The joint cooperation between the Kingdom and South Korea in the housing sector is effective and positive and the memorandum signed with Korean companies aims to develop the housing sector in the Kingdom, based on the agreement concluded between the Ministry of Housing and the Korean Ministry of Land, Infrastructure and Transport, which was recently approved by the Council of Ministers to support feasibility studies and provide the necessary facilities to eligible companies.

This was clarified by Housing Minister Majed Al-Hogail during his recent meeting with the South Korean Ambassador to the Kingdom, Kun Byung-oh, at his office at the Ministry. Al-Hogail said that the joint cooperation between the Kingdom and South Korea in the housing sector is effective and positive, adding that the recently signed memorandum will contribute to identifying the best investment and financing projects by attracting international and local institutions, in addition to fostering competition among real estate development companies to build more housing units with diverse options, high quality, and affordable prices, in line with the directives of the leadership and in accordance with the aspirations and desires of citizens, as well as providing the opportunity to benefit from global expertise in the field of housing and real estate development, and working to form a task force comprising relevant entities to provide integrated housing services.