His Royal Highness Prince Faisal bin Ayyaf, Secretary of <a href="https://www.alriyadh.gov.Under the ambitious leadership of His Highness the Crown Prince, the city of Riyadh is currently undergoing a historic phase during which it is witnessing an unprecedented civilizational renaissance and urban development, in which work is in full swing to complete a large number of major projects and comprehensive development plans, which are expected, God willing, to significantly change the face of Riyadh in the near future, and it is expected and hoped that after this phase we will reach a modern and developed city that ensures a high quality of life for its residents and visitors.
His Royal Highness Prince Faisal bin Ayyaf, Secretary of Riyadh Region, said. He added that this movement and the hoped-for shift will only achieve its desired goals with the concerted efforts of everyone to achieve this, and this is not limited to the various government agencies only, but mainly includes the private sector, which is hoped to be an important and effective partner in pushing the wheel of development to reach the city that we all aspire to and work for.
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The Secretary of Riyadh Region continued that from this point of view, and our desire to enhance the participation of the private sector in the development process, and the importance of the real estate sector and its pivotal role in that, we have established a specialized department called the "General Administration of Real Estate Development" to act as a link with the private sector development partners, contribute to increasing the effectiveness of this sector, organize it and exploit its potential, and work to align and enable workers in it to grow consistent with the city's future and its directions.
The importance of the real estate sector
General Department of Real Estate Development
He explained that the establishment of this General Directorate of Real Estate Development comes in recognition of the importance of the real estate sector at this historic stage of the escalating growth in Riyadh's needs for various real estate products. Over the past decades and years, this sector has been one of the most important sectors that contributed to building the city's economy and facilities, and its importance will increase significantly in the coming years, God willing, with the expected increase in the population of the capital and the growth of its economy and the expansion of trade and tourism movement.
Prince Faisal stressed that the General Directorate of Real Estate Development will be a major contributor to the development of the real estate sector. Prince Faisal bin Ayyaf emphasized that the real estate sector is considered one of the city's main strengths, providing nearly 20% of jobs in the city in direct or indirect ways, and this sector accounts for approximately 10% of Riyadh's economy, and it is expected that this important sector will continue to support the city's directions, and that this new administration will play the role of a catalyst and enabler for its workers, which will reflect its impact on our ability to implement our plans and ambitions with their active participation
