Al-Muhaqari: Government Ready to Offer Support and Incentives to Investors in the Real Estate Sector Due to Its Economic Importance
Investment Magazine/Exclusive
Engineer Maeen Hashim Al-Muhaqari, Minister of Economy, Industry, and Investment, affirmed the government's readiness to provide support and incentives to investors in the real estate sector, highlighting its significance in driving economic activity. He noted that significant efforts are being made by a coordinated technical team from the Ministries of Transport and Public Works to address the challenges faced by the real estate and construction sectors.
This came during a meeting held at the General Investment Authority on Thursday, October 3, 2024, in the presence of Minister of Transport and Public Works, Mohamed Qahim, dedicated to discussing the state of the real estate and construction sectors.
The meeting, which included investors and representatives from real estate and construction companies, addressed the obstacles and challenges facing real estate development. Participants expressed their readiness to support economic activity and increase investments in model real estate projects.
Minister Al-Muhaqari reiterated the government’s commitment to offering support and incentives to investors across all sectors, including real estate. He emphasized the significant work being done by the coordinated technical team from both ministries to resolve issues in the real estate and construction sectors.
He also stressed the need for the swift implementation of the technical team’s recommendations, noting that all obstacles would be removed, and a matrix of incentives would be adopted to streamline and improve procedures according to a specific action plan.
The Minister of Economy and Investment pointed out that the government would provide incentives and attractive offers to support investors and restore mutual trust with the private sector.
For his part, Minister Qahim emphasized the vital economic role of the construction and real estate sectors and the importance of addressing the causes of the real estate slump to revive investment in the sector. He called for measures to stimulate the real estate market, attract investors, create job opportunities, and enhance the national economy.
He encouraged focusing on establishing residential cities by taking advantage of the investment incentives available in the real estate sector, expressing hope that the ongoing efforts will lead to a significant transformation in real estate development and its industry
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