20 May 2013
RIYADH -- The 3rd Saudi International Real Estate Conference (SAIREC) opened Sunday, by the Minister of Commerce and Industry Tawfeeq Al Rabiah, with the aim of creating a higher authority for real estate sector in the Kingdom, sources at the conference told Saudi Gazette today.
"The aim of the authority will be to oversee the overall policy and regulation for running and investment in the sector that has the potential of creating multitrillion worth activities in the economy, as the most active sector after the oil sector," they said.
The two days event is organized by the Council of Saudi Chambers represented by the National Real Estate Committee, in collaboration with the Beirut-based Al-Iktissad Wal-Aamal Group.
According to these sources the volume of real estate investments in Saudi Arabia totals over SR 1.1 trillion, and that official data indicates that real estate in the country, with its SR 55 billion contribution to the GDP, ranks second in the national economy after the oil sector.
"The Saudi real estate market is one of the most attractive markets in the region, if it is not the most, especially in the area of residential housing which is bursting with real investment opportunities, along with the commercial offices and hotels," the sources said.
On the opening day, the only session dealt with the performance and outlook of Saudi real estate sector. The session was dominated by discussions on the outlook for the Saudi economy and potential impact on the real estate sector, the strategies for boosting real estate development, real estate as a major factor in economic growth, and the long-term trends and prospects in the Saudi real estate market.
On Monday, the sessions will focus on a host of topics that include optimizing the legal and regulatory environment for Saudi real estate, the Capital Market Authority and the transparency issue, real estate investment funds: A regulatory shift, tackling procedural and legislative constraints, and what do investors expect in terms of incentives and government support.
Also, the sessions will tackle the issues of real estate finance in the Kingdom, the multiplier effect: Potential impact on investment and "Saudization" of the labor market, the role of banks in financing a housing boom, government funds as a major catalyst for investment, and the need for an authority for the real estate sector and how such authority will boost property investments and the share of local capital, with reviewing the experiences of both Dubai and Turkey.
RIYADH -- The 3rd Saudi International Real Estate Conference (SAIREC) opened Sunday, by the Minister of Commerce and Industry Tawfeeq Al Rabiah, with the aim of creating a higher authority for real estate sector in the Kingdom, sources at the conference told Saudi Gazette today.
"The aim of the authority will be to oversee the overall policy and regulation for running and investment in the sector that has the potential of creating multitrillion worth activities in the economy, as the most active sector after the oil sector," they said.
The two days event is organized by the Council of Saudi Chambers represented by the National Real Estate Committee, in collaboration with the Beirut-based Al-Iktissad Wal-Aamal Group.
According to these sources the volume of real estate investments in Saudi Arabia totals over SR 1.1 trillion, and that official data indicates that real estate in the country, with its SR 55 billion contribution to the GDP, ranks second in the national economy after the oil sector.
"The Saudi real estate market is one of the most attractive markets in the region, if it is not the most, especially in the area of residential housing which is bursting with real investment opportunities, along with the commercial offices and hotels," the sources said.
On the opening day, the only session dealt with the performance and outlook of Saudi real estate sector. The session was dominated by discussions on the outlook for the Saudi economy and potential impact on the real estate sector, the strategies for boosting real estate development, real estate as a major factor in economic growth, and the long-term trends and prospects in the Saudi real estate market.
On Monday, the sessions will focus on a host of topics that include optimizing the legal and regulatory environment for Saudi real estate, the Capital Market Authority and the transparency issue, real estate investment funds: A regulatory shift, tackling procedural and legislative constraints, and what do investors expect in terms of incentives and government support.
Also, the sessions will tackle the issues of real estate finance in the Kingdom, the multiplier effect: Potential impact on investment and "Saudization" of the labor market, the role of banks in financing a housing boom, government funds as a major catalyst for investment, and the need for an authority for the real estate sector and how such authority will boost property investments and the share of local capital, with reviewing the experiences of both Dubai and Turkey.
© The Saudi Gazette 2013
