Minister of Housing and Municipalities Majid Al-Hogail revealed that the size of the real estate sector increased from 170 billion riyals to 850 billion riyals in 2024, and pointed out that it contributed 16% of the total inflows of <a style="color: #800000;" href="https://amlak.net. direct foreign investment, and emphasized during the government press conference held on Monday evening that the efforts made have contributed to more than 850,000 Saudi families owning their homes so far, and more than 47,000 of the most needy families.
Direct foreign investment
Generous donation from the Crown Prince As for rents, Haqeel stressed the ministry's efforts to find alternative rental solutions for families facing difficulties in paying rent, and more than 60,000 housing units are being pumped in Riyadh city, including units starting from 250,000 riyals. In this regard, he said that Riyadh needs between 120,000 and 140,000 housing units annually, due to the high demand for the capital, explaining that the market currently covers only about 45% of this need.
Rental solutions to address challenges
14% The contribution of the municipal and housing sector
He pointed out that more than 500 thousand job opportunities have been provided for young men and women in 118 thousand establishments in the activities supervised by the ministry, stressing that the municipal and housing sector accounts for 14% of the GDP and supervises more than 550 activities.
Municipal and housing sector accounts for 14% of the GDP and supervises more than 550 activities.
Decisions on white lands
About white lands, «Al-Haqeel» confirmed the Crown Prince's follow-up on everything related to the real estate sector in the Kingdom, expecting decisions on white land fees to be issued before 60 days.
Renovation of 1000 parks
On the level of efforts to enhance the quality of life, the Minister of Municipalities and Housing pointed to the development and renovation of 1,000 parks over the past three years in 100 cities and governorates.Minister of Municipalities and Housing
70,000 compliance certificates
He pointed out that the number of building compliance certificates has reached more than 70 thousand certificates in various regions, and pointed out that the ministry seeks to activate urban identities in 12 secretariats by the end of the year, and 43 elements of visual distortion, whether in public or private areas, have been identified, and work is underway to remove them. In a related context, the Minister of Municipalities and Housing confirmed that the launch of the Saudi Architecture Project under the guidance of the Crown Prince aims to enrich the urban landscape through 19 architectural styles.Minister of Municipalities and Housing
22 billion municipal sector revenues
Regarding efforts in the municipal sector, Al-Haqeel emphasized that its revenues increased from 6.3 billion riyals in 2020 to 22 billion in 2024, with a growth rate of 249%, attributing this to the investments witnessed in this sector.Haqeel also highlighted the signing of the Municipal Sector Investment Program. He also noted the signing of investment contracts in the municipal sector worth about 19 billion riyals during the past three years, as part of efforts to develop infrastructure and services in cities.
Haqeel also noted that investment contracts in the municipal sector worth about 19 billion riyals have been signed during the past three years.
