The Minister of Municipal, Rural Affairs, and Housing, Majid Al-Hogail, on Tuesday, launched “Furs,” the investment portal for Saudi cities, noting that a royal decree had been issued approving it as a national platform where government agencies can showcase their investment opportunities to investors.
This announcement came during the events of the opening of the Municipal Investment Forum, at the Exhibition and Conference Center in Riyadh Front, where the forum is showcasing more than 5,000 investment opportunities across various economic sectors.
In his opening remarks at the forum, Al-Hogail said: “There are currently five government agencies presenting their opportunities on the platform to investors with complete transparency, and today we will launch the platform, which will mark a qualitative leap for investment in Saudi cities.”
The Minister of Municipal, Rural Affairs, and Housing added that the ministry aims to privatize 70% of its activities and is working to establish 17 enabled companies modeled after the National Housing Company.
He continued: “We have worked to establish companies in every municipality; three companies were established some time ago, and seven more have been established recently. By the end of the year, there will be 17 companies; These will not compete with the private sector but will be capable companies that can partner with everyone more quickly,” noting that the National Housing Company has helped empower more than 200 developers."
Al-Hogail explained that Ministry of Municipal, Rural Affairs, and Housing has reduced the value of bank guarantees from 100% to 25% to assist investors in development and construction.
Regarding the regulations on the disposal of municipal real estate, Al-Hogail said: ”The regulations have enabled us to improve our relationship with investors… We have introduced public bidding and facilitated investment in certain plots of land."
Al-Hogail noted that the municipal sector operates in accordance with the objectives of the Kingdom’s Vision 2030; with the Crown Prince’s support for improving the investment system, noting that municipal investments contribute to five programs aimed at achieving the Vision; these include the privatization program, the quality of life program, the housing program, the program for serving the guests of the Most Merciful, and the financial sustainability program.
The Minister of Municipal, Rural Affairs, and Housing affirmed that the ministry is working to encourage investment in the Kingdom, noting that the municipal sector accounts for 40% of services.
The second edition of the Municipal Investment Forum »Opportunities” at the Exhibition and Conference Center in Riyadh Front.
The forum features more than 5,000 investment opportunities across various economic sectors, in addition to panel discussions featuring a number of leaders, specialists, and experts. More than 200 dedicated booths have been set up to showcase startups to investors attending the forum.
