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The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail witnessed on Wednesday the launch of the Saudi-Spanish Business Forum in Madrid, reported the Saudi Press Agency (SPA).
The forum was organized by the Federation of Saudi Chambers and the Spanish Chamber of Commerce to discuss investment opportunities between the two countries. The forum was attended by the Ambassador of Saudi Arabia to the Kingdom of Spain, Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin, Chairman of the Saudi-Spanish Business Council Eng. Khalid bin Abdullah Al-Hogail and several other officials and leaders of Saudi and Spanish investment companies. The participants explored ways to enhance partnerships in areas such as construction technologies, smart cities, and urban planning.
In his speech at the forum, Al-Hogail pointed out that the forum aims to explore investment opportunities and ways to strengthen practical cooperation and partnership between Saudi Arabia and Spain in various sectors, such as municipal and housing sectors.
He noted that the relations between the two countries have, over the last 70 years, achieved positive outcomes, boosting development, investment, and other sectors, including construction, civil engineering, financial activities, energy, and water desalination.
The Saudi Minister said that investments between the Kingdom and Spain are experiencing a significant development, with Spanish investments in Saudi Arabia exceeding $3 billion during the past decade, 40% of which is in real estate sector.
He stressed the importance of ongoing cooperation and expertise exchange to serve this vital sector as the Kingdom welcomes cooperation with successful and experienced international partners.
During the forum, Al-Hogail announced the signing of a real estate development agreement next month with a Spanish development company, aiming to implement residential units within integrated residential communities and suburbs and increasing the homeownership rate to 70% by 2030. He expressed the Ministry’s aspirations to consolidate partnerships with developers and investors in the construction, roads, and recycling sectors, in addition to engineering and consulting companies.
After the forum, the Saudi Minister convened with the Third Vice-President of the Government of Spain and the Minister for Ecological Transition and Demographic Challenge, Teresa Ribera. They discussed ways of cooperation in humanizing cities, urban development, and employing artificial intelligence technology in sustainable urban development.
Al-Hogail highlighted the Kingdom’s efforts to enhance quality-of-life standards in municipal and housing projects, including the “Bahjah” project, which aims to raise the quality of life in Saudi cities, and the Green Suburbs Project, which aims to plant more than 1.3 million trees in 50 residential areas.
He also met with the President of the Spanish Association of Infrastructure Contractors and Concessionaires, Julián Núñez. They reviewed the most promising investment opportunities in the Saudi real estate sector.
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