On Wednesday, the Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, witnessed the launch of the Saudi-Spanish Business Forum in the city of Madrid, organized by the Union of Saudi Chambers and the Chamber of Spain. The forum reviewed Saudi-Spanish investment opportunities and strengthened partnerships in the fields of building technologies, smart cities, and urban planning. This was in the presence of the Ambassador of the Custodian of the Two Holy Mosques to the Kingdom of Spain, Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin, the Chairman of the Saudi-Spanish Business Council, Engineer Khalid bin Abdullah Al-Hogail, and a number of leaders of Saudi-Spanish investment companies.

To note that the investments between the two countries are witnessing a major development movement, as the value of Spanish investment in the Kingdom exceeded $3 billion during the past ten years, 40% of which is related to the real estate sector, noting the importance of continuing cooperation and exchanging experiences in serving this vital sector, stressing that the Kingdom welcomes the extension of Bridges of cooperation with successful international experiences and benefiting from distinguished houses of expertise.

Al-Hogail announced the signing of a real estate development agreement next month with a Spanish development company, to implement residential units within integrated residential communities and suburbs that take into account quality and quality of life standards, and contribute to achieving one of our most important goals of raising the percentage of residential ownership to 70% by the year 2030, expressing the ministry’s aspiration. To strengthen partnerships with developers and investors in the construction, roads and recycling sectors, in addition to engineering and consulting companies.