The Gulf Cooperation Council (GCC), known for its oil-dependent economies, is undergoing a transformative phase as it pivots towards sustainable development sectors such as real estate and tourism. Initiatives in these sectors are aimed at reducing the region's reliance on oil revenue and creating diversified, resilient economies. The recent Real Estate Future Forum held in Riyadh highlighted several strategies influencing the sustainable growth of these sectors.

Among the key speakers was Khaled Al-Obaidli, President of the Real Estate Regulatory Authority-Aqarat in Qatar. He emphasized Saudi Arabia's vital role within the GCC, noting the kingdom's significant achievements in the real estate sector. With Saudi Arabia reporting a 3.6% year-on-year increase in its real estate price index, the nation exemplifies growth that the entire GCC aims to replicate. The Real Estate General Authority (REGA) of Saudi Arabia forecasts the property market to reach a robust $101.62 billion by 2029, with an 8% compound annual growth rate expected starting 2024.

Saudi Arabia has been proactive, issuing 192 licenses for real estate projects over the past year, with a total value of $39 billion. Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail, outlined over 20 new regulations aimed at boosting transparency, streamlining processes, and attracting both local and foreign investments. These regulations include provisions for foreign ownership, allowing international investors access to sectors previously reserved for GCC nationals, including areas like NEOM and the Red Sea Project.

Qatar, following its Vision 2030 roadmap, has established the Real Estate Regulatory Authority-Aqarat, which is focused on enhancing regulatory frameworks and promoting digital transformation within the sector. The goal is to attract more international players by enhancing transparency and investment security. Al-Obaidli noted that Qatar is progressing towards positioning itself as a global destination for tourism and education, with real estate developments tailored for international residents and families.

Sustainable development is a shared priority across the GCC, with technology set to play a significant role. Al-Obaidli highlighted innovations such as artificial intelligence and virtual reality as crucial in enhancing customer experiences and operational efficiencies in real estate dealings. Saudi Arabia, alongside other GCC nations, is not left behind in this regard, embedding smart construction and green building practices into its urban planning laws.

The GCC is ambitiously aiming to integrate its diverse economies, turning them into leading real estate destinations by fostering investments and development projects across the region. Both Qatar and Saudi Arabia are spearheading these efforts, demonstrating the potential for successful economic diversification and sustainable growth beyond oil. Moreover, GCC nations are striving to ensure equal opportunities for both domestic and international investors in their property markets. Such efforts signal a potential boom in real estate that could redefine the economic prospects of the region over the coming decades.

The momentum within the GCC's real estate sector is indicative of a broader regional trend towards embracing diversified economic strategies. As oil-based economies continue to look for sustainable growth models, these developments reflect a concentrated effort to ensure the longevity of the region's economic health and resilience in a rapidly changing global economic landscape.