The Cabinet approved the recommendations of the Council of Economic and Development Affairs, chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Deputy Crown Prince, Second Deputy Prime Minister and Minister of Defense, regarding the directions of the Ministry of Housing, after the Council of Economic and Development Affairs discussed the visions of the Ministry of Housing, presented by Majid bin Abdullah Al-Hogail, Minister of Housing.
A real estate authority
The Economic Council recommended: To approve the Ministry's vision directions taking into account the notes and visuals supported by the members of the Council, and directed the Ministry to prepare a program to achieve the directions and visions approved by the Council, including initiatives and appropriate performance measurement indicators according to the unified program model, and report on this within a period not exceeding three months.
Recommended the Economic Council.
The Ministry of Housing shall also coordinate with the Ministries of: Justice, Municipal and Rural Affairs, Economy and Planning, and Trade and Industry, regarding the draft organization of the National Real Estate Authority to be established, which is organizationally linked to the Ministry of Housing, so that the Authority is responsible for supervising all matters related to real estate affairs, including the application, review, development and updating of the relevant laws, instructions and regulations, monitoring real estate sector indicators to achieve sustainability and balance, and submitting what is reached urgently, to coincide with the completion of the formal procedures to approve the draft regulatory arrangements to impose fees on white land, and the transfer of supervision was approved.
Exception of building requirements
The Economic Council directed the exception of housing-related projects from the building requirements related to the number of floors, setbacks and spaces as well as public services, in order to meet the needs of beneficiaries and not to violate security and safety requirements and requirements, and to establish an investment arm for the Ministry of Housing to invest in the residential real estate development sector, real estate financing and enter into partnerships with the Public Investment Fund, the public and private sectors, and complete within a period not exceeding ninety days, the necessary statutory procedures for approval of what is mentioned in this item.
Review of the mortgage finance system
The Economic Council also directed the formation of a temporary working group at the Ministry of Housing that includes representatives from the Ministries of Justice, Housing, and Municipal and Rural Affairs, whose task is to approve land plans for housing projects, whether those lands are for developers or others, and to complete them quickly until the completion of the statutory procedures for the establishment of the Developer Services Center for housing projects in the Ministry of Housing, and directed the Saudi Arabian Monetary Agency to review the mortgage finance system and its executive regulations in order to ensure that the needs of beneficiaries are met and that mortgage financing policies are not prejudiced.
