Over 50 deals worth $26.6bn sealed during Real Estate Future Forum

Saudi Arabia’s property sector is set to boom as over 50 deals worth around SR100 billion ($26.6 billion) were sealed during the Real Estate Future Forum.

The recently concluded event, held under the theme “The Power of Resilience: Building a Sustainable and Prosperous Real Estate Future,” focused on discussing new innovations, key challenges, emerging trends, and sustainable financing solutions in the property market, the Saudi Press Agency reported.

The forum falls in line with the Kingdom’s goal of reaching 1 million housing units, achieved through both the National Housing Co. and companies including ROSHN.

The event also shed light on the impact of natural factors on the industry and its role in enhancing business quality.

A dialogue session titled “The Integrative Role of the Non-Profit Sector in Real Estate to Serve” touched on the non-profit sector, caring for it and its governance, serving needy families, and providing housing for the neediest families in an attempt to ensure social security.

In one of the discussions, Abdul Rahman Al-Aqil, deputy governor of the General Authority for Endowments, explained the major transformations in the sector and the efforts made have created products that meet the needs of customers.

This strategic and extended partnership with the Ministry of Municipal and Rural Affairs and Housing has played a crucial role in achieving the goals and sustainability related to home ownership, added Al-Aqil.

He emphasized the significance of reaching agreements among all parties to develop this model and activate the roles of relevant entities in both the short and long term.

In another session titled “Leading Transformation in Decision-Making,” Minister of Justice Walid Al-Samaani announced the implementation of real-estate identity for inheritances.

This process ensures the prevention of duplication or overlap in the instruments and guarantees the presence of a unified electronic platform for the estate division. This expedites the division process and facilitates procedures from the owner’s death until the heirs receive their rights.

The event was attended by 300 speakers from 85 countries, comprising government officials, private-sector representatives, and economists, as well as investors, decision-makers, and real estate experts at both local and global levels.

It featured over 30 dialogue sessions and 25 workshops, discussing crucial strategic topics.