The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain. He stated that Spain’s investment in Saudi Arabia has exceeded $3 billion over the past 10 years, with 40 percent of these investments in the real estate sector.
Read more: Saudi real estate, infrastructure projects top $1.2 trillion mark: Report
Al-Hogail emphasized the importance of continuing cooperation and exchanging expertise to support this vital sector. He expressed the Kingdom’s openness to partnering with successful international experts and benefiting from distinguished centers of expertise.
At the Saudi-Spanish Business Forum in Madrid, organized by the Federation of Saudi Chambers and the Spanish Chamber of Commerce, Al-Hogail reviewed investment opportunities and strengthened partnerships in construction technologies, smart cities, and urban planning, in the presence of leaders from Saudi-Spanish investment companies.
The minister announced the signing of a real estate development agreement next month with a Spanish development company. The agreement aims to implement residential units within integrated residential communities and suburbs that prioritize quality of life standards. This aligns with the Kingdom’s goal of increasing the homeownership rate to 70 percent by 2030.
Furthermore, Al-Hogail expressed the ministry’s aspiration to strengthen partnerships with developers and investors in the construction, roads, and recycling sectors, as well as engineering and consulting companies.
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