Arab News, Saturday, Jan 28, 2023 | Rajab 6, 1444
Over 50 MoUs signed during Saudi Arabia’s Real Estate Future Forum
Saudi Arabia: Over 50 Memoranda of
Understandings were signed during Saudi Arabia’s Real Estate Future Forum held
in Riyadh between Jan. 23 and 25.
The MoUs were dispersed across real estate
development and building technologies, the development and construction of
housing units, the establishment of real estate funds, as well as the provision
of advisory and administrative services, Saudi Press Agency reported.
The forum was in line with government trends in
the real estate system and contributes to attracting foreign companies to invest
in the sector, as it is deemed one of the pillars of the national economy,
according to the Minister of Municipal and Rural Affairs and Housing Majid bin
Also speaking at the event, Prince Faisal bin
Abdulaziz bin Ayyaf, Mayor of Riyadh Region, stressed that the real estate
sector, developers, agents, and the private sector are effective elements that
pave the way for a promising future that can be promoted in the construction of
The forum tackled a number of issues, including
alternative means of resolving disputes in the real estate sector, the most
prominent of which is ‘reconciliation and real estate arbitration’.
It also highlighted the importance of finding
alternative means of settling real estate disputes instead of resorting to the
Organized by the Ministry of Municipal Rural
Affairs and Housing as well as the General Real Estate Authority, the second
edition of the Future of Real Estate Forum saw participation from an estimated
200 speakers including deputy ministers, senior officials in ministries and
government agencies, real estate experts, as well as representatives of several
real estate agencies, companies, and institutions from inside and outside the
The event began with deals worth more than SR10
billion ($2.66 billion) signed on the opening day.
The deals were focused on real estate development
and construction techniques, and the establishment of four investment funds to
develop commercial, tourism and residential projects.
The forum also entailed 40 sessions, 25 workshops,
and an exhibition with over 60 participating pavilions.