The Acting Minister of Housing, Dr. Essam bin Saeed, inaugurated yesterday, Sunday, the work of the Riyadh Real Estate and Urban Development Exhibition “Restatex Riyadh 18” at the Riyadh International Convention and Exhibition Center, and Dr. Ibn Saeed stressed that the ministry will continue with its directions and visions in exerting more cooperation and coordination with the relevant government agencies in addition to strengthening the relationship with the real estate sector from owners, developers and investors as a strategic partner and an essential pillar in real estate development starting from the search for land through planning and infrastructure preparation to build a suitable housing suitable for the citizen and the role of the ministry is a supervisory role.
Converting the Real Estate Fund to a bank
The minister revealed a study to transform the Real Estate Development Fund into a housing bank affiliated with the ministry. He added: “The idea is on the table and is currently being discussed in accordance with the legal procedures.” At the same time, he pointed out that the Real Estate Development Fund has recently approved a package of programs that will contribute, God willing, to finding practical solutions to everything related to real estate financing mechanisms in order to provide housing urgently to those who are entitled to it.
The Minister of Housing appreciated the role of the private sector in supporting the ministry's directions, praising the success of the first experience of the Ministry of Housing, and that the new approach aims to accelerate the acquisition and provision of housing for citizens, and this comes in implementation of the directives of the wise leadership, and paired the success of the private real estate sector and the success of the ministry together in reference to the unity of purpose through smart partnership between the two parties.
Ribbon Cutting and Minister's Tour
After cutting the ribbon to officially open the exhibition, the Acting Minister of Housing, accompanied by leaders and officials of the real estate and finance sector and senior government officials in bodies, sectors and committees related to urban and real estate development, toured a number of pavilions at the exhibition, which was dominated by the marketing of housing buildings and financing products, expressing his admiration for the development he witnessed on the urban level in which a large number of private sector companies are participating.
Participation of governmental and financial entities
This year's edition is attended by a large group of real estate and housing development and investment companies, an elite group of financing companies and local banks, Gulf real estate companies that have obtained accredited licenses to market their projects and services in the Kingdom's market, in addition to several government agencies, including the Ministry of Housing and the Ministry of Commerce and Industry “Committee for the Sale of Real Estate Units on the Map”, the Riyadh Municipality and the Supreme Authority for the Development of Riyadh City.
Honoring participants and sponsors
Dr. Ibn Saeed honored the real estate and finance companies that won the “Restatex Riyadh 18" awards, as well as the sponsors of the exhibition in its current edition.
