Minister of Municipalities and Housing, Majid Al-Hogail, confirmed that the volume of investments in the housing sector in the Kingdom exceeded SAR 200 billion, noting that partnership with the private sector is the main driver of the growth of these investments.

Hogail's statements came during his speech at the Public Investment Fund and Private Sector Forum. During his speech at the Public Investment Fund and Private Sector Forum, Al-Hogail's remarks came as he explained that the value of contracts concluded in the municipal sector reached more than 19 billion riyals during the past three years, reflecting the continuous growth in urban development.

Hogail's remarks came during his speech at the Public Investment Fund and Private Sector Forum. The minister pointed out that the Kingdom has more than 600 regional centers characterized by economic and population diversity, with plans to expand cities according to the principles of sustainability that are in line with the objectives of Saudi Vision 2030.

The minister noted that the Kingdom has more than 600 regional centers characterized by economic and population diversity.

Vision 2030 and enhancing the quality of life

He stressed that Vision 2030 aims to diversify the economy and create new economic activities to improve the urban landscape and raise the quality of services in Saudi cities, stressing that the municipalities and housing sectors contributed 16% of GDP last year, while the real estate, construction and building sector accounts for a similar or higher percentage of foreign direct investment inflows.

Haqeel stressed that the ministry aims to diversify the economy and create new economic activities to improve the urban landscape and raise the quality of life in Saudi cities. The minister explained that the ministry continues to develop legislative and regulatory aspects, noting that in 2024 three local plans were completed, and 33 new plans are being worked on in partnership with the Entities Support Center to be completed by 2025.

Jump in the real estate finance market

Haqeel revealed that the real estate finance market has grown by 370% since 2018, reaching a size of SR800 billion, reflecting investors' confidence in the Saudi real estate market.

Haqeel added. <The minister added that infrastructure and urban services have become available within 800 meters for any citizen, resident or visitor, contributing to ease of movement and boosting the local economy. Al-Haqeel emphasized the importance of building sustainable cities that provide a high quality of life to attract investment, noting that the implementation of more than 660 urban interventions over the past two years has contributed to making cities more suitable for residents, in addition to their role in enhancing economic returns.

Haqeel added that urban infrastructure and services are now within 800 meters for any citizen, resident and visitor, which contributes to ease of movement and boosts the local economy.