Finalizing the partnership file for the North Riyadh residential project soon

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<The General Supervisor of the Ministry of Housing Agency for Planning and Studies revealed the imminent completion of the file of the first partnership projects that the ministry is working on with the private sector located in its project in northern Riyadh through the construction of about 1000 apartments, and Engineer Mohammed Al-Zamea told «The Island» that the ministry is about to finalize the approval of the developer companies, which is estimated at about ten companies, as the ministry will work to provide a climate of transparency and competition that allows each developer a quantity of works and projects commensurate with its seriousness and the size of its works. The citizen entitled to the housing product will be the judge of the level of his success through the extent of his willingness to deal with him, indicating that the ministry is seeking to complete the detection of real estate developers as the subject needed some time other than agreed upon, using local expertise and specialized international consultants, with the aim of identifying the degree of adequacy and merit of private sector real estate developers to participate in the housing projects implemented by the ministry through the approved partnership mechanisms. The General Supervisor of the Ministry of Housing Agency for Planning and Studies pointed out that real estate developers will undergo 11 stages to start building housing units, ending with the ministry's handover of land to real estate development companies under a handover report on March 8, 2015, corresponding to Jumada I 17 of next year, indicating that the ministry will develop mechanisms to ensure the flow of Real Estate Fund loans to developers based on reports on their completion rates of housing units. He explained that the current partnership model relies on an important part, which is that the real estate developer has the ability to market his products, so that he has designs for housing units at appropriate prices and quality that suit the desire of citizens benefiting from housing support.

The Ministry of Housing and Urban Development will hand over the land to the real estate developers on March 2015, corresponding to Jumada Al Awwal next year.