Minister of Housing and Municipalities Majid Al Haqeel announced the successful completion of the first property tokenization process in Saudi Arabia, explaining that this step made the Kingdom one of the first countries to codify real estate cover systems and regulations, which play a role in converting ownerships in real estate assets into tokenized assets.

Minister Al Haqeel said during his speech at Cityscape

Riyadh. During his speech at the Cityscape exhibition in Riyadh, the Minister of Municipalities explained that the tokenization process was directly supervised by the General Authority for Real Estate and was between the National Housing Company and investors, revealing that the real estate market inside the Kingdom needs to add more than one and a half million housing units until 2030.

Minister of Municipalities, during his speech at the Cityscape exhibition in Riyadh. He pointed out that the 1.5 million housing units that must be added until 2030, of which Riyadh needs about 46%, which is equivalent to about 731 thousand housing units, noting that this amount of new housing units will put the Kingdom among the largest real estate development markets.

He stressed that the real estate market inside the Kingdom needs to add more than 1.5 million housing units until 2030. Minister of Municipalities and Housing stressed that the indicators of the real estate market inside the Kingdom are going well, as the contribution of real estate, construction and building activities amounted to about 13.8% of GDP, until the second quarter of 2025

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