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RIYADH: ������Ƶ’s mortgage financing portfolio has exceeded SR900 billion ($240 billion) so far in 2025, reflecting the Kingdom’s accelerating real estate transformation under Vision 2030, the minister of municipalities and housing said.

Speaking during a ministerial session at the third Qatar Real Estate Forum in Doha, where ������Ƶ served as the guest of honor, Majid Al-Hogail reviewed the sector’s progress driven by regulatory reforms, digital transformation, and new investment models. 

The surge in mortgage lending is a direct result of ongoing reforms and institutional strengthening under Vision 2030, which targets a 70 percent homeownership rate for citizens. 

In a release, the ministry stated: “Al-Hogail stressed that real estate financing has become the cornerstone for the success and sustainability of real estate development, noting that its volume in the Kingdom has increased from about SR200 billion to more than SR900 billion in 2025.” 

He added that it now accounts for 27 percent of Saudi banks’ portfolios, supported by the Saudi Real Estate Refinance Co., which has issued sukuk on the London Stock Exchange to deepen capital market integration. 

The minister noted that the government has built a comprehensive real estate ecosystem that integrates landowners, developers, service providers, and facility managers into a more efficient and collaborative system. 

According to the statement, Al-Hogail attributed this growth to a shift in the sector, driven by the Kingdom’s Vision 2030. He added that the challenge in the past was to provide housing. “Today, the challenge is to provide happiness for those living within these communities,” the statement added. 

Highlighting the institutional framework behind the boom, Al-Hogail detailed the pivotal role of the National Housing Co., established in 2016 as the primary executive arm for urban development. 

Alongside the regulatory “Wafi” program for off-plan sales, these initiatives have enabled over 100 national developers to execute massive projects to global standards. 

The minister also confirmed a new agreement with Qatar’s Diyar Co. to expand its presence in the Saudi market, underscoring a strategic push for Gulf partnerships. 

Al-Hogail also outlined the “Saudi Architecture” initiative, launched by the Crown Prince, which marks a transition from physical construction to building a national identity. The initiative has formulated 19 distinct architectural identities reflecting the cultural diversity of the Kingdom’s regions. 

Furthermore, Saudi cities are making significant strides in digital transformation, with six now ranked among the top 100 smart cities globally, according to the IMD Index. 

This robust digital infrastructure has enabled the complete digitization of real estate transactions, transforming property into a liquid investment and savings asset. 

The minister emphasized that Gulf integration in the real estate sector is a fundamental pillar for building a more mature and sustainable regional market, praising Qatar for organizing the forum as a platform for enhanced cooperation.

JEDDAH: The GEOMIN Symposium, the first-of-its-kind geoscience event in the region, kicked off in Jeddah on Sunday with the aim of tackling challenges in mineral exploration throughout Central Asia, the Middle East and Africa.

The three-day symposium, themed “Redefining Mineral Exploration, Potential, and Impact” was organized by the Saudi Geological Survey and the Society of Exploration Geophysicists and held under the patronage of Minister of Industry and Mineral Resources Bandar Al-Khorayef.

The event gathers more than 342 experts, global mining leaders, geoscience innovators, researchers and academics from 34 countries, as well as more than 130 participating organizations.

At the opening of the symposium, Al-Khorayef said that GEOMIN 2025 is the technical heart of the vision and a space where geologists, researchers and experts exchange knowledge and advance the science that drives every successful mineral discovery.

“GEOMIN in Jeddah and Future Minerals Forum in Riyadh platforms combine scientific excellence with strategic investment, showcasing the Kingdom’s commitment not only to advancing its own mineral ecosystem but also to making meaningful contributions to the global mining community,” he said.

Abdullah bin Muftir Al-Shamrani, the CEO of SGS, told attendees that the mining sector has set a target to increase spending, aiming to raise the index to 200 Saudi riyals per square kilometer through a series of major and strategic initiatives in geological surveying, exploration and the geological database.

“As its first edition, GEOMIN serves as a premier platform for fostering collaboration, driving innovation, and sharing expertise. We are privileged to convene, for these next three days, an esteemed group of geoscientists, industry leaders, researchers, and academics from across the globe,” Al-Shamrani said.

He pointed out that the program reflects this spirit, featuring more than 100 presentations and contributions.

From seminars and panel discussions to keynote addresses and technical sessions, “GEOMIN offers an unmatched opportunity to share expertise, build partnerships, and explore solutions for a rapidly evolving sector,” he added.

SEG President Joseph Reilly told Arab News that GEOMIN underlines the importance of collaboration in unlocking mineral resources essential to global growth and energy transition.

He said the SEG Foundation exists to provide support for innovative activities and grant programs that will equip geophysicists with the tools they need.

“At SEG, we are an international organization which sees things like technology and projects all over the world and when we come to this part of the world, we enlighten our partners of these advanced projects and technology and eventually we connect people.”

Of the Saudi mining sector, he said: “It is an exciting sector. It is one of the places in the world where the government, the industry and the environment (are) ready to go.

“It seems that it’s the government’s objective to build an integrated and sustainable mining ecosystem that strengthens its industrial base and enhances the global supply chains.”