Ihsan Bafqih, Governor of the General Authority for State Real Estate, announced the issuance of seven sukuk for informal settlements in the Makkah region, with a total area exceeding 3.780 million square meters, including two deeds for the ”Quz al-Nakasa” and “Al-Kadwa“ neighborhoods in Mecca, and five deeds for the “Ghalil” and “Petromin” neighborhoods in the Jeddah Governorate.

This was announced during a panel discussion at the Real Estate Developers Forum dedicated to the government sector, organized by the Makkah Chamber of Commerce to mark the 75th anniversary of its founding, with broad participation from officials, investors, and those interested in real estate and economic affairs.

Bafqih noted that the General Authority for State Real Estate has helped address the challenges and issues faced by ten development projects and residential plans in various regions of the Kingdom, some of which are in Makkah, such as: “the Jabal Omar Project, King Abdulaziz Road (“Masar”), as well as Quz al-Nakasa and Al-Kadwa.”

Bafqih explained that these projects faced challenges and obstacles that stood in the way of their completion. Among these challenges and obstacles were the overlap of private real estate ownership with government ownership, and the lack of title deeds for a number of sites. The Authority studied these obstacles and devised innovative solutions to put these development projects back on track by issuing unified title deeds for each of them.

The Governor of the General Authority for State Real Estate praised the cooperation and integration of roles within the government system, which has had a significant impact on achieving shared strategic goals and ensuring the sustainable development of state-owned real estate.
He revealed that more than 324 million square meters of land were allocated to 24 government agencies during 2021, while 64 allocation decisions were issued to meet the real estate needs of the government system.