Tourism, regional HQs spur housing demand in Saudi Arabia: Al-Hogail

Majid Al-Hogail, Saudi Minister of Municipalities and Housing

Majid Al-Hogail, Saudi Minister of Municipalities and Housing, revealed a rising demand for housing in the Kingdom, as part of the Kingdom’s plans to raise the tourism sector’s contribution to 10% of GDP by 2030, host the upcoming FIFA World Cup, along with the opening of regional headquarters (HQs) by several international companies.

In an interview with Asharq TV on the sidelines of the Cityscape Global exhibition in London, Al-Hogail said that developing infrastructure is key to attracting foreign investors to Saudi Arabia across various sectors, including real estate.

Saudi Arabia is now ranked among the world’s top 10 countries in terms of ease of doing business and investment-attractive infrastructure, thanks to streamlined procedures.

The Kingdom is hosting the World Cup in 2034. Because of this milestone, many regions have become attractive for development. Vision 2030 focuses on drawing foreign investment, but achieving this requires major efforts to prepare the infrastructure. The most important thing is to provide an investment-friendly environment, clearly present the opportunities, and make things easier for investors, the minister added.