Majid Al-Hogail, minister of municipal and rural affairs

The Real Estate Future Forum kicked off at Four Seasons Hotel Riyadh on Monday with an air of enthusiasm and determination with the presence of the Minister of Municipal & rural affairs Mr.Majid Al-Hogail.

The minister emphasized the significance of the real estate sector, stating: “The sector is related to more than 120 industries, and this actually ensures its vitality and importance.”

In addition he highlighted the property market’s substantial contribution to the non-oil gross domestic product, revealing a figure of 12.2 percent.

The real estate sector is highly attractive, seeking to draw in diverse communities capable of preserving sustainability and promoting development and growth, Al-Hogail stressed.

The focus then shifted to the Asir Region, where Prince Turki bin Talal, the governor, took the stage to share insights into the strategic development plan.

More than 17 meetings with the crown prince were held to build a strategy for Asir Region,” the governor revealed, underlining the collaborative effort behind the initiative.

He added: “The crown prince named the Asir strategy ‘Al-Qimam and Al-Shiam’ because it is distinguished by its originality and nature,” shedding light on the unique identity of the plan.

Prince Turki went on to unveil the enablers that would propel the Asir strategy forward. “We have developed 10 enablers to fully complete the Asir strategy,” he stated, emphasizing the need for visualization and tangible progress.

“Our communication with the crown prince is weekly everything we do in the region is communicated weekly,” the governor affirmed, highlighting the transparent and continuous collaboration driving the strategy.

He added: “We should transform this strategy from a paper-based document to something we can visualize. We can see it as tangible, how Asir will be different 10 years from now.”

Prince Turki pointed out that “the community in the region is ready to implement a strategy,” signifying the collective dedication to transform vision into reality in the vibrant landscape of Asir.

The governor also shared positive updates on the developmental progress.

To note that the Development Authority has completed 30 percent of establishing the regional plan to reduce random construction in the region,” he disclosed, highlighting a commitment to planned and sustainable growth.