Under the patronage of His Excellency Majid Al-Hogail, Minister of Housing, a memorandum of understanding was signed between the Private Sector Partnership Program (Shurakat) of the National Housing Company and King Abdullah Economic City to provide 8,000 housing units in the Al-Shorouq neighborhood as part of the Ministry of Housing’s “Sakani” program.
The memorandum of understanding was signed under the gracious patronage of the Minister of Housing during his field visit on Monday, June 4, 2018, to review the latest developments in the economic city and the progress of various projects. The visit included the Minister of Housing handing over a number of completed housing units to citizens in the “Al-Shurooq” neighborhood, in addition to His Excellency inaugurating the social center in the Al-Waha neighborhood.
His Excellency Majed Al-Hogail, Minister of Housing, explained that “the strategic partnership between the “Sharakat” program of the National Housing Company and King Abdullah Economic City embodies the fruitful cooperation between the public and private sectors through the “Sakani” program, which aims to launch the largest number of housing projects to provide suitable housing units meeting the highest quality standards, as part of efforts to raise the homeownership rate among citizens to 60 % by 2020, and to 70% by 2030.
Meanwhile, Fahad Al-Rashid expressed his deep pride and satisfaction in continuing the joint cooperation with the Ministry of Housing through the National Housing Company, appreciating the trust the Ministry has placed in the Economic City in terms of providing housing options for citizens and offering solutions suitable for all segments of society. He explained that the Al-Shurooq residential neighborhood is one of a kind, designed to meet the needs of young people and middle-income earners, who make up 70% of the Kingdom’s population.
On the sidelines of the visit, Al-Rashid announced the start of development on 1,800 housing units in the second phase of the Al-Shurooq neighborhood, given the high demand from citizens following the handover of 1,440 units in the first phase.
The “Al-Shorouk” neighborhood is a residential area designed for families and individuals seeking homes that offer a modern lifestyle at affordable, accessible prices, ranging from one to four bedrooms. The neighborhood is distinguished by its proximity to the thriving Al-Wadi Industrial Zone, which is home to 100 local and international industrial companies—a factor that will benefit homeowners through the growing employment opportunities available there.
In a related development, Louai Bafqih, CEO of the Quality of Life Program, emphasized that the collaboration between the National Housing Company and King’s Economic City, under the Ministry’s auspices, serves as a model to be emulated in order to continue improving the quality of life across various regions of the Kingdom. He noted that the opening of the social center in Al-Waha neighborhood is one of the most important factors contributing to improving residents“ quality of life, especially since it offers a modern lifestyle within a quiet, safe, and vibrant residential environment, in addition to advanced infrastructure, parks, and green spaces that allow residents to engage in various sports and social activities, which will directly contribute to achieving the Sustainable Development Goals.
The Economic City is committed to supporting all of its coastal neighborhoods with a wide range of world-class essential and social services and facilities, including a diverse array of restaurants, retail stores, healthcare services, security and safety measures, mosques and parks, as well as world-class schools and universities. It also features a collection of the most luxurious sports and recreational facilities that have won prestigious international awards, such as the ”Royal Greens“ international golf club, the ”Esmeralda“ Sports Complex, the ”Juman“ Family Park and Open-Air Theater, the Juman Karting Track, the ”Al-Bilsan Marina” Yacht and Water Sports Club, the La Laguna Motor Racing Circuit, and others.
