The member of Al Sharqiya Chamber’s board of directors, Rashid Bin Abdullah Al Rashid, said during his interview with the Saudi newspaper Al Youm that real estate sector in KSA is considered the second biggest economic sector after oil sector. He added also that the sector provided 2 million jobs in the latter period.
Al Rashid said that the sector is witnessing a huge growth as a result of the expanding governmental expenditure on constructions sector which reached 1.2 trillion SAR in the last 5 years.
The governmental support resembled in the rising expenditure and supporting the national contractor has encouraged many businessmen to enter the real estate market. As a result, the number of registered contractors in the Kingdom reached 115 thousand providing 2 million jobs.
Al Rashid referred also during his statement to a number of challenges facing the Saudi real estate market like funding, high costs, in addition to organizational obstacles like labor and governmental contracts, however, the sector, according to Al Rashid, adapted with the situation and is still trying to overpass these obstacles.