RIYADH — Municipal, Rural Affairs and Housing Minister Majid bin Abdullah Al-Hoqail said Saudi Arabia is undergoing an unprecedented, sweeping urban transformation driven by Vision 2030, with the ministry currently leading more than 11,000 development projects implemented through more than 300 municipalities across all regions of the Kingdom.

He made the remarks while taking part in the Saudi-US Investment Forum 2025, which drew heavy attendance from decision-makers and investors on both sides.

Al-Hoqail said the projects span housing, infrastructure and urban service development, in addition to quality-of-life initiatives, noting that the ministry is working to redesign Saudi cities to be smart, sustainable, and attractive for investment and living.

He revealed that the homeownership rate among citizens has risen from 47% before the launch of Vision 2030 to more than 60% today, with the ministry targeting 70% by 2030, crediting this achievement to effective partnership with the private sector and empowering citizens to own their first homes.

Al-Hoqail invited American companies to enter the Saudi real estate development market in force, explaining that the Kingdom is not only seeking project financing but strategic partnerships that contribute to designing and developing sustainable solutions for smart cities, spanning facility management, urban land redevelopment, and the application of smart city technologies.

He noted that the ministry is currently redeveloping three major cities in the Kingdom in cooperation with more than 80 local private-sector partners, while seeking to expand these partnerships to include leading international firms, chiefly American companies with global expertise in city development.