Latest news with #MajidAl-Hogail
Zawya
20-05-2025
- Business
- Zawya
Housing Minister: More than 133,000 firms in Saudi construction sector
RIYADH — Saudi Housing Minister Majid Al-Hogail said that the construction sector in Saudi Arabia has more than 133,000 establishments with over 1.6 million individuals participating daily in building a new reality: smart cities and integrated development. Al-Hogail noted that project management gives organizations greater predictability, responsiveness, and execution, and improves performance and raises the quality of achievement. He emphasized that Saudi Arabia's Vision 2030 outlines an ambitious future that reshapes the economic, social, and development landscape. The minister explained that project management has become a strategic approach and an essential tool for leading change and achieving sustainable impact, and is no longer an executive option. He noted that the National Projects Council is playing a growing role in unifying efforts and enhancing performance. He added, "Government project management offices contribute to enhancing planning, follow-up, and governance practices, ensuring quality implementation and consistency with national goals." This came during his inauguration of the Global Project Management Forum (GPMF 2025), hosted by the capital, Riyadh. The GPMF is one of the prominent international events in this field, bringing together more than 13,000 specialists and interested parties from at least 100 countries. There will be 120 international speakers, 60 dialogue sessions and 16 training workshops. The event reflects the position that Saudi Arabia occupies in leading developmental and institutional transformations at the global level. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
Housing Minister: More than 133,000 firms in Saudi construction sector
Saudi Gazette report RIYADH — Saudi Housing Minister Majid Al-Hogail said that the construction sector in Saudi Arabia has more than 133,000 establishments with over 1.6 million individuals participating daily in building a new reality: smart cities and integrated development. Al-Hogail noted that project management gives organizations greater predictability, responsiveness, and execution, and improves performance and raises the quality of achievement. He emphasized that Saudi Arabia's Vision 2030 outlines an ambitious future that reshapes the economic, social, and development landscape. The minister explained that project management has become a strategic approach and an essential tool for leading change and achieving sustainable impact, and is no longer an executive option. He noted that the National Projects Council is playing a growing role in unifying efforts and enhancing performance. He added, "Government project management offices contribute to enhancing planning, follow-up, and governance practices, ensuring quality implementation and consistency with national goals." This came during his inauguration of the Global Project Management Forum (GPMF 2025), hosted by the capital, GPMF is one of the prominent international events in this field, bringing together more than 13,000 specialists and interested parties from at least 100 countries. There will be 120 international speakers, 60 dialogue sessions and 16 training workshops. The event reflects the position that Saudi Arabia occupies in leading developmental and institutional transformations at the global level.
Arab News
30-04-2025
- Business
- Arab News
Saudi Arabia raises undeveloped land tax to 10%, expands scope to vacant properties
JEDDAH: Saudi Arabia has raised the annual fee on undeveloped land from 2.5 percent to up to 10 percent of property value, as part of Cabinet-approved reforms to address market imbalances. The amendments to the White Land Tax Law expand its scope for the first time to include levies on long-vacant buildings and revised land-size thresholds for taxation. The changes, ratified by the Cabinet on April 29, mark the most significant overhaul of the law since its inception in 2016. They come as part of a broader effort to accelerate development, counter speculation, and address supply-demand imbalances in the Kingdom's real estate sector, which has seen mounting pressure in key cities such as Riyadh. The reforms support broader efforts to curb speculation, boost land utilization, and enhance access to affordable housing in line with Vision 2030. In a post on his official X account, Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said: 'The amendments included stimulating the use of vacant properties, and amending the targeted areas and the amount of the fee on undeveloped and developed vacant lands within the urban area, by up to 10 percent.' The revised framework sets a minimum land area of 5,000 sq. meters for the application of the fee, covering both individual plots and contiguous holdings in designated urban areas. It also broadens the tax base to include vacant buildings — defined as ready-to-use buildings prepared for occupancy within the urban area that have not been used for a long period without acceptable justification, and whose lack of use or exploitation affects the availability of sufficient supply in the real estate market. These vacant properties will now face an annual levy of up to 5 percent of their estimated rental value, as specified in forthcoming regulations. The updated law introduces clearer criteria, phased implementation, and enhanced enforcement mechanisms, including grievance channels and unified property databases. The Kingdom originally launched the White Land Tax Law to discourage land hoarding and promote more equitable development. According to the Saudi Press Agency, Al-Hogail stated that the revised system is expected to enhance the efficient use of idle land and buildings, align supply with demand, and promote the productive use of real estate assets. It also seeks to encourage the development of undeveloped land and increase the overall availability of real estate, particularly residential properties. The changes come as Saudi authorities intensify efforts to stabilize the housing market in cities like Riyadh, where surging land values and rental rates have strained affordability. A study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs recently prompted a series of measures, including lifting development restrictions in large swaths of northern Riyadh. The government will issue executive regulations for the amended White Land Tax Law within 90 days of its publication in the official gazette. Regulations governing vacant property taxation are expected within one year, according to SPA.
Asharq Al-Awsat
30-04-2025
- Business
- Asharq Al-Awsat
Riyadh Real Estate Awaits Impact of Measures to Curb Price Surge
The Saudi real estate market is currently in a state of cautious anticipation, driven by unprecedented decisions and measures announced by Crown Prince Mohammed bin Salman. These steps aim to increase the supply of properties and restore balance in the market to address the rising costs of land and rental prices. Data from the market shows a stagnation in property purchases by citizens, as they await the impact of these measures, hoping they will bring stability to property prices in Riyadh and lower costs. In March, the Crown Prince directed the implementation of a series of regulatory measures, including lifting restrictions on the development of over 81 square kilometers of land north of Riyadh. This move is expected to deliver tens of thousands of affordable residential plots annually to citizens, following a significant rise in property prices in Riyadh. According to Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail, these measures will add between 10,000 and 40,000 plots of land annually in the northern region of Riyadh, ensuring a better balance between supply and demand in the market. The Crown Prince has already donated 1 billion riyals to the National Developmental Housing Foundation (Sakan), represented by Jood Eskan, to support home ownership for eligible families across Saudi Arabia. The housing projects funded by this donation are to be completed within 12 months and executed by national companies. The Crown Prince also ordered monthly progress reports to ensure that all residential units are delivered within one year. Real estate market experts told Asharq Al-Awsat that current market data reveals a stagnation in property purchases by citizens, as they await the impact of recent policy changes and their potential to restore balance to the market. Many real estate companies and agencies have observed a decline in sales activity, with property marketers facing difficulties in encouraging buyers who prefer to delay decisions until the effects of Crown Prince Mohammed bin Salman's directives take shape. Real estate expert and marketer Abdullah Al-Mousa told Asharq Al-Awsat that the current stagnation in property prices in Riyadh is a direct result of the Crown Prince's initiatives to increase property supply, which aim to restore price equilibrium following the recent surge in real estate costs. He views the decline as a positive step toward balancing supply and demand, contributing to a more sustainable and fair market for all stakeholders. Al-Mousa anticipates that this stagnation will persist until all government directives are fully implemented in the coming months. He noted that, with plans to increase the property supply, the market could experience gradual recovery in the long term, especially given Riyadh's continued population and economic growth. The expert highlighted that several factors may sustain the current stagnation, including high interest rates, which reduce citizens' purchasing power, the oversupply of properties relative to demand, and global economic fluctuations that could affect investments. However, he emphasized that Riyadh's ongoing population growth, improving national economy, rising per capita income, large-scale infrastructure projects like the Riyadh Metro, and continued government support for housing programs are expected to drive the recovery of the real estate market. Al-Mousa also predicted further improvement in the sector as policies are implemented and market conditions are monitored.
Saudi Gazette
29-04-2025
- Business
- Saudi Gazette
Saudi Housing Minister: New Decisions on White Land Fees Coming Soon
Saudi Gazette report RIYADH — Saudi Housing Minister Majid Al-Hogail said that Crown Prince Mohammed bin Salman's directives regarding the real estate sector are working to ensure fair property prices in the capital, Riyadh. The Crown Prince is closely monitoring all developments related to the real estate sector in Saudi Arabia, he stated at a press conference. He revealed that regulations regarding white land fees will be issued soon. "The Saudi Crown Prince's donation of SR1billion to support eligible families in housing ownership confirms the leadership's priority on housing," Al-Hogail explained, while clarifying that the Crown Prince's support is entirely separate from existing and future housing projects.' "The ministry has worked to redefine the city as a balanced environment that meets the needs of Saudi cities to place them among the world's leading cities. At the same time, we have more than six cities that have been classified as smart cities," the minister said. Al -Hogailrevealed that the ministry aims to increase residents' access to public spaces within an 800-meter radius by 61% by the end of this year. He explained that the municipalities seek to make urban planning a tool for improving quality of life. He said the city monitoring center had been activated, a comprehensive view had been provided to control the quality of services. The time required to issue licenses had been reduced from days to less than 48 hours, he said, noting that the rate of closing reports had exceeded 94%.
