Amidst the ever-evolving global economic landscape and the dynamic growth of the Arab world's population, the housing market in the region has reached unprecedented levels of demand and innovation.
As the Arab world constitutes approximately 6% of the global population, ensuring adequate and sustainable housing has become a pivotal necessity for the region's stability and progress, said experts.
The housing industry in the Arab world is poised for transformative growth, with projections indicating substantial expansion, they added.
Earlier this year, the UAE said it is allocating funds worth over AED85 billion ($23 billion) for the construction of over 76,000 new homes in the next five years for its citizens. Regionally, the Saudi real estate industry is expected to hit a value of $161.3 billion within the same year.
Against the backdrop of these remarkable statistics, the demand for housing in the region has surged to record levels, with Saudi Arabia requiring an estimated 3.9 million housing units and the UAE demanding 980,000 units in 2022 alone.
To discuss the looming housing issues in the region, a major event, Arab Housing & Community Development Forum, is being held at Conrad Abu Dhabi Etihad Towers from September 11 to 12.
Top industry experts, government representatives, developers, investors, and other key stakeholders are taking part.
UAE Minister of Energy Engineer Suhail Mohamed Faraj Al Mazrouei said: "We are looking forward to share knowledge with experts as there is a great need to chart a path towards a thriving housing market that meets the needs and aspirations of the people in the Arab world."
"I believe this forum will be the ideal platform to discuss the sustainable growth and development of the housing sector in the region," he added.
Engineer Mohammed Al Mansoori, Director of the Sheikh Zayed Housing Program, said the forum aligns with its strategic vision to support citizen well-being and its efforts to provide sustainable government housing to all.
The forum, he stated, will serve as a leading platform for collaboration to support the housing and urban development sectors, and to strengthen efforts to address their challenges, as they are of vital importance for sustainable development.
"Its significance lies in our understanding that cooperation, solidarity, and effective management of the government housing sector are extremely important, especially in light of population growth and current challenges. In the UAE, we are committed to working hand in hand with everyone to move into a new phase of cooperation in various housing and urban areas," he added.-TradeArabia News Service