Arab Union for Real Estate Development (AURD) Secretary General Dr. Ahmad Mattar said on Monday that the Arab real estate activity volume is estimated at USD 27 trillion dollars.
Speaking in a press release circulated on the sidelines of the First Arab Investment Conference here today, Mattar said: “Given its fixed and growning assets, real estate is competitive and outstands oil and gas.” There are 69 million homes and four million citiizens work in the real estate sector and there are 135,000 entities that work in the real estate related businesses, he said, noting that real estate sector has an 18 percent share in the total Arab economy.
According to the 2009 Arab Economic Report, real estate activity volume was quoted at USd 324 billlion in 2008, “a source of pride figures”, he said.
The conference kicked off activities on Sunday with the aim of opening new horizons of business opportunities and Arab and international partnership in the Arab world.
It is also aimed at exploring the housing needs of citizens, improve the real estate movement in the Arab world and provide job opportunities.
The conferees are expected to review work papers concerning encouragement of real estate investments, dangers of speculation in the sector and the establishment of an Arab real estate bourse.
The participants are also to examine the role of the Arab League in the removal of obstacles facing the Arab investor.