The second edition of the Saudi Real Estate Future Forum held in Riyadh was a major success featuring over 150 speakers from both the kingdom and abroad as well as 60 participating pavilions. More than 50 MoUs were signed during the three-day event last month.

The forum – inaugurated by Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al Hogail – tackled a number of issues, including alternative means of resolving disputes in the real estate sector, such as reconciliation and real estate arbitration instead of resorting to the judiciary.

The forum saw participation from deputy ministers, senior officials in ministries and government agencies as well as global real estate experts and representatives of real estate agencies and companies.

Agreements worth more than SR10 billion ($2.6 billion) were signed at the forum aimed at boosting real estate development and construction techniques as well as establishment of four investment funds to develop commercial, tourism and residential projects.

In his opening address, Al Hogail said the Saudi real estate sector was one of the key pillars of the national economy, and hence enjoyed unlimited support from the wise leadership.

He noted that that the forum was held in conjunction with the launch of the real estate brokerage bylaw.

“The MoUs signed at the event focused on 10 strategic areas, the most important of which were: the role of regions, governorates, ministries and secretariats in harmonising the empowerment of the real estate sector; regional efforts and their impact on the growth of the sector in the region,” he added.