Taysir bin Mohammed Al-Mufrej, the official spokesperson for Saudi Arabia’s General Authority for Real Estate, announced that the Kingdom has implemented more than 18 real estate regulations to date, Invest-Gate reports.

Speaking after the 2024 “SIREEDO” Real Estate Exhibition, Al-Mufrej highlighted that these regulations include real estate systems, executive regulations, and organizational rules, reflecting the government’s focus on this sector as a key target of Vision 2030.

Al-Mufrej underscored the real estate sector’s economic significance, revealing that it contributed a substantial 5.9% to the national GDP, as per statistics from the fourth quarter of 2023. Furthermore, real estate activities accounted for a noteworthy 12.1% of non-oil activities, highlighting its role in diversifying the economy.

The General Authority for Real Estate participates in the “SIREEDO” exhibition to raise real estate awareness, explore development opportunities, showcase investment prospects, and exchange expertise with industry professionals.

This involvement supports the national real estate strategy under Vision 2030, fostering market sustainability and resilience in adapting to rapid changes, thereby contributing to the sector’s growth and vitality.