The Kingdom of Saudi Arabia is planning to attract $420 billion worth of foreign investments in infrastructure and transaportation, according to Saudi Investment Minister Khalid Al-Falih. The Kingdom plans to attract the ivnestment over the period of a decade.
He told the media, “Saudi Arabia is opening up multiple new industries as an integral part of the Vision 2030 transformation, including clean energy, mining, mobility and logistics, tourism and quality of life, ICT, healthcare and life sciences & biotech.”
“Swift actions taken by the Kingdom, the US, and others in the G20 have contributed to an enabling global economic and investment environment,” he added.
Saudi Arabia is set to digitalise the real estate transactions happening in the Kingdom, media reports said. A new digital platform is being designed by the Kingdom that will allow properties to be bought and sold in the Kingdom, according to Saudi Minister of Justice, Walid Al Samaani.
He further revealed that around 10 million real estate ownership documents out of an estimated 100 million had already been digitised as part of the process. The digitalisation of the real estate sector is in line with the Kingdom’s policy to diversify its economy and reduce its dependency on oil.
It is also reported that Saudi Arabia-based real estate developer Dar Al Arkan has announced the launch of a new prime real estate development in the heart of Makkah. The upcoming project, which is being called ‘Dar Al Mashaer’, is a seven-tower development, covering 6,300 square meters of two, three and four-bedroom apartments, six penthouses and a private swimming pool.