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Saudi Arabia Report
Marcopolis presents the Saudi Arabia Report focused on the investments, doing business, economy and other topics featuring interviews with key executives. The sectors under review in this issue are industry, real-estate, ICT, investments, banking sector, telecom sector and many more.
VideosMay 16, 2016
Main priorities for the housing sector in Saudi Arabia
- Published: May 16, 2016
Yasser Abu Ateek serves as CEO of Dar Al Tamleek since 2008. Mr. Abu Ateek was previously Regional Manager, Western Region at Riyad Bank.
Yasser Abu Ateek, CEO of Dar Al Tamleek talks about the main priorities for the housing sector in Saudi Arabia.
He says, "We just know that there is a huge demand but we can´t confirm it. Of course the Minister of Housing lists 1.4 million or 1.3 million and that shows a big demand. There is a lot of youth coming to the market, some estimate 300,000 who need to find jobs every year, those are graduates from schools that need to find jobs and these people usually look for housing. There is one priority right now for the market and that is clarity. Right now, uncertainty is controlling the market, nobody knows in what direction we are heading. Uncertainty doesn’t help the consumer, it doesn’t help the investor and it doesn’t help people in the market. A lot of people are hesitating right now about what to do next. Projects are on hold, the circumstances don’t look good, the oil price is down, and morale is down. We are not at our best; all of these elements play a role but uncertainty is the major problem we have in the housing sector."
