Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh

RIYADH: Real estate leaders and decision-makers from over 110 countries have assembled in Riyadh to exchange knowledge, share best practices, and explore the latest domestic and international developments in the sector.

The International Real Estate Federation’s 42nd edition of the Global Leadership Summit brought together over 30 speakers under the theme “Resilience for Growth,” featuring high-level sessions with keynote presentations and roundtables addressing critical issues affecting the industry.   

Endorsed by FIABCI and organized by the Eyes of Cities, the event is scheduled to run from Dec. 4 to 7 in Riyadh.

Saudi Minister of Municipal and Rural Affairs and Housing Majel Al-Hogail used his address to the gatherting to highlight the Kingdom’s pioneering real estate initiatives.

“In Saudi Arabia, we are working to develop two segments. We aim to develop our human (capital) and our real estate. Humans are the building blocks for a great nation and transformation,” Al-Hogail said. 

He further explained that the Kingdom’s human capital serves as a catalyst for the ongoing development and initiatives reshaping the economy. 

“In the heart of this transformation, the Kingdom witnesses a flourishing real estate sector across different projects anticipated on a global level,” the minister added.  

Al-Hogail emphasized that the Kingdom’s ongoing transformative agenda, Vision 2030, is already underway, thanks to grand real estate projects like NEOM, the Line, and Oxagon. 

Furthermore, Mohammad Al-Suliman, the CEO of Saudi Arabia’s Real Estate Registry, highlighted Vision 2030’s impact on the Kingdom’s sector. 

“Vision 2030 is mapping a new era of real estate, which can be navigated by elevating home ownership, achieving investment attractiveness, streamlining digital services, and securing investments,” Al-Suliman said during the event.  

Moreover, Abdullah Al-Hammad, CEO of Saudi Arabia’s Real Estate General Authority, shed light on the Kingdom’s approach to boosting its property industry. 

“The Kingdom’s real estate sector holds immense potential, supported by robust legislation and governmental support. This framework, along with the sector’s ability to promptly address challenges, makes it highly promising,” Al-Hammad said.  

During the discussion, other international leaders, including Budiarsa Sastrawinata, the president of FIABCI, highlighted the significant impact of real estate on national development. 

Sastrawinata further applauded the Kingdom’s developments and its hosting of such an event, which is set to bolster investment opportunities and prosperity in the sector. 

Tony Blair, former UK prime minister and founder of the Tony Blair Institute for Global Change, also highlighted the Kingdom’s developments. 

“Saudi Arabia can become a demonstration of what strong leadership with a clear sense of direction can achieve. The developments here show the potential for real change,” Blair said during the event.