Saudi Gazette report

MAKKAH — Muhammad Al-Quwaiz, chief executive officer of the Capital Market Authority (CMA), said that financing is the fuel that transforms plans, dreams and future projects into a tangible reality.

While identifying financing as one of the roles of CMA, he said that the authority is also financing ownership rights, which played a role in real estate contributions that are instrumental in augmenting development in general.

He made the remarks while addressing the third edition of the Real Estate Makers Forum, organized by the Makkah Chamber of Commerce and Industry at the Makkah Chamber Center for Exhibitions and Events. The forum was held as part of the chamber’s celebrations of the 75th anniversary of its foundation.

Al-Quwaiz said that ownership in Makkah and Madinah had control because real estate in the holy cities is considered as one of the determinants of national security. “The decision to grant real estate ownership for non-Saudis in Makkah and Madinah has been instrumental in spurring the growth of financial markets,” he said.

In his speech, Eng. Anas Serafi, head of the Real Estate Committee at the Makkah Chamber, said that more than 60 neighborhoods that have distorted the civilized face of Umm Al-Qura have been undergoing a massive facelift.

Al-Serafi reviewed the most important challenges facing the development plans of Makkah that had hindered achieving desired standard for decades, as they did not enter into the heart of future studies and provide applied solutions.

He said that the last of these plans was approved 10 years ago, which recommended evacuating buildings within the 550 meters periphery around the Holy Kaaba.

There have been no practical solutions developed to deal with slums, forcing the Makkah Region Development Authority to freeze work on it and adopt a new Makkah region development plan.

Addressing the forum, Eng. Dr. Walid Abdel Aal, CEO of planning and development at the Royal Commission for Makkah City and Holy Sites, said that slums in Makkah have been identified and dealt with as investment opportunities within the comprehensive development plan.

Several government officials, investors and experts in the real estate sector attended the forum, which was held in conjunction with the ambitious vision that placed Umm Al-Qura at the top of the chamber’s list of priorities for development.

The forum is one of the initiatives of the National Real Estate Committee that seeks to spread knowledge awareness in the real estate sector, as well as to highlight investment opportunities, stimulate real estate investment, and build partnerships between government agencies and private stakeholders.