The the Ministry of Municipal, Rural Affairs, and Housing , represented by the Agency for Stimulating Housing Supply and Real Estate Development, andMinistry of Investment a memorandum of understanding with the Spanish company Orbas, with the aim of supporting and developing investment in the Kingdom of Saudi Arabia.
The memorandum of understanding was signed by Abdulrahman bin Abdullah Al-Tawil, Undersecretary for Stimulating Housing Supply and Real Estate Development, representing the Ministry of Municipal, Rural Affairs, and Housing, while Fahd bin Jamal Al-Naim, Deputy Minister for Investment Development at the Saudi Ministry of Investment, signed on behalf of the ministry, and Adolfo Gorrero, CEO of the Spanish company Orbass, signed on behalf of the company.
The memorandum aims to strengthen mutual cooperation among the parties to support and develop investment in the Kingdom in line with the National Investment Strategy, and to unify efforts with each party’s relevant entities in order to enhance coordination and effective joint action in all matters that support and promote the development, marketing, and implementation of investments.
The Deputy Minister of Ministry of Municipal, Rural Affairs, and Housing of the Agency for Stimulating Housing Supply, Development, and Real Estate, that the signing of the memorandum of understanding comes within the framework of joint efforts undertaken by the Ministry in cooperation with the Ministry of Investment to attract and encourage foreign investment in the Kingdom’s housing sector, adding that the Spanish company Orbas is a leading global player in the fields of real estate, infrastructure, and renewable energy.
Al-Tawil explained that the Ministries of Municipal, Rural Affairs, and Housing and Investment will work to support the investing company in exploring opportunities, and taking advantage of available incentives through initiatives offered by relevant authorities within their respective jurisdictions, such as the National Incentives Committee. He noted that the investor will also receive support from the relevant authorities regarding the business plan and feasibility study through the provision of available data that will contribute to the investment’s success.
