Abdullah bin Saud Al-Hammad, CEO The General Real Estate Authority announced today, Monday, that more than 1,131 licenses for foreign real estate investments were issued during the third quarter of 2024, reflecting the high level of confidence in the Kingdom’s real estate sector and affirming Saudi Arabia’s position as a major international investment destination.
Al-Hammad stated in his speech during the opening of “Future of Real Estate Forum” in its fourth edition in Riyadh, stated that the Kingdom has become a fertile environment for attracting innovative real estate ideas, noting that the real estate sector currently contributes approximately 12% of the Kingdom’s gross domestic product.
He also noted that the Kingdom places significant emphasis on the real estate sector as it represents the future of the economy, with 43% of workers in the sector aged between 18 and 34.
Al-Hammad noted that the real estate sector recorded the highest labor market participation rate compared to other sectors, accounting for approximately 25% of total participants in the social insurance system for the third quarter of 2024.
Al-Hammad emphasized that the Kingdom is working diligently with its partners in the real estate and housing sectors, as well as with companies and individuals, to realize the aspirations of the real estate sector and transform it into a focal point of international interest.
Al-Hammad stated that, through the Future of Real Estate Forum, the Authority aims to chart a new course for new dreams by sharing visions and expertise, and that the future we are striving for—and whose opportunities we are showcasing through the “Forum”— is a future for all of humanity, to live in healthy and vibrant environments that enhance quality of life, and make the Saudi real estate industry a model for building modern and contemporary urban communities, utilizing real estate technologies to conserve natural resources, and the construction of futuristic cities, buildings, and green communities.
It is worth noting that the events of the fourth edition of Real Estate Future Forum The event kicked off this Monday morning and will continue from January 27 to 29, under the patronage of General Real Estate Authority and in partnership with the Ministry of Municipalities and Housing. This year’s forum carries an ambitious slogan: "A Future for Humanity: From Dreams to Reality," reflecting the Kingdom’s commitment to building a sustainable and prosperous real estate future.
