Saudi Arabia has signed agreements and MoUs of more than 10 billion Saudi riyals ($2.66 billion) to set up four investment funds to develop commercial, tourism and residential projects, state-owned SPA news agency reported.

A part of the investments will also be made in the field of real estate development and construction techniques. No further details were given about the real estate funds.

The agreements were signed at the Real Estate Future Forum held in Riyadh today, in the presence of Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al-Hogail.

Al-Hogail stated that the forum would deal with 10 strategic areas, the most important being the role of regions, governorates, ministries and secretariats in harmonising the empowerment in the real estate sector, future of investment, regulations and private sector participation.

In December 2022, global ratings agency S&P Global Ratings said the kingdom will see sustained property market growth, fuelled by Vision 2030 and the Iskan programme, with $1 trillion slated for real estate and infrastructure projects.

(Editing by Seban Scaria )