Saudi Gazette report

RIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hoqail said that Saudi Arabia is experiencing an unprecedented urban transformation, thanks to Saudi Vision 2030. Attending a panel discussion at the Saudi-American Investment Forum in Riyadh on Tuesday, he said that the ministry is implementing more than 11,000 development projects spreading over 300 municipalities across various regions of the Kingdom. These include housing, infrastructure, and quality of life improvement projects.

In an effort to strengthen international partnerships, Al-Hoqail extended an open invitation to American investors to enter the Saudi real estate sector, whether in development, facility management, smart city construction, or land reclamation within urban boundaries. He emphasized that the Kingdom is not only seeking funding but strategic partners who can contribute to designing sustainable solutions for the future of Saudi cities.

He pointed out that the ministry is currently working on the redevelopment of three major cities within the Kingdom, in collaboration with more than 80 local private sector partners. Moreover, the ministry aims to expand these partnerships to include international investors, including globally experienced American companies.

Al-Hoqail emphasized that reshaping Saudi cities to become smart, sustainable, and attractive has become an urgent necessity to accommodate the expected population growth in the next decade. He emphasized that urban development is not limited to physical infrastructure but also involves enhancing operational efficiency and the quality of services provided.

Al-Hoqail highlighted that the homeownership rate has increased from 47 percent before the launch of Vision 2030 to over 60 percent at present, with the ministry aiming to reach 70 percent by 2030. He added that this transformation would not have been possible without a genuine partnership with the private sector and empowering citizens to own their first homes.