His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, headed to the United States of America to participate in the “Genie May” Global Investors Summit on Affordable Housing Finance, and to review the Kingdom’s experience in developing the housing and real estate finance system, and the transformations it has witnessed in policies and financing enablers, in addition to discussing prospects for strengthening international cooperation and partnerships in related fields.
The participation comes as an extension of the transformations taking place in the housing sector in the Kingdom within the objectives of Saudi Vision 2030, through the development of policies, legislation and financing enablers, enhancing integration between the financing system and the development of housing supply, and stimulating the participation of the private sector, which contributes to building a more efficient and sustainable real estate market, diversifying housing options for Saudi families, and achieving the target of raising the rate of homeownership to 70% by 2030.
Developing real estate financing tools
The participation addresses opportunities to benefit from international experiences in developing real estate financing tools, enhancing the efficiency of the secondary market, expanding the investor base, and diversifying sources of liquidity, in addition to developing risk management mechanisms and raising the efficiency of financial institutions; to support the sustainability of housing finance and enhance the market’s ability to meet the needs of beneficiaries.
The visit also represents an opportunity to exchange experiences and explore areas of cooperation with international institutions related to the housing and finance sector, in the areas of developing housing policies and urban planning, enhancing the housing supply , developing refinancing and real estate securitization tools, and benefiting from operational models and financial and technical solutions; which contributes to the development of the Saudi real estate market, and raises its efficiency and ability to attract quality investments.
These efforts complement the Ministry of Municipalities and Housing’s direction towards developing an integrated urban and residential system that promotes the concept of “Lifestyle… From your home to your city” by improving the quality of housing, upgrading the urban environment, and enhancing the integration of services and facilities; which contributes to creating vibrant communities that provide residents with the means to live at a higher quality, and supports the Ministry’s objectives in improving the quality of life and achieving sustainable urban development.
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