黑料社区

International mortgage firms set to transform 黑料社区鈥檚 real estate sector: top official

International mortgage firms set to transform 黑料社区鈥檚 real estate sector: top official
Adviser to 黑料社区鈥檚 Minister of Municipalities and Housing Hossam Redwan said that lower interest rates could also propel the mortgage sector in the Kingdom. Screenshot
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Updated 29 January 2025

International mortgage firms set to transform 黑料社区鈥檚 real estate sector: top official

International mortgage firms set to transform 黑料社区鈥檚 real estate sector: top official
  • Kingdom鈥檚 property market expected to reach $101.62 billion by 2029
  • Recent approval of CMA will increase international investment in the Kingdom

RIYADH: Top international financial institutions Apollo and BlackRock are set to enter 黑料社区鈥檚 mortgage market, potentially transforming the Kingdom鈥檚 real estate market, a top official said.聽

During a panel discussion at the Real Estate Future Forum in Riyadh, the adviser to 黑料社区鈥檚 minister of municipalities and housing, Hossam Redwan said that lower interest rates could also propel the mortgage sector in the Kingdom.聽

Redwan鈥檚 comments align with 黑料社区鈥檚 Vision 2030 goal to strengthen the real estate sector as part of its efforts to diversify the economy and position the Kingdom as a global tourism and business destination.

黑料社区鈥檚 Real Estate General Authority expects the Kingdom鈥檚 property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.聽

鈥淔oreign entities are now ready to deploy capital by buying mortgages directly from banks and financing institutions. In a way, they would be performing a role similar to what the Saudi Real Estate Refinance Co. has been doing for the last few years,鈥 said Redwan.聽

He added: 鈥淗owever, SRC cannot fulfill its role on its own. So, hopefully, by the first quarter of 2025, you will hear of institutions like Apollo and BlackRock entering the mortgage market in 黑料社区 directly. I am very excited about it.鈥

He also underscored the exponential growth of the Saudi mortgage market and said that its value has now reached SR750 billion ($199.96 billion).聽

Redwan added that the recent approval of CMA, which allows foreigners to invest in Saudi-listed companies owning real estate in Makkah and Madinah, will increase international investment in the Kingdom.聽

The new amendment by CMA, effective from Jan. 27, aims to boost the capital market鈥檚 competitiveness and align with the Vision 2030 economic diversification objectives, the authority said in a statement.


鈥楢 Paperless Event鈥 鈥 the slogan of Saudi technology at the UN General Assembly for Tourism

鈥楢 Paperless Event鈥 鈥 the slogan of Saudi technology at the UN General Assembly for Tourism
Updated 07 November 2025

鈥楢 Paperless Event鈥 鈥 the slogan of Saudi technology at the UN General Assembly for Tourism

鈥楢 Paperless Event鈥 鈥 the slogan of Saudi technology at the UN General Assembly for Tourism

RIYADH: Papers are absent, and Saudi technology is present to say 鈥渁 paperless event鈥 at the UN General Assembly meetings for the tourism sector, which will be held in Riyadh, with the participation of more than 100 ministers from around the world, Al-Eqtisadiah reports.

The assembly meetings are set amidst natural green plants cultivated in the Saudi desert, surrounding the roundtable that will bring the ministers together. They will chart their plan and vision for the next 50 years, discuss the use of artificial intelligence in the global tourism sector, and ensure the human element is not marginalized.

Sara Al-Saud, the general supervisor of International Affairs for the Saudi Ministry of Tourism, said that 鈥渢here is a shortage of an estimated 43 million workers in the global tourism sector.鈥

She clarified that the topic of AI will be one of the subjects discussed by the over 100 ministers, in addition to shaping the Assembly鈥檚 vision for the next 50 years.

She added that the Assembly meetings are expected to witness the signing of memorandums of understanding and agreements during the event, alongside a number of recommendations that will be announced in due course.

For his part, Ahmed Al-Ghamdi, the director-general of International Research and Planning, emphasized that the human element is very important in the tourism sector, and that artificial intelligence significantly helps small and medium enterprises improve their service quality and customer experience.

The Executive Director of UN Tourism, Natalia Bayona, explained that the global tourism sector is the largest employer of youth, with 60 percent of them working with AI. She added that many tourists worldwide use AI to explore tourist destinations.

Consequently, a survey was conducted with member states to ascertain if they have local AI strategies and to identify what support could be offered to develop the mechanism, especially since the tourism sector relies heavily on small and medium enterprises.

Globally, the tourism sector contributed 10 percent to the global gross domestic product in 2024, equivalent to $10.9 trillion, recording a growth rate of 8.5 percent compared to 2023, thereby surpassing pre-COVID-19 pandemic levels.

On the local front for the Saudi tourism sector, unprecedented levels were recorded in terms of visitor numbers, spending volume, job creation, and contribution to the GDP.

The direct and indirect contribution of the tourism sector to the GDP reached 11.5 percent in 2023. The International Monetary Fund predicts that the Saudi tourism sector will achieve a growth rate of 16 percent by 2034.