiatives that have been proposed, such as the “Support for Real Estate Developers” and ”Transforming Contractors into Developers” initiatives. These major shifts will have a profound impact on shaping the future of the real estate sector and reflect the extent of the state’s interest—may God support it—in the sector, especially given that spending in this sector has exceeded 500 billion riyals over the past few years.
The three events: (The Future of Real Estate Forum, the Real Estate Makers Forum, and the Restatex Real Estate Exhibition) have unequivocally confirmed that everything is proceeding in harmony, and a prior study has unanimously concluded that technology is a cornerstone of business practice. and this is a warning to those who proceed without planning and fail to see the bigger picture: they will be left behind by a time that brings something new every day in the world of technology.
