FOURTH SAUDI HOUSING FINANCE CONFERENCE SPOTLIGHTS CONTRIBUTION OF HOUSING MARKET TO NATIONAL ECONOMY
Riyadh: Gulf Tech News
Organized by Euromoney Conferences, the Saudi Housing Finance Conference was held under the patronage of the H.E. Mr Majed bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing, Chairman of Housing Program on May 24, 2023. The conference was organized in partnership with and co-hosted by the Housing Program, Real Estate Development Fund (REDF), General Authority for Real Estate (REGA) and Saudi Real Estate Refinance Company (SRC).
It provided participants, including policymakers, financial regulators, bankers, state funds, businesses, and providers of private capital, an opportunity to explore and evaluate international markets and the new regulatory landscape.
At the conference, Mr. Nowfal al Salamah CEO of Housing Program highlighted the Kingdoms thrive to meet future economic challenges. He also mentioned how the Saudi government plans to increase activity in the real estate market and increase home ownership for locals by providing housing options and multiple financing solutions.
Also adding to the importance of the Saudi housing market, Mr. Abdullah AL Hammad CEO of General Authority for Real Estate emphasized how it has received significant attention from the Kingdom’s wise leadership. During the past period, an updated and consolidated set of legislations were issued with many possible regulations for investment, stressing that the new legislations contributed to the development of the real estate industry, preserving rights and stabilizing the investment environment, and that the authority is now working on important directions for the real estate sector, which is to support real estate technologies and stimulate/motivate innovation, which will have an impact on the housing sector in particular.
Over the course of the one-day event, a range of panel sessions were held, with speakers and thought-leaders from around the world sharing their unique perspectives. These discussions covered subjects such as “The Saudi housing market – the next phase (2024-2030)” and “Financial and capital markets”.
Notably, a range of announcements took place at the event. Among these which was mentioned by Mohammad Albuty Chief Executive Officer National Housing Company, agreements worth more than 40 billion SAR were signed between the Ministry of Municipal, Rural Affairs and Housing and the National Housing Company, related to financing a portfolio of projects to increase the housing options for citizens across the Kingdom.
In addition, the launch of the Saudi Mortgage Guarantee Co. was announced, with a capital investment of 18 billion SAR. This is a partnership between the Kingdom’s Real Estate Development Fund and other financing agencies, aimed at enhancing housing solutions and enhancing the mortgage market’s development.
Regarding the key role that digitization is playing in the housing sector, it was also highlighted during the event that approximately 6 million electronic rental contracts have been delivered. These adopt clear mechanisms which help guarantee the rights of all contractual stakeholders, and strongly align with the objectives of Vision 2030.
