In order to enhance the performance of the Ministry of Housing and facilitate its tasks in coordinating joint efforts, Prince Saud bin Abdullah bin Thunayyan Al Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of the Board of Directors of SABIC, and Majid bin Abdullah Al Haqeel, Minister of Housing, signed a memorandum of understanding aimed at transferring the company's expertise to the Ministry.

Prince Saud said: “This strategic cooperation aims to develop an important and essential sector through SABIC's expertise and experience as it has long and distinguished expertise and experience in many sectors, especially as the company's research centers around the world seek to develop and innovate in various fields, including the building and construction sector.".

For his part, Al-Haqeel stressed that the memorandum addresses several topics, including SABIC's experiences in the field of housing its employees as well as its experiences in charitable and institutional work, and the important part addresses what the country needs in the near period, which is to reconsider modern technologies associated with future industrial changes in the construction sector. He explained the importance of utilizing SABIC's experiences in providing solutions for the future that benefit the housing sector. This is a reference to the "High Performance Home Model" that the Minister praised earlier as part of the "Home of Innovation" initiative and its creativity and innovation in designs, technologies, solutions and applications.

The MoU includes supporting the existing relationship between the two parties to benefit from the strategies, plans, statistics and information available to both of them in order to achieve the objectives of this MoU, including detailed information and data.