Housing future relies on financing, private sector: Al-Hogail

Municipal and Rural Affairs and Housing Minister, Majed Al-Hogail said the future of housing and urban development relies on financing and private-sector partnerships.

At a meeting organized by the Federation of Saudi Chambers (FSC) with top developers and investors, he noted that real estate is a key economic driver, contributing over 13.5% of gross domestic product (GDP).

Al-Hogail said all regulations issued in the past three years were prepared with private-sector input, highlighting stronger cooperation between municipal authorities and private players.

He added that the ministry is open to new ideas to improve city services and compliance, and urged greater involvement from chambers of commerce in regulatory consultations.

The minister stressed the ministry’s role in ensuring fair competition, preventing monopolies, and supporting small enterprises by adjusting penalty fees by city size. He said privatizing monitoring aims to ensure full enforcement of regulations.