The Saudi Ministry of Housing recently revealed that 100,000 housing products are ready for allocation and delivery starting from Shaaban 1437H in monthly phases for a year, covering the needs of 12.5 million registered beneficiaries within the support program.
The Saudi Ministry of Housing recently revealed that 100,000 housing products will cover all regions of the Kingdom.
She explained that the 100,000 housing products will cover all regions of the Kingdom, noting that several projects will be delivered in the month of Shaaban, including Hafar Al-Batin, Al-Shanan, Riyadh Al-Khubra, Bish, Samta and Sabia, indicating that products will be allocated to 100,000 families in all regions of the Kingdom according to priority points to achieve justice and balance among the beneficiaries.
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The ministry said it took into account different social situations, based on its vision to provide adequate housing for all citizens in all segments. It explained that the beneficiary groups in the allocation and delivery of 100,000 housing products are as follows:
40 years and above, people with special needs, middle-income and below, male family with children, widow family with children, divorced family with children.
Family of a man with his children, family of a widow with her children, family of a divorced woman with her children.
This step, which is considered the largest in the translation of housing support, comes as a nucleus to launch a number of programs, initiatives, and new housing projects in partnership with the private sector, both local and foreign companies.
In this regard, the ministry recently signed a memorandum of understanding with a consortium of Korean and Saudi companies, and is expected to announce new alliances with American and Egyptian companies, which will see the return of one of the major real estate developers in Egypt, which left the local market several years ago due to the development issues and obstacles it faced - at that time - and some major Turkish companies have shown great readiness to enter the Saudi housing market and are engaged in serious negotiations to complete an alliance expected to result in an MOU with the Ministry of Housing.
The Real Estate Development Fund is expected to start the procedures for launching the accelerated loan product for applicants to the Real Estate Fund, which is still awaiting final approval from the Monetary Agency, including signing with all local banks and companies.
