Foundation Day... Developments in the Saudi Real Estate Sector

Rawan Al-Zahrani

Foundation Day: A Journey Through Time to Celebrate Our Deep-Rooted Heritage On February 22 of each year, the Kingdom of Saudi Arabia marks a momentous day known as National Day, a day that commemorates the founding of the first Saudi state by Imam Muhammad bin Saud in 1727 AD.

Foundation Day symbolizes the historical and cultural depth of the Kingdom of Saudi Arabia, taking us back to an era rich in events and achievements that laid the foundation for a great nation spanning three centuries.

To mark this distinctive Saudi anniversary, we highlight the most significant developments in the Saudi real estate sector.

The real estate sector underwent a qualitative leap during the reign of King Abdulaziz Al Saud, with the establishment of the Ministry of Public Works in 1953 AD.

Numerous urban development projects were carried out, such as the construction of roads, government buildings, schools, and hospitals.

Construction companies emerged and began implementing real estate projects.

Numerous large-scale real estate projects were carried out, such as King Abdullah Financial District, NEOM, and the Red Sea Project.

The number of investors in the real estate sector increased, both from within the Kingdom and from abroad.

• Launch of Saudi Vision 2030:

The Vision aims to transform the Kingdom of Saudi Arabia into a leading regional and global hub in various fields, including the real estate sector.

Launch of the Real Estate Sector Development Program:

The program aims to increase the sector’s contribution to gross domestic product, stimulate investment, create jobs, and provide an attractive housing environment.