Arab News, Wednesday, Dec 29, 2021 | Jumada Al-Uola 23, 1443
Real estate is 2nd contributing sector to Saudi GDP, housing minister says
Saudi Arabia:
Real estate is the second largest contributing sector to the Saudi GDP and it is
linked to the growth of more than 120 other economic sectors, housing minister
said.
The real estate sector provided 40,000 job
opportunities in 2021, increasing the private sector’s participation to more
than SR385 billion ($103 billion), Majid Al-Hogail, minister of Municipal and
Rural Affairs and Housing, told a conference in Riyadh.
The construction and building activities during
the first half of this year has achieved a significant increase by 14 percent
from a year ago, he added.
Studies also indicate that during the next five
years the market will witness a growth in demand for subsidized housing
financing contracts by about 500,000 contracts, with a total 1.2 million new
financing contracts worth more than SR600 billion, he added.
The percentage of local content in real estate
projects jumped from 35 percent to 81 percent this year, exceeding the
75-percent target, he said.