The growth of a stable real estate market and the creation of a sustainable small and medium-sized enterprise (SME) sector are fundamental to the success of Saudi Arabia’s Vision 2030, said experts at a major financial summit in Riyadh.

The 12th Euromoney Saudi Arabia Conference, held in partnership with the Ministry of Finance, was attended by government leaders and financial executives.

Speaking on the second day of the event, Majed bin Abdullah Al Hogail, Minister of Housing, outlined the country’s ambitious plans to facilitate the sufficient supply and demand necessary to ensure a sustainably robust real estate market.

Early this year, Saudi Arabia had launched a housing programme designed to hand over up to 120,000 units to citizens over the year, to complement the goals of Vision 2030.

The Sakani programme is part of efforts to support the housing needs of around 280,000 families by the Ministry of Housing, he stated.

Senior executives from Saudi Arabia’s real estate sector took part in a panel discussion, including Abdulrahman Bajunaid, the chief executive of Rafal Real Estate Development Company; Imad Damrah, the managing director of Colliers International (Saudi Arabia) and Faisal Shaker, the acting chief investment officer of Jabal Omar Development Company.

More than 1,800 delegates registered to attend the conference, which saw presentations from senior Saudi ministers including Mohammed Al Jadaan, Minister of Finance, Dr Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority and CEOs and executives from some of the world’s largest banks.-TradeArabia News Service