Riyadh: Minister of Municipalities and Housing Majed Al-Hogail emphasized Saudi Arabia's unprecedented urban transformation driven by Vision 2030. He stated that the ministry is leading more than 11,000 development projects across over 300 municipalities throughout the Kingdom, focusing on housing, infrastructure, and improving quality of life through American partnerships.
According to Saudi Press Agency, addressing the Saudi-US Investment Forum 2025, Minister Al-Hogail underscored the urgent need to reshape Saudi cities into sustainable and attractive smart cities to accommodate the anticipated population growth over the next decade. He noted that urban development extends beyond physical infrastructure, also enhancing operational efficiency and the quality of services provided.
The minister highlighted a significant increase in homeownership rates, which rose from 47% prior to the launch of Vision 2030 to over 60% today. The ministry looks forward to boosting homeownership to 70% by 2030, Minister Al-Hogail said, attributing this transformation to genuine partnerships with the private sector. He highlighted efforts to empower citizens to acquire their first homes.
As part of the Kingdom's commitment to fostering global partnerships, Minister Al-Hogail issued an open invitation to American investors to access the Saudi real estate sector, whether in development, facility management, smart city construction, or urban land reuse. He stressed that the Kingdom seeks not only funding but also strategic partners who can contribute to designing sustainable solutions for the future of Saudi cities.
The minister underlined that the ministry is currently redeveloping three major cities in collaboration with over 80 local private sector partners, while aiming to expand these partnerships to include international investors, particularly American companies with global expertise.