RIYADH: Real estate works in Saudi Arabia’s Al-Qassim and Al-Ahsa provinces are set to boost the Kingdom’s rural tourism, according to the Saudi Minister of Tourism Ahmed Al-Khatib.
Speaking during a panel at the second edition of the Real Estate Future Forum — which is taking place in Riyadh — Al-Khatib explained that any citizen that has a house or a farm in either Al-Qassim or Al-Ahsa province can offer it on the tourist rural hotel system’s platform for rent and development and the Tourism Development Fund will provide the needed financing.
Also speaking at the event, the Governor of Al-Qassim province Faisal bin Mishaal highlighted the role of Al-Qassim and its advantages to achieve sustainable development in propelling the nation.
“We hope that Al-Qassim is going to be an attractive place for rural tourism,” Mishaal said.
Al-Qassim poses a good investment opportunity for rural tourism given its wide lands that are rich in soil and that are not surrounded by sea.
“Atmosphere in the city is completely different from the atmosphere in the countryside. Tourists from America, Europe, and Asia actually become very bored from the city and want to get rid of the rush hours and the heavy traffic. They really want to spend one day during the weekend, for example, in a calm place and a quieter place,” Mishaal elaborated.
Moreover, the fact that all government sectors are also cooperating with real estate companies will have a role to play in this journey in the near future, the governor explained.
Also speaking at the event, the Governor of Al-Ahsa province Saud bin Talal added to Mishaal’s point by stressing the need for integration between parties of mutual interest, specifically cooperation between the public and private sectors.
“Integration between departments, agencies, government entities, and regions is necessary to achieve development goals,” Talal explained.
Between 2017 and mid-2022, the financial market system provided financing of SR100 billion ($26.6 billion) for the real estate sector, according to the Chairman of the board of the Saudi Capital Market Authority Muhammad Al-Quwaiz who was also speaking during the event.
Organized by the Ministry of Municipal, Rural Affairs and Housing as well as the General Real Estate Authority, the second edition of the Future of Real Estate Forum is seeing the participation of more than 30 countries and 100 speakers representing the public and private sectors. In addition to this, it is also seeing the participation of economists, investors, decision-makers and experts in the real estate sector system both locally and globally.
