Riyadh- Saudi Minister of Housing Majed Bin Abdullah Al Hogail stressed the importance of justice in real estate valuation, saying such a move would consolidate the sector through the suggested funding solutions.

The minister spoke on the sidelines of the Reality and Future of Business Valuation Conference in Riyadh.

The conference, held by the Saudi Authority for Accredited Valuers (TAQEEM), witnessed the signature of several agreements, most importantly a cooperation deal between the ministry and TAQEEM.

In the same context, TAQEEM signed an agreement with the International Valuation Standards Council (IVSC) and another with the Technical and Vocational Training Corporation.

Hogail said: “The conference of Reality and Future of Business Valuation allows us to discuss a group of topics related to this vital sector, especially that this sector has its influence on all domains including: society, real estate products and financial and investment industries.”

“The ministry has taken urgent procedures that resulted in launching different programs, projects and initiatives that support supply and reinforce demand,” he added.

The minister assured that Saudi Arabia is keen on enhancing the performance of the real estate sector and raise its contribution to the domestic product through the organization of the leasing market.

“The Ministry of Housing cooperates with various authorities to achieve national ambitions,” he said, reiterating his call on land owners to partner with the ministry in its programs.

“The Saudi properties’ sector has suffered from the new concepts of governance and administration—however the country is currently organizing this industry basically through the establishment of the Ministry of Housing,” added Hogail.

On Tuesday, The Minister of Housing announced that the total number of vacant housing units in Saudi Arabia is approximately 660,000 while the housing stock is 6.4 million housing units.