Argan Projects signs an agreement to develop a residential-commercial scheme in Riyadh
Argan Projects has signed a cooperation agreement with Al Arabi Financial Company to develop a residential-commercial project to enhance the real estate supply in the city of Riyadh, in the presence of Abdulrahman bin Abdullah Al-Tawil, Undersecretary of the Ministry of Municipal and Rural Affairs and Housing to stimulate the housing supply and real estate development.
Argan Projects
Establishing a real estate investment fund
The agreement aims to establish a closed, Sharia-compliant private real estate investment fund with a capital of about 600 million riyals, where the fund has acquired a 500,000 m2 plot of land in Al-Nadwa neighborhood in eastern Riyadh, which will be developed into a mixed-use residential-commercial scheme.The agreement aims to establish a closed, Sharia-compliant private real estate investment fund with a capital of about 600 million riyals.
Strengthening partnerships with the private sector
<Tawil explained that the signing of the agreement comes within the framework of strengthening Partnerships with the private sector and encouraging financial and investment institutions to increase their investments in the real estate sector to contribute to supporting the growth of the sector and increasing the real estate supply in the Kingdom, to achieve the targets of the Housing Program - one of the programs of the Kingdom's Vision 2030 - to raise the ownership rate of citizens to 70% by 2030.<span style="color: #800000;" href="_COPY#800000;
Providing an investment environment
He pointed out that the ministry seeks to provide a stimulating investment environment that contributes to pumping more housing projects, finding the best solutions and enablers to improve the output of real estate projects, and raising the quality of housing products in the real estate development sector.He pointed out that the ministry seeks to provide a stimulating investment environment that contributes to pumping more housing projects. It is noteworthy that the Ministry of Municipal and Rural Affairs and Housing is working to enhance the real estate supply in Saudi cities, as it aims, in partnership with real estate developers, to offer 365 thousand new housing units until 2025, to meet the aspirations of Saudi families and achieve the highest standards of quality of life as a strategic goal, and provide various housing options at affordable prices.
