RIYADH: Saudi Arabia's Jadwa Investment aims to nearly double the value of its real estate assets under management to SR50 billion ($13.3 billion) over the next five years, up from about SR26 billion currently, according to Haitham Al-Ghannam, head of real estate and alternative investments, in remarks to Asharq Bloomberg.
Al-Ghannam is betting on the rapid growth of the Kingdom's real estate sector, alongside government incentive initiatives, to help achieve this goal. He revealed that “real estate assets represent around a quarter of clients' total assets, making real estate a fundamental pillar of our business.”
Initiatives to boost investment inflows
Saudi Arabia continues to roll out initiatives aimed at enhancing the attractiveness of the real estate sector. The latest of these was the approval of the executive regulations for the law governing real estate ownership by non-Saudis, along with the designation of the geographic areas where such ownership is permitted, paving the way for new inflows of foreign capital into the market.
The Kingdom is targeting $100 billion in annual foreign direct investment by 2030, with real estate identified as one of the key non-oil sectors expected to help achieve that goal.
