RIYADH: A Qatari official believes that oil-dependent Gulf Cooperation Council countries should focus on improving sectors such as real estate and tourism to ensure long-term prosperity. Speaking at the Real Estate Future Forum in Riyadh on January 27, Khaled Al-Obaidli, head of the Real Estate Regulatory Authority-Aqarat, stated that Saudi Arabia’s achievement in the property industry symbolises the GCC region’s growth in building a healthy market.
These remarks about the Kingdom’s expanding property industry came just days after the country recorded a 3.6 percent year-on-year rise in its real estate price index. The Saudi Real Estate General Authority estimates the country’s property market to reach $101.62 billion by 2029, with a compound annual growth rate of 8% from 2024.
The success of Saudi Arabia in the real estate sector is the success of all GCC countries because we see them as one,” according to Al-Obaidli. He said, The majority of our countries’ economies rely on oil. It is critical to diversify resources across industries such as real estate and tourism. We (Qatar) are not merely an oil-dependent country; we are also working to establish a footprint in sports and tourism and creating high-level colleges.
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