His Excellency the Deputy Minister of Municipal, Rural, and Housing Affairs, Engineer Abdullah bin Muhammad Al-Badeer, launched the events of the “Restatex Jeddah Real Estate Exhibition” in its new 2022 edition, under the patronage of His Excellency the Minister of Municipal, Rural, and Housing Affairs, Mr. Majid bin Abdullah Al-Hogail.
During the ceremony, Engineer Al-Badeer delivered a speech in which he emphasized that the wise leadership has prioritized the development of the real estate sector in the Kingdom, as it is one of the pillars of the national economy; and that the Ministry has been committed to regulating and developing the sector, improving oversight mechanisms, enhancing its efficiency, encouraging investment, and increasing its contribution to GDP.
His Excellency noted that the real estate sector is one of the most prominent sectors contributing to the national economy, with construction and building activities accounting for 11.60%, while real estate activities contributed 14.50% in the second quarter of 2022, noting that the housing sector contributes more than 115 billion riyals to GDP, and provides approximately 40,000 direct and indirect jobs. Furthermore, the real estate investment market is highly attractive, with real estate assets accounting for 15% of the total assets of public investment funds.
He noted that the value of real estate assets amounted to approximately 34% of the total assets of private investment funds, which stood at 333 billion riyals in the second quarter of 2022, according to data from the Capital Market Authority.
He explained that the Ministry’s sponsorship of this exhibition stems from its belief in its important role and the goals it aims to achieve, as it brings together leaders in the real estate sector to showcase their products, The exhibition is accompanied by workshops providing important information on key regulations, legislation, and products within the system that contribute to the growth and prosperity of the real estate development industry, such as real property registration, the first-time homebuyer program, rental products, and others.