Abdullah Alhammad, CEO of the Real Estate General Authority (REGA) in Saudi Arabia, emphasized the significance of the real estate sector as a key provider of investment opportunities, Invest-Gate reports.
Speaking on the sidelines of the second edition of the Fund and Private Sector Forum, organized by the Public Investment Fund (PIF), Alhammad highlighted real estate technologies as crucial enablers for the sector in Saudi Arabia.
He further stated that the memorandum of understanding (MoU) signed between PIF and REGA aims to attract external expertise, including companies and real estate technologies, and to foster the growth of emerging, small, and medium-sized companies in the real estate sector. The MoU also focuses on developing human capabilities in real estate technologies, which will positively impact the sector.
Alhammad revealed that the value of real estate technologies in Saudi Arabia exceeds SAR 11 bn. Through these agreements, this figure is expected to double in the coming years, driven by various factors. These factors include the implementation of announced real estate projects, as well as the importance of real estate legislation that has been approved in recent years, providing support to the sector.