RIYADH: More than SR1 billion ($266.1 million) of deals and agreements were signed at the Restatex Jeddah Real Estate Expo as 10,000 visitors descended on the event from Oct. 10 to 13.
Representatives from the public sector and private companies attended the expo, which also played host to a range of workshops and speeches.
Saudi-based Al Bilad Bank was one of those to strike deals at the event, signing cooperation agreements with a range of real estate developers, including Asala Residence, First Projects Co. and Awali Real Estate Co..
One speaker at the event was Abdullah Al-Budair, vice minister at the ministry of municipal, rural affairs and housing.
He told attendees that Saudi Arabia is keen to develop the real estate sector in the Kingdom, as it is one of the vital pillars of the country’s economy.
He also noted that real estate activities accounted for 14.5 percent of the non-oil economy in the Kingdom during the second quarter, and the housing sector currently contributes SR115 billion to the nation’s gross domestic product, creating 40,000 direct and indirect jobs.
Other topics under discussion at workshops included “The Ownership Journey”, “An Introduction to Real Estate Brokerage”, “Real Estate Evaluation, Regulation and Development”, “The impact of the Ejar network on the real estate rental market and its relationship to improving the investment environment”, and others.
Speakers focused on issues such as the ethics of the real estate broker’s profession and introducing the network and the unified lease contract, Saudi Press Agency reported.
Real estate appraisal, improving the investment environment in real estate, the principles of the real estate registration system and its registration procedures, were also discussed.
Speakers also mentioned in the workshops the digital transformation in the adoption of schemes and integration with authorities and the fee income of SR2.2 billion allocated to increase housing supply, which was spent on developing infrastructure and delivering services for more than 85 housing projects around the Kingdom.
During one workshop, an official from the Ministry of Municipal and Rural Affairs and Housing set out the department’s plan to raise the number of real estate developers.
Attendees were also told that some 17,597 housing units had been completed through a scheme that allows developers to apply for projects with an area space up to 10,000 sq. m..