The Ministry of Housing and the Islamic Development Bank (IDB) are considering three areas of joint cooperation: housing cooperative societies, the establishment of a fund for science, technology and innovation in the field of building materials within the framework of the partnership between the Bank and the Ministry, as well as cooperation in establishing a real estate finance fund.

The meeting between the Minister of Housing Majid bin Abdullah Al-Hogail and Dr. Bandar bin Mohammed Hajjar, President of the Bank Group, discussed the best ways for the two sides to work together to support the housing sector in the Kingdom and benefit from the Bank Group's expertise in the field of housing.

The meeting discussed the best ways to work together to support the housing sector in the Kingdom.

Haqeel welcomed the initiative of the Islamic Development Bank Group to make its expertise available to the Ministry of Housing to implement its vision in the field of housing, noting that it is the first initiative of its kind that a bank offers to the Ministry to implement the Kingdom's 2030 vision in this field.

Haqeel

For his part, Dr. Hajjar affirmed the Bank Group's keenness to contribute to the implementation of the Kingdom's Vision 2030 and the National Transformation Program 2020, stressing the importance of public-private partnership in stimulating the real estate supply.

The meeting was followed by a meeting of technical teams from both sides to crystallize the approved projects and turn them into partnership programs between the Ministry of Housing and the Islamic Development Bank Group.

In March 2017 in Riyadh, the Islamic Bank will organize the first public-private partnership forum to provide housing products at the right price and quality, given the Bank's previous experience in providing housing complexes for low-income and middle-income people.

After the meeting, the technical teams from both sides will meet to crystallize the approved projects and transform them into partnership programs between the Ministry of Housing and the IDB Group.