RIYADH: Over 50 Memoranda of Understandings were signed during Saudi Arabia’s Real Estate Future Forum held in Riyadh between Jan. 23 and 25.
The MoUs were dispersed across real estate development and building technologies, the development and construction of housing units, the establishment of real estate funds, as well as the provision of advisory and administrative services, Saudi Press Agency reported.
The forum was in line with government trends in the real estate system and contributes to attracting foreign companies to invest in the sector, as it is deemed one of the pillars of the national economy, according to the Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail.
Also speaking at the event, Prince Faisal bin Abdulaziz bin Ayyaf, Mayor of Riyadh Region, stressed that the real estate sector, developers, agents, and the private sector are effective elements that pave the way for a promising future that can be promoted in the construction of cities.
The forum tackled a number of issues, including alternative means of resolving disputes in the real estate sector, the most prominent of which is ‘reconciliation and real estate arbitration’.
It also highlighted the importance of finding alternative means of settling real estate disputes instead of resorting to the judiciary.
Organized by the Ministry of Municipal Rural Affairs and Housing as well as the General Real Estate Authority, the second edition of the Future of Real Estate Forum saw participation from an estimated 200 speakers including deputy ministers, senior officials in ministries and government agencies, real estate experts, as well as representatives of several real estate agencies, companies, and institutions from inside and outside the Kingdom.
The event began with deals worth more than SR10 billion ($2.66 billion) signed on the opening day.
The deals were focused on real estate development and construction techniques, and the establishment of four investment funds to develop commercial, tourism and residential projects.
The forum also entailed 40 sessions, 25 workshops, and an exhibition with over 60 participating pavilions.