Page 17 - Logic Consulting Report - September 2023

9/22/23, 10:06 AM Saudi Ministry of Municipal, Rural Affairs and Housing signs MoU with LOGIC Consulting
highlighted that the timing of this MOU is significant, particularly given that the company is
commemorating its 25th anniversary since its establishment in 1998.

For his part, Mostafa El Ghorab, KSA Country Manager at LOGIC Consulting, stated that in order to
provide the Ministry with top-notch consulting services, the company plans to draw on its 25 years of

expertise in the region offering consulting services across a variety of industries, including both
government sector and private enterprises in the MENA region. The objective is to establish the
company as a reliable and authoritative source for consultations and tailored solutions aimed at

enhancing the long-term sustainability of clients' enterprises.

The Ministry has successfully provided 180,000 housing units within a relatively short timeframe. The
ambitious goal of the Ministry is to achieve a homeownership rate of 65% by 2025 and further
increase it to 70% by 2030. It aligns with the objectives of Saudi Vision 2030, which is led by the
Custodian of the Two Holy Mosques and His Highness the Crown Prince. By placing an emphasis on

the housing program, the country established a dedicated program to bolster real estate developers,
coupled with formal agreements designed to effectively manage price fluctuations within acceptable
inflationary parameters. This strategic approach is geared towards sustaining stability in real estate
prices and augmenting the appeal of the real estate sector within the Kingdom as a prime destination

for investment.

The real estate sector in Saudi Arabia has witnessed extensive modernisation and advancement,
which has been steered by a series of programs and initiatives introduced by the country. These
measures had a transformative impact on the housing sector, which encompass the regulation of the
real estate market, expanded access to financing, simplified regulatory procedures, a diversified

range of housing options to meet diverse population needs and a substantial increase in overall
housing supply. These endeavours have laid the foundation for realising a pivotal goal of Saudi
Vision 2030, that is raising the rate of family homeownership to 70% by the year 2030. Furthermore,

these programs have yielded significant outcomes, effectively addressing demands of the residential
market in the Kingdom. They have also created a multitude of employment and investment prospects
and succeeded in drawing developers and private sector collaborators, all working towards
delivering housing solutions that cater to the diverse needs of individuals throughout the Kingdom.

For further information, please contact:

Orient Planet Group (OPG)
Email: media@orientplanet.com
Website: www.orientplanet.com

REAL
ESTATE

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