Al-Tahalaf Real Estate Co., Ltd. announced the signing of a partnership agreement with the Ministry of Housing to develop a residential project east of Riyadh comprising 462 diverse residential villas, divided into 436 duplex villas and 36 standalone villas.

The residential units are characterized by their high quality and compliance with the Kingdom’s approved standards, in addition to their affordable prices, which range from 530,000 to a maximum of 590,000 riyals. The project covers an area of 84,679 square meters.

This agreement is part of the private sector partnership program, the mechanism of which was approved by the Council of Ministers, On this occasion, Naif bin Abdulmohsen Al-Rashid, CEO of the Public-Private Partnership at the Ministry of Housing, explained that this partnership is the first of its kind among public-private partnership programs on private sector land under the PPP model, and supported by the National Privatization Center.

He noted that through this agreement, the Ministry of Housing aims to establish a new partnership within the regulations and laws in force in the Kingdom of Saudi Arabia, as the Ministry provides incentives and financial facilities to support the private sector in the field of real estate development, as well as providing the necessary support to real estate development companies through several programs such as the “Etmam” and ”Wafi” programs, in addition to providing other real estate development incentives such as purchase guarantees.

It is worth noting that the Ministry of Housing, as part of its efforts to partner with the private sector, has signed numerous agreements with local and international companies to stimulate the real estate sector, increase its productivity, introduce more housing units, and support supply in the housing market, in line with demand to increase homeownership rates among citizens through diverse options suitable for all segments of society.