World Construction Today – In order to setup four investment funds to flourish tourism, commercial and residential projects, Saudi Arabia has inked agreements as well as MoU’s amounting to more than 10bn Saudi riyals which is equivalent to $2.66bn.
A fragment of this investment is also going to be made in real estate development as well as construction techniques; however, no further details have been given about the real estate funds.
The deal was inked in the presence of Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al-Hogail at Riyadh’s Real Estate Future Forum, which was held on January 23. The minister said that the forum will be dealing with 10 strategic areas, of which the most important is going to be the role of governorates, regions, secretariats, as well ministries in harmonising the real estate sector’s empowerment as well as empowering the future of investment, regulations, and private sector involvement.
The global ratings agency, S&P in December last year is of an opinion that Saudi Arabia is going to witness a sustained real estate market growth which will be fuelled by Vision 2030 and also the Iskan program, with around &1 trillion dedicated for infrastructure and real estate projects.