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Industry News
Real Estate Industry NewsCreation of real estate commission laudedReal estate is the Kingdom’s most important sector after oil. The GDP of the real estate sector in the Kingdom rose by 50 percent during the 1999-2008 period, with an average annual growth of 5 percent,” said Dr. Fahd Al-Sultan, secretary-general of the Council of Saudi Chambers of Commerce and Industry.Al-Sultan added that real estate sector has 92 related active industries linked to one another and contributes about $14.7 billion to the Kingdom’s national GDP. “The commission will serve as an umbrella organization and a reference body for real estate affairs. It will also put in place regulations and legislations that will control the real estate industry and monitor its development,” said Hamad Al-Shuawer, the real estate national committee chairman.The commission will also create means and devices that contribute to the stability of the local real estate market. It will also coordinate and activate all of the organizations and legislations concerning the real estate sector,” Al-Shuawer said.
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