Acting Minister of Housing Dr. Essam bin Saeed inaugurated the Riyadh Real Estate and Urban Development Exhibition “Restatex Riyadh 18” yesterday, Sunday, at the Riyadh International Convention and Exhibition Center. Dr. Bin Saeed affirmed that the Ministry will continue to pursue its policies and vision of enhancing cooperation and coordination with relevant government agencies, as well as strengthening ties with the real estate sector—including owners, developers, and investors—as a strategic partner and a cornerstone of real estate development—from land acquisition through planning and infrastructure development to the construction of suitable housing that meets citizens“ needs—with the Ministry playing a supervisory role.

Converting the Real Estate Fund into a Bank

The minister revealed a study to convert the Real Estate Development Fund into a housing bank affiliated with the ministry. He added: ”The idea is on the table and is currently being examined in accordance with established regulatory procedures,“ noting at the same time that the Real Estate Development Fund’s board of directors recently approved a package of programs that, God willing, will contribute to finding practical solutions for all matters related to real estate financing mechanisms in order to urgently provide housing to those eligible.

The Minister of Housing praised the private sector’s role in supporting the Ministry’s initiatives, commending the success of the Ministry of Housing’s first pilot program, and noting that the new approach aims to expedite the process of securing and providing housing for citizens, This comes in accordance with the directives of the wise leadership, and he linked the success of the private real estate sector with that of the Ministry, noting the shared goal achieved through a smart partnership between the two parties.

Ribbon-Cutting Ceremony and the Minister’s Tour

After cutting the ribbon to officially open the exhibition, the Acting Minister of Housing, accompanied by leaders and officials from the real estate and financing sectors, as well as senior government officials from agencies, sectors, and committees related to urban and real estate development, toured a number of boothsat the exhibition—which were predominantly focused on marketing residential buildings and financing products—expressing his admiration for the urban development he witnessed, in which a large number of private-sector companies are participating.

Participation by Government and Financial Institutions

Participating in this year’s edition is a large group of real estate and housing development and investment companies, a select group of local financing companies and banks, and Gulf real estate companies that have obtained approved licenses to market their projects and services in the Kingdom’s market, in addition to several government agencies, including the Ministry of Housing, the Ministry of Commerce and Industry’s ”Committee for the Sale of Off-Plan Real Estate Units,“ the Riyadh Municipality, and the High Commission for the Development of Riyadh.

Honoring Participating Entities and Sponsors

Dr. Ibn Saeed honored the real estate and financing companies that won the “Restatex Riyadh 18” awards, as well as the sponsors of this year’s exhibition.