RIYADH: The real estate sector is a major contributor to the Kingdom’s non-oil gross domestic product and it is related to more than 120 industries, said Majid Al-Hogail, the minister of municipal and rural affairs and housing.
He was speaking at the Real Estate Future Forum that began in Riyadh on Monday with an air of enthusiasm and determination. Al-Hogail set the tone for the event with his opening statement. He declared: “Through your participation and contribution, we will invest in everything we have, to develop the real estate sector and to achieve the goals of our great country.”
The minister emphasized the significance of the real estate sector, stating: “The sector is related to more than 120 industries, and this actually ensures its vitality and importance.”
He went on to highlight the property market’s substantial contribution of 12.2 percent to the non-oil gross domestic product.
The real estate sector is highly attractive, seeking to draw in diverse communities capable of preserving sustainability and promoting development and growth, Al-Hogail stressed.
The focus then shifted to the Asir region, where Prince Turki bin Talal, the region’s governor, took the stage to share insights into the strategic development plan.
“More than 17 meetings with the crown prince were held to build a strategy for Asir region,” the governor revealed, underlining the collaborative effort behind the initiative.
He added: “The crown prince named the Asir strategy ‘Al-Qimam and Al-Shiam’ because it is distinguished by its originality and nature,” shedding light on the unique identity of the plan.
Prince Turki went on to unveil the enablers that would propel the Asir strategy forward. “We have developed 10 enablers to fully complete the Asir strategy,” he stated, emphasizing the need for visualization and tangible progress.
“Our communication with the crown prince is weekly; everything we do in the region is communicated weekly,” the governor affirmed, highlighting the transparent and continuous collaboration driving the strategy.
He added: “We should transform this strategy from a paper-based document to something we can visualize. We can see it as tangible, how Asir will be different 10 years from now.”
The Asir governor pointed out that “the community in the region is ready to implement a strategy,” signifying the collective dedication to transform vision into reality in the vibrant landscape of Asir.
He also shared positive updates on the developmental progress.
“The development authority has completed 30 percent of establishing the regional plan to reduce random construction in the region,” he disclosed, highlighting a commitment to planned and sustainable growth.
Regarding major investment projects in Asir, the official said that balanced preparations have been made over the years. Notable projects include the Qimam Al-Soudah luxury mountain tourist destination, the Ard Al-Dara Valley, the International Airport, as well as the Royal City, Seven Complex, and Aseer Investment Co. he added.
The governor said that Asir has 150-km long coastline, which will be connected to mountains and desert through roads or other innovative ways, in collaboration with the Red Sea Co. and the Red Sea Authority.
To attract investors, a dedicated committee has been established in the Asir Development Authority, he told the audience.
