Arab News, Mon, Jan 08, 2024 | Jamada Al-Aakhirah 26, 1445
Riyadh’s Real Estate Future Forum to discuss global trends and innovations
Saudi Arabia:
Emerging property trends will take the spotlight, emphasizing innovations and
sustainable solutions, as 300 speakers from 85 countries convene for the Real
Estate Future Forum in Riyadh.
Scheduled for Jan. 22-24, the third edition will
explore sectoral developments, highlight major challenges, and delve into
opportunities, the Saudi Press Agency reported. Discussions will also cover
financing and the impact of natural factors on the sector.
Under the patronage of Minister of Municipal and
Rural Affairs and Housing Majid bin Abdullah Al-Hogail, the event will host
dialogues aligning with various strategic aspects of the real estate system,
globally and locally.
The forum will feature 25 workshops and 30
sessions, addressing pressing industry issues and emerging trends.
The agenda includes an examination of governmental
strategies' influence on property sector growth and sustainability. It will
explore technology's impact on real estate, emphasizing advancements and their
influence on urban architectural creativity.
Additional topics include enhancing urban
resilience, discovering hidden city wealth, and exploring technical services in
real estate.
The forum, which has established strong local and
global partnerships in its past editions, aims to explore innovative
adaptations, emphasizing the acceleration of overall property sector growth.
The conference also strives to broaden
participation, delving deep into the sector by involving numerous regional and
international companies and institutions specializing in the consulting and
technical dimensions associated with the real estate system.
The forthcoming congregation is poised to see
numerous alliances alongside the signing of dozens of bilateral agreements and
memorandums of understanding. These deals will encompass diverse facets of the
real estate industry, reflecting a comprehensive approach to collaboration and
development within the sector, according to SPA.
It is worth noting that the second edition of the
forum, which commenced with the signing of pacts exceeding SR10 billion ($2.66
billion), witnessed the inking of over 50 MoUs. These agreements spanned various
sectors, including real estate development and building technologies, the
construction of housing units, the establishment of real estate funds, and the
provision of advisory and administrative services.
In September 2023, Saudi Arabia unveiled projects
exceeding SR65 billion on the opening day of the Cityscape Global exhibition at
Riyadh’s Exhibition and Convention Center.
During the same month, ROSHN Real Estate Co.,
backed by the Kingdom’s Public Investment Fund, secured SR10 billion in funds as
it prepared for projects across the Kingdom. The financial backing followed an
SR6 billion revolving credit agreement with three local banks concluded in
2023.
With over $1.25 trillion in infrastructure and
real estate projects, Saudi Arabia is poised to become one of the world’s
largest construction hubs, as per a September 2023 Knight Frank report.