More than 11 global real estate development companies have expressed interest in participating in the Ministry of Housing’s private-sector partnership program to carry out projects in various regions of the Kingdom.
This was revealed by Nayef Al-Rashid, advisor to the Minister of Housing and general supervisor of the Real Estate Investment and Development Program, explaining that these companies are bidding on projects located on land owned by both the Ministry and the private sector. He noted that the Ministry has made significant progress in its discussions with these companies, adding that they are from France, the United States, the United Kingdom, Turkey, the United Arab Emirates, and Lebanon.
He added that the Ministry of Housing will sign agreements with Turkish and British real estate companies before the end of the current calendar year.Regarding the mechanism by which international companies build their projects on private sector land, he explained that the Ministry grants these companies certain plots of land that the owners have offered to the Ministry for development, and these companies then carry out their projects after the landowner approves the offers presented to them.
