The “Restatex Jeddah Real Estate Exhibition” concluded with great success last Thursday evening at the Jeddah Convention and Events Center, following its inauguration by His Excellency the Deputy Minister of Municipal, Rural Affairs, and Housing, Engineer Abdullah bin Mohammed Al-Badeer, who emphasized during the opening ceremony 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 organizing and developing the sector, improving oversight mechanisms, enhancing its efficiency, encouraging investment, and increasing its contribution to GDP.
Economic Contribution of the Real Estate Sector
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.
High value of real estate assets
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 estate registration, the first-time home ownership process, rental products, and others.
