Page 46 - Logic Consulting Report - September 2023

9/22/23, 10:10 AM ﻲﻣﻗر مﻟﺎﻋ ةدﯾرﺟ | Saudi Ministry of Municipal, Rural Affairs and Housing signs Memorandum of understanding with LOGIC Con…
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significant, particularly given that the company is commemorating its 25 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.

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