Municipalities And Housing Minister Majed Al-Hogail Explores Innovations At Cityscape Global 2024

The second day of Cityscape Global 2024 saw Minister of Municipalities and Housing Majed Al-Hogail leading a tour. He visited various pavilions, exploring international experiences in housing and real-estate development. This event is being held at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh, and will continue until Thursday, November 14.

Organised under the Ministry of Municipalities and Housing's patronage, the event partners with the Real Estate General Authority (REGA) and the Housing Program, a key part of Saudi Vision 2030. Tahaluf, a joint venture involving the Saudi Federation for Cybersecurity, Programming, and Drones, the Events Investment Fund, and Informa, manages the exhibition.

During his visit, Minister Al-Hogail reviewed real-estate services and housing solutions offered by participants at this global exhibition. He highlighted the importance of sharing expertise and exploring modern innovations to support Vision 2030's goal of increasing homeownership rates. The aim is to provide integrated housing solutions that enhance quality of life.

Al-Hogail reaffirmed Saudi Arabia's commitment to supporting local real-estate developers while fostering international collaboration opportunities. He noted that these participations are vital for boosting real-estate investments. They also showcase Saudi Arabia's advanced approach to enhancing its real-estate sector and promoting sustainable urban development.

Real-estate financing contracts for beneficiaries of housing support programs grew by 40% during Cityscape Global 2024's first two days. The total value of real-estate financing increased by 54% compared to last month. These results highlight strategic partnerships' effectiveness with financing entities and real-estate development companies.

The Real Estate Development Fund collaborates with financing entities through its housing support program to offer diverse financing solutions. Competitive opportunities at this global exhibition include a low financing profit margin of 2.59% and immediate non-refundable assistance up to SAR150,000 through housing support packages.

This year's Cityscape Global marks Saudi Arabia hosting the world's largest real-estate exhibition for the second consecutive year. The event underscores efforts to empower housing support beneficiaries by diversifying housing products and financing solutions.

With inputs from SPA