MR. MAJED BIN ABDULLAH AL-HOGAIL
“The real estate sector is one of the most important pillars of the economy in the Kingdom, and contributes significantly to raising the GDP. “
Real Estate Future Forum
February 23 to 24, 2022
Four Season Hotel Riyadh, Saudi Arabia
This Forum follows the Council of Ministers recent approval of the Real Estate sector strategy:
- The Real Estate sector is seen as a vital pillar of the national economy. This forum aims to contribute to the vision of improving the performance of real estate establishments – particularly small to medium enterprises.
- It will draw on industry best practice to identify areas of growth that expands employment opportunities for young men and women across all fields of the sector.
- Ten strategic topics will be addressed during the forum in the form of panels conference style, workshop discussions and side level meetings.
- A supporting exhibition will offer current and future real estate projects.
- The forum will invite international best practice as well as share national expertiseto support the continued development of this fast moving sector.
The forum seeks to become an intellectual, scientific, and strategic assembly, as well as an international platform that follows a distinguished scientific approach discussing the reality and future of real estate sector and adopts a unique modality to enrich all points of discussion considering the most successful international experiences, seeking to contribute to the development and promotion of the sector’s future.
The forum facilitates the meeting of national and international key actors in real estate sector, so that they meet and communicate in one place, exchange information and experiences, and discuss challenges as well as practices related to the real estate sector. Such meetings are necessary for the development of real estate sector, and a critical element that supports the economic system in general and the real estate sector in particular. It’s noteworthy that the real estate sector is a major driver towards achieving the development and attracting investments, it is also an effective contributor to the gross domestic production, and the sector that offers job opportunities to nationals in real-estate institutions, that will achieve the attractive and vital real-estate prosperity.
This topic discusses a set of laws and legislation during the next phase in the real estate sector in Saudi Arabia and the impact of flexibility and dynamism on them. The findings of the in-depth study of the real estate sector will be reviewed, as well as the figures related to the rates of demand for rent and ownership and the origins of such demand at home and abroad. The speakers will express a series of opinions on the laws and legislations in question to enable such laws and legislations to address the expected and unexpected risks and challenges.
Regulations, legislation and policies; developing governance models and effective communication plans; improving oversight mechanisms, including the modern real estate sector strategy, which is built around 15 goals, 18 initiatives and linked to 22 indicators.
This topic discusses the direction and the importance attached to building civilized and future cities, which have adopted innovative technological solutions in various fields including, economy, population, governance and mobility within cities, environment and people’s living standards. The future of real estate in these urban cities is related to urban planning and development and developing them with all improved services. At the national level, the Ministry of Municipal and Rural Affairs and Housing, in cooperation with the United Nations Human Settlements Programme, has put in tremendous efforts in developing the urban environment in 71 cities in Saudi Arabia, under the concept of “futuristic city.”
This topic discusses some international experiences in the use of sustainable technologies that reduce air polluting emissions and encourage the use of clean energy, especially solar energy in homes and transport networks. A smart sustainable city is an innovative city that uses ICT to improve the quality of life, efficient urban processes, services, and competitiveness, while at the same time meeting the needs of present and future generations in terms of economic, social, environmental and cultural aspects.
Market effectiveness is the third pillar of the modern real estate sector strategy. It is built on the priority of land/ property registration, as well as the implementation of rules and regulations. Its initiatives include establishing a central land and property register, developing an electronic real estate registration platform and establishing a mechanism for auditing, implementing, supervising and monitoring real estate activities and ensuring implementation quality.
This topic is concerned with the built environment and upgrading the quality of buildings in accordance with measurement indicators in terms of energy efficiency and systems used in buildings. This would contribute to improve and upgrade the competency of those interested in the management of facilities, contractors and designers, with the ultimate aim of enhancing the quality of life in all public and specialized real estate.
It has become necessary to develop and organize the relationship between the entities concerned with the built environment in order to consolidate and achieve the standards of quality, safety and conditions, which have been applied in some countries including some Arab countries recently.
Discussions under this axis include discussing ways to take advantage of the experiences applied across the world, which will help improve the most important component of the quality of living standards program 2030 in the cities of the Kingdom, which will be reflected in the lifestyle of the individual and society at large.
The topic discusses how to enable real estate professionals to apply quality of living standards in projects studied or schemes that are developed so as to achieve advanced global scores in terms of quality of life. This can only be achieved through long hours of work, effort and planning, and constantly educating real estate professionals. The objectives of Vision 2030 in KSA include making three Saudi cities among the top 100 cities in the world.
This topic discusses decisions and systems of real estate financing and mortgage and how it will raise the purchasing power to a large number of individuals under growing demand. Mortgage systems are important for guiding and regulating the mortgage market by mitigating risks that may arise in the event of an expansion of the mortgage and housing financing market. The other issue to be discussed under this topic is the entry of foreign investments, which will be pumped into the commercial and residential real estate market and other specialized real estate, following the approval of the real estate mortgage system, provided that the market mechanism is maintained and the gap between the investor and the applicant is bridged.
Artificial intelligence occupies a considerable space in the discussions among intellectual leaders, and entrepreneurs with the great momentum it has gained in the world of business and solutions, whereby the major leading companies compete to apply artificial intelligence technologies, in an effort to gain a competitive advantage and preference over the rest of the competitors in the market. The topic also discusses the impact of real estate data and its implications for other markets, economies and economic enrichment through the construction of digital methodologies and indicators. The latest official data indicate an increase in the use of the Internet of things technology in Saudi Arabia by 47% over the past year, 2020. The technology of the internet of things plays a significant role in enabling digital communities to reach an integrated intelligent environment.
his topic discusses how to plan, train and build capacities in the various departments of the real estate sector, including enriching training curricula and strengthening the level of trainers to better serve customers and entities. The topic also discusses the mechanism of investors’ entry in the real estate training and capacity-building field and promoting competition in this area, as well as the extent to which universities and specialized colleges can contribute to the real estate sector by opening postgraduate studies programs to provide specialized research in the real estate sector, which will enrich real estate content. Employers will also have a topic that discusses recent trends in human resources, professionalism in employment, reasons for job leakage, an attractive work environment, job performance development, on-the-job training and support for the employment of persons with disabilities. It aims to invest in human capital, raise the skills and capabilities of national cadres, in addition to educating those involved in the labor market to provide empowerment, capacity-building, training and employment opportunities that contribute to supporting the national economy, as well as building a database of specialists and stakeholders in the labor market.
The real estate market contributes to the adoption of many community initiatives and programs, which promote the partnership between business and individuals through specialized and quality programs that have a positive impact on the lives of the individual and society. Current initiatives of building housing for the needy, and helping certain needy cases through formal platforms, cooperative housing and endowments from diverse properties are community examples to follow. This topic will highlight the role and the contributions of business and success stories in this respect.