Signing 5 agreements to develop 4 shemes and build 6,265 housing units in “Makkah and Al-Qassim”

The Ministry of Municipal and Rural Affairs, and Housing witnessed execution of 5 agreements between a number of companies and financial and investment funds to develop 4 residential schemes with a total area of 3390000 m2 and build 6265 residential units in Makkah, Jeddah and Unaizah. This was attended by the Deputy Minister for Real Estate Development, Mr. Abdulrahman bin Abdullah Al-Tawil.

CEO of Anan Real Estate Company, Mr. Bandar bin Mohammed Al Duhaik, signed two agreements with Investment Property Fund, an agreement with Itqan Capital Fund, and two agreements with two providers of modern building technologies (Industry Bearing Buildings Company and Keir International) with a purpose to enhance the housing supply in the Kingdom’s cities and governorates.

The Deputy Minister stated that these agreements come as part of MOMRAH’s commitment to enhance partnerships with real estate developers and achieve integration with private-sector companies to accelerate growth in the real estate sector and help achieve goals of the Housing Program, one of Vision 2030 programs, by increasing the percentage of owning houses by Saudi families to 70% by 2030.

Mr. Al-Tawil pointed out that the housing project will contribute to increasing the housing supply in a number of the Kingdom’s cities and governorates, and that MOMRAH is creating a stimulating investment environment that helps providing more housing projects, finding the best solutions and capabilities that improve real estate project outcomes and raising the quality of housing products in real estate development sector.

It is noteworthy that such agreements address developing 4 residential schemes: (Rawabi Al-Asila scheme in Makkah, Al-Shorouk scheme in Jeddah, and Hittin and Al-Reem schemes in Unaizah, Qassim region)