The Majlis The Majlis Episode 19: Real estate & tourism in Saudi with Abdulrahman Albassam
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Dec 30, 2024 
Abdulrahman Albassam, founder and executive chairman of AWN Enterprises and a leader in Saudi real estate and tourism, shares his insights on the transformative impact of Vision 2030. He discusses the challenges and opportunities that arose for the private sector, particularly in real estate and tourism development. The talk highlights a surge in domestic tourism, aiming for 150 million visits by 2030, and emphasizes the need for public-private partnerships to balance luxury and accessibility in tourism offerings. Abdulrahman also reflects on the rich legacy of his family's business.
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Founding OWN Enterprises
- Abdulrahman Albassam spun off a project management cost center from the family business into a profit center called OWN Enterprises.
- Simultaneously, his wife revitalized a family restaurant business, leading to a hospitality sector focus within their company.
Vision 2030's Business Impact
- Vision 2030 radically transformed Saudi Arabia's business ecosystem from a subsidized model to a competitive, tech-driven one.
- Key social metrics like unemployment and women's workforce participation have already met or exceeded 2030 targets.
Saudi Housing Demand Ecosystem
- Saudi Arabia faces a large housing gap with an ambitious goal of 70% Saudi homeownership by 2030.
- The government and private sector coordinate via ecosystem integration, including mortgage finance and off-plan sales platforms.