AGL55.65▼ -0.71 (-0.01%)AIRLINK189.45▼ -0.71 (0.00%)BOP12.91▲ 0.08 (0.01%)CNERGY7.22▲ 0.01 (0.00%)DCL9.16▼ -0.13 (-0.01%)DFML50.81▼ -0.2 (0.00%)DGKC118.85▼ -2.06 (-0.02%)FCCL42.45▼ -0.96 (-0.02%)FFL15.8▲ 0.41 (0.03%)HUBC130.7▲ 0.09 (0.00%)HUMNL14.25▲ 0.41 (0.03%)KEL4.69▼ -0.02 (0.00%)KOSM6.54▼ -0.16 (-0.02%)MLCF48.7▼ -0.81 (-0.02%)NBP77.39▼ -0.8 (-0.01%)OGDC204▼ -0.81 (0.00%)PAEL42.16▲ 1.35 (0.03%)PIBTL8.79▲ 0.1 (0.01%)PPL174.3▼ -0.14 (0.00%)PRL35.12▲ 0.41 (0.01%)PTC25.09▲ 0.1 (0.00%)SEARL98▲ 0.01 (0.00%)TELE8.47▲ 0.17 (0.02%)TOMCL32.95▲ 0.95 (0.03%)TPLP11.9▼ -0.28 (-0.02%)TREET23.45▲ 1.3 (0.06%)TRG64.36▲ 2.7 (0.04%)UNITY30.51▼ -0.12 (0.00%)WTL1.49▲ 0.01 (0.01%)

Qatar official calls for GCC real estate boom to drive sustainable growth beyond oil

Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

 

Oil-dependent countries in the Gulf Cooperation Council should focus on strengthening sectors such as real estate and tourism to ensure sustainable development, according to a Qatari official.

Speaking at the Real Estate Future Forum in Riyadh on Jan.27, the president of the Real Estate Regulatory Authority-Aqarat, Khaled Al-Obaidli, said that Saudi Arabia’s success in the property sector exemplifies the growth of the entire GCC region in developing a thriving market.

These comments regarding the Kingdom’s expanding property sector come just days after the nation reported a 3.6 percent year-on-year increase in its real estate price index. Saudi Arabia’s Real Estate General Authority expects the country’s property market to reach $101.62 billion by 2029, with an expected compound annual growth rate of 8 percent from 2024.

“The success of Saudi Arabia in the real estate sector is the success of all GCC countries because we see them as one,” said Al-Obaidli. He added: “Most of our countries are oil-based economies.

It is very important to diversify the resources across sectors like real estate and tourism. We (Qatar) are not just a country that depends only on oil, we are now trying to affirm our presence in sports, and tourism, and we are also developing high-level universities.”—AN

Related Posts

Get Alerts