The Fifth Saudi International Real Estate Conference (SYRAC 5) recommended on Thursday taking advantage of investment opportunities and removing challenges facing the real estate sector.
At the conclusion of its meeting in Riyadh, SYRAC 5 discussed means to reinforce the sector’s share to the GDP in which it already contributes to around 11 percent.
The conference, which kicked off in the presence of Saudi Housing Minister Majed al-Hogail, tackled real estate investment opportunities in the housing sector and investment opportunities in the education buildings and Awqaf sector.
It also addressed the real estate and housing sectors, with Hogail saying that they represent significant pillars in the Saudi Vision 2030.
The Ministry of Housing has been keen to reinforce positive partnership with the private sector in terms of development and funding, he stated.
Hamad al-Shuaieer, Chairman of the National Real Estate Committee and head of the organizing committee of the conference, told Asharq Al-Awsat that the real estate GDP exceeded SAR206 billion (USD55 billion) in 2018, growing 2.3 percent in the same year.
Saudi Arabia is hoping that the real estate sector would contribute in enhancing the Kingdom’s economy and become one of the key sectors for attracting more local and global investments, he said.
The conference focused on increasing real estate contribution to GDP, exploring real estate investment through Saudi Vision 2030 programs, laying frameworks for data and information and reinforcing the sector's role in economic growth by benefiting from international experiences, he added.
