Doha: CEO of the Real Estate General Authority (REGA) in the Kingdom of Saudi Arabia Eng. Abdullah bin Saud Al Hammad emphasized that the future of the Gulf real estate market holds promising prospects, given the region's countries' drive toward greater policy integration and investment cooperation, which will foster a more competitive and sustainable regional environment.
According to Qatar News Agency, the CEO of REGA stated that cooperation between Saudi Arabia, Qatar, and other Gulf states represents a pioneering model of strategic partnership and exchange of expertise, aiming to build an integrated and sustainable Gulf market that contributes to supporting economic development in the entire region. He further explained that Gulf cooperation in the real estate sector is based on the exchange of expertise and harmonization of regulatory frameworks, enhancing confidence and competitiveness in the regional market.
Eng. Al Hammad clarified that this cooperation does not mean unifying legislation in a mandatory sense but rather developing an integrated framework of policies and regulations that serve economic and investment integration among the GCC states. He highlighted the growing Gulf interest in developing cooperation in real estate data, urban planning, and smart technologies, which would enhance the ability to anticipate market needs and plan future cities.
He expressed his aspiration to build joint platforms for exchanging knowledge and expertise in the fields of real estate technology, sustainability, and artificial intelligence. Additionally, he emphasized the importance recognized by the GCC states of building a shared knowledge and information infrastructure that contributes to making investment decisions based on modern scientific foundations.
Eng. Al Hammad also pointed to an actual move to establish institutional frameworks for creating data exchange platforms and expertise centers that serve developers and investors, while simultaneously keeping pace with the challenges of urban planning and rapid population growth. He noted that enhancing Gulf cooperation in real estate development, sustainability, and smart planning will collectively benefit the GCC economies and make the region an attractive environment for international real estate projects, capable of competing with global markets.
The CEO of REGA highlighted the comprehensive renaissance and rapid growth of the Saudi real estate sector, driven by the goals of Saudi Vision 2030. This vision has transformed the sector into an industry that drives urban and economic development, with the real estate sector's GDP in Saudi Arabia reaching more than USD 40 billion by the end of the second quarter of 2025.
Eng. Al Hammad elaborated on the significant growth and investment indicators within the sector, noting the issuance of 4,283 new investment licenses during 2024 and the presence of 654 off-plan projects in the Saudi real estate market by mid-2025. He emphasized that the Authority is developing an integrated legislative and regulatory framework to enhance the balance between supply and demand and stimulate investments.
He spoke about the challenges linked to rapid population growth and urban expansion, stating that the Authority is working with government entities and the private sector to promote balanced urban planning and modern financing tools. He underscored the importance of digital transformation in the real estate sector, which has enhanced transparency and improved user experience.
Eng. Al Hammad also noted the role of foreign investment in diversifying the Saudi real estate market, with the foreign ownership law expected to contribute to opening the market to Gulf and international investors. He concluded by highlighting the real estate sector's contribution to national economic diversification policies, supporting the goals of Saudi Vision 2030 and the GCC's vision for sustainable development.