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
