Investments in developing residential suburbs exceed $37.33bln: Saudi minister
RIYADH — Minister of Municipalities and Housing Majed Al-Hogail said that investments to develop residential suburbs with the partnership of 65 real estate developers have exceeded SR140 billion.
The minister said this while attending a dialogue session titled "The Ministerial vision for the government's role in supporting and empowering the private sector" during the third edition of the Public Investment Fund Private Sector Forum at King Abdulaziz International Conference Center in Riyadh on Wednesday.
Al-Hogail said that the current municipal projects portfolio has exceeded SR24 billion while working to enhance the role of the private sector in this field, noting that the total number of Saudis working in the sector exceeded 500000 young men and women in more than 318000 t establishments.
The minister said that the private sector is a partner in urban development. "Investment contracts worth about SR19 billion have been signed in the municipal sector during the last three years," he said.
Al-Hogail said that the ministry has adopted a transformational approach in dealing with urban development, while working on a number of activities to achieve this, including a new generation of regional plans, and creating an ideal urban environment for residents in all cities across the Kingdom, in addition to updating municipal guides, requirements and standards.
Al-Hogail said that the Saudi Vision 2030 focused greatly on economic diversification by creating new economic activities, improving the quality of services provided in cities, and improving the urban landscape.
The minister stressed that urban development is a comprehensive transformation that redefines the concept of cities, so that they become more sustainable, more attractive for investment, and more capable of providing a high quality of life for citizens, which in turn is clearly reflected in the economic aspects. He stressed that the contributions of the municipal and housing sectors to the gross domestic product (GDP) amounted to 14 percent of the real GDP for the year 2024, while the contributions of the construction and real estate activities sectors amounted to more than 16 percent of the total foreign direct investment flows.
The two-day forum, which will conclude on Thursday, is showcasing PIF and its portfolio companies' business opportunities, signaling potential opportunities for investors and suppliers, and maximizing the windows of cooperation.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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