Al-Hogail Discusses Cooperation Opportunities in Infrastructure, Construction with Spanish Companies’ Executives

Saudi Minister of Municipal, Rural Affairs, and Housing Majid bin Abdullah Al-Hogail convened on Tuesday in the Spanish capital Madrid with several CEOs of prominent Spanish companies to explore collaboration opportunities in urban infrastructure development, construction, renewable energy, and engineering technology. This took place during the second day of his official visit to Spain, spanning from April 15 to April 17.

 Among his engagements, the minister held discussions with the CEO of TYPSA Group, Pablo Bueno, focusing on potential partnerships in infrastructure solutions, construction, renewable energy, environmental initiatives, and urban planning. They delved into prospects for integrating circular economy principles into construction and infrastructure projects, establishing asset management platforms, and devising innovative value engineering solutions.

 Minister Al-Hogail also conferred with the CEO of Indra Company, José Vicente, a global leader in engineering technology and consultancy. Their talks centred on opportunities for digital transformation in municipal affairs and fostering innovation to enhance service quality for stakeholders. Additionally, they explored investment prospects in various municipal sectors, housing, and urban infrastructure within Saudi Arabia.

 Furthermore, the minister met with the President of the National Construction Confederation (CNC), Pedro Fernández Alén, to explore avenues for collaboration, and knowledge exchange, and present Saudi Vision 2030’s strategic objectives for the housing sector and investment prospects in the Kingdom’s residential market. Al-Hogail underscored significant Spanish investments in Saudi Arabia, exceeding $3 billion, with 40% allocated to real estate ventures.

 Al-Hogail highlighted the robust growth in Saudi Arabia’s housing sector and real estate activities, citing the provision of housing solutions for 1.5 million families over the past five years, the delivery of approximately half a million housing units, and the launch of major residential developments. He emphasized ongoing efforts to bolster housing supply by adding more than 300,000 housing units by 2025, aiming for nearly one million units by 2030.

 Moreover, he underscored the flourishing real estate sector’s role in boosting the Kingdom’s attractiveness for domestic and international investments, leading to unprecedented expansion. The sector’s contribution to non-oil Gross Domestic Product (GDP) reached 12.2%, while the construction and building sector’s contribution stood at 11.3% by the third quarter of 2023, as per the minister’s remarks.