The Ministry of Housing continued to pump its housing products for the “Residential Program” as it announced yesterday the details of the seventh installment for the month of August with a total of 28051 housing products, including 7700 subsidized financing in partnership with banks and financial institutions, 7807 free land, and 12544 housing units within the off-plan sales program “Wafi” in partnership with real estate developers, bringing the total number of housing and financing products announced by the ministry since last February 156008 products.

The Ministry of Housing has completed the procedures of the eligible applicants.

Finalizing the procedures of beneficiaries

On this occasion, the Ministry of Housing held a press conference at the headquarters of the Media Center of the Saudi Press Agency in Riyadh, to announce the details of its housing and financing programs for the month of August, in the presence of His Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, and a number of real estate developers, businessmen, economists and media. In his speech, the official spokesman of the Ministry of Housing, Saif bin Salem Al-Suwailem, explained that future batches will include more housing and financing products to reach the target of 280 thousand housing and financing products during this year.

Al-Suwailem said that the ministry is working with each batch to finalize the procedures of the beneficiaries who have been allocated ready-made housing units, according to the previously announced beneficiary journey, which includes initial approval and inspection until final acceptance, noting that the allocated lands include a number of governorates and centers and without financial compensation.

Suwailem said that the ministry is working with each batch to finalize the procedures of beneficiaries who have been allocated ready-made housing units.

110,000 housing units in Wafi

For his part, the General Supervisor of the Private Sector Partnership Program at the Ministry of Housing, Ahmed Mandoura, confirmed that the partnership with the private sector has resulted in the start of building thousands of housing units with a variety of options, quality and appropriate price ranging from 250 thousand to 700 thousand riyals, in proportion to the purchasing power of those entitled to housing support, stressing that the total housing units that come in partnership with the private sector through the off-plan sales program and will be allocated during the current year will reach 110 thousand housing units, while they will be delivered to citizens within a maximum of 3 years from the date of allocation.

Fund pumps 54 thousand subsidized financing

<Khaled Al Amoudi, General Supervisor of the Real Estate Development Fund, said that the Fund continues to reduce waiting lists and accelerate access to subsidized financing in partnership with banks and financial institutions. <Al-Amoudi added that the Real Estate Development Fund has announced about 54,000 subsidized financing since the launch of the (Residential) program until this batch, with a monthly average of 7700 financing, as the financing mechanism is characterized by reducing the waiting period from 11 years to a maximum of 5 years, and achieving support for 6 citizens compared to 1 citizen in the previous mechanism In addition, the launch of the Support Center for Subsidized Finance Beneficiaries comes to facilitate all beneficiaries who face issues in obtaining financing, and the center receives applications for those wishing to finance the construction of their homes (self-financing), and the center is located in all branches of the Fund spread throughout the Kingdom.”

Agreements with 6 companies

The Ministry of Housing signed agreements with 6 real estate development companies to implement 6 projects in several regions with a total of 13,144 housing units, namely Abdulrahman Al-Rashed Company, Al-Hakimiya Real Estate Development Company, Shamayel Al-Khaleej Company, Bin Jarallah Trading and Contracting Holding Company, Hamad and Ahmed Mohammed Al-Muzaini Real Estate Company, and Sundus, while the Real Estate Development Fund signed an agreement with Samba Bank to activate subsidized financing.

The Ministry of Housing also signed agreements with 6 real estate development companies to implement 6 projects in several regions with a total of 13,144 housing units. The Ministry also signed 4 agreements with a number of companies specialized in modern building technologies, namely Yanigun Group, Fast Break Robotics, Bena Holding and Ian Holding, and the Ministry was represented by the General Supervisor of the Innovation and Building Technologies Program, Engineer Mohammed bin Faisal bin Muammar.

The Ministry was represented at the signing.

Distribution of housing products to regions

The housing products for this batch were distributed as follows:

Riyadh 2118 subsidized financing, 260 free land, and 5215 housing units within the Wafi program.

Riyadh region 2118 subsidized financing, 260 free land, and 5215 housing units within the Wafi program. Makkah 1339 subsidized financing, 4694 free land, and 4351 housing units within the Wafi program.

Makkah Al Mukarramah 1339 subsidized financing, 4694 free land, and 4351 housing units within the Wafi program. Madinah 552 subsidized financing and 2131 free land.

Madinah 552 subsidized financing and 2131 free land.

<Qassim 695 subsidized financing and 413 free land. Eastern Province 1042 subsidized financing, 309 free lands, and 509 housing units within the Wafi program.

Eastern Province 1042 subsidized financing, 309 free lands, and 509 housing units within the Wafi program. Asir 657 subsidized finances and 1488 housing units within the Wafi program.

Asir 657 subsidized finances and 1488 housing units within the Wafi program. <Tabuk 256 subsidized financing and 900 housing units within the “Wafi” program. Hail 212 subsidized financing.

Northern Borders 148 subsidized financing.

Northern Borders 148 subsidized financing.

Jazan 168 subsidized financing.

Jazan 168 subsidized financing.

<Najran 191 subsidized funds. <Al Baha 151 subsidized funds. <Al Jouf 171 subsidized funds.