(MENAFN) The fourth edition of the Saudi Housing Finance Conference took place in Riyadh, drawing investment leaders from around the world. The event was inaugurated by the Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, who underscored the remarkable progress achieved by the housing and banking industries in line with Saudi Arabia's efforts to diversify its economy away from oil dependence.
With over 500 participants from various countries, the conference aimed to support the Kingdom in realizing the housing goals outlined in Vision 2030. The objective is to increase private sector investment and achieve a homeownership rate of 70 percent by the end of the decade.
During his keynote speech, Al-Hogail emphasized the pivotal role played by the housing market in the growth and development of Saudi Arabia. He attributed the achievements made in recent years to the contributions of the housing sector and its significant impact on the economy.
Acknowledging the challenges faced by the sector, Al-Hogail highlighted the need for innovative solutions to address pressing issues and ensure a sustainable future for the industry. By embracing innovation and finding effective strategies, the housing sector can overcome obstacles and continue to contribute to the Kingdom's economic diversification goals.
The Saudi Housing Finance Conference served as a platform for industry experts, policymakers, and investors to exchange knowledge, discuss best practices, and explore opportunities in the housing market. It reflects the Kingdom's commitment to advancing its housing sector and creating an enabling environment for private sector participation and investment.
Through such collaborative initiatives and a strong focus on housing development, Saudi Arabia aims to provide its citizens with affordable and sustainable housing solutions while driving economic growth and reducing reliance on oil revenues.
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