Private sector manages 39% of municipal sector, 100% of housing: Al-Hogail
The private sector currently manages 39% of the municipal sector, with plans to increase this share to 70%, said Minister of Municipal, Rural Affairs and Housing Majed Al-Hogail.
During a panel discussion at the Real Estate Future Forum, Al-Hogail highlighted that this collaboration significantly enhanced revenues, with municipal sector earnings increasing fourfold over the past three years as a result of private sector involvement.
The minister also emphasized that the private sector fully manages the housing sector, overseeing planning, construction, and financing.
He noted that one of the key indicators in the sector is the rapid growth in homeownership, driven by both local and international developers. Efforts continue to focus on providing housing units for families most in need.
Al-Hogail added that the financial sector is experiencing significant growth due to housing projects within the municipal sector, highlighting that municipal activities contribute 14% to the economy.
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