As part of the Private Sector Partnership Program, which was recently approved by the Council of Ministers under its new framework, the Ministry of Housing signed an agreement with a national real estate development company to design and construct 5,000 housing units offering a variety of options in a number of cities and provinces across the Kingdom.<\/p>\n
\u00a0This step is intended to strengthen cooperation between the Ministry and qualified real estate developers\u2014both local and international\u2014to help increase the supply of residential units and bolster the housing market, thereby contributing to the growth and development of the housing sector to enable citizens to own suitable housing that balances quality and affordability.<\/p>\n
In a press release issued today, the ministry explained that the real estate developers with whom it is signing agreements are partnering with the ministry to serve citizens by providing housing that is affordable and meets quality standards. It noted that it has established the \u201cItmam\u201d Real Estate Developer Services Center \u201cItmam\u201d to help overcome any difficulties they may face and streamline their procedures for the construction of more housing units throughout the Kingdom.<\/p>\n
As part of its criteria for selecting developers, the Ministry has adopted the financial capacity of companies, the availability of administrative and technical personnel capable of managing projects of various scales, and the ability to create housing products suited to the categories of applicants on the \u201cIskan\u201d housing support portal. It emphasized that it is reviewing global and local housing experiences, studying them, and considering how to adapt them to the nature of the local market in order to create housing products at a range of prices that suit citizens\u2019 financial capabilities, and to establish state-supported financing programs. He noted that the Ministry is in the process of signing additional agreements with several local and international companies to construct housing units throughout the Kingdom.<\/p>\n
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Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Ministry of Housing has signed an agreement with a national real estate development company to design and construct 5,000 housing units with a variety of housing options in a number of cities and governorates in the Kingdom. This step comes to strengthen the role of cooperation between the ministry and qualified real estate developers locally and internationally to contribute to pumping ... 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