São Paulo – Construction and building activities contributed 11.6% to Saudi Arabia’s total non-oil gross domestic product (GDP) in the second quarter, Arab News reported in its website. The country steadily diversifies its economy, in line with the goals outlined in strategic plan Vision 2030, according to Abdullah Al-Budair, vice minister at the Ministry of Municipal, Rural Affairs and Housing.
Speaking at the Restatex Jeddah Real Estate Exhibition, Al-Budair noted that the development of the real estate sector in the country is one of the vital pillars of the economy. He noted that real estate activities accounted for 14.5% of the non-oil economy in the country during the second quarter and added that the Ministry is working to improve the sector by facilitating investments.
The vice minister pointed out that the housing sector currently contributes SAR 115 billion (USD 30.59 billion) to the nation’s GDP. Abdullah Al-Budair further revealed that real estate assets represent 15% of the total assets of Saudi Arabia’s Public Investment Fund.
The vice minister noted that there are existing projects to implement more than 30,000 housing units in Jeddah, where Mecca is located. During the event, Al-Budair and Saleh Al-Turki, mayor of Jeddah governorate, handed over 900 housing units to beneficiaries of the Al-Jawhara Residence project.
Translated by Guilherme Miranda
