Kingdom bids to host Asia Cup 2019

Updated 21 September 2013
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Kingdom bids to host Asia Cup 2019

Saudi Arabia’s is joining a group of countries bidding to host Asia Cup soccer tournament in 2019.
Prince Nawaf bin Faisal, president of Youth Welfare, said authorities had approved the Saudi Arabian Olympic Committee’s plan.
Prince Nawaf bin Faisal thanked Custodian of the Two Holy Mosques King Abdullah and Crown Prince Salman, deputy premier and minister defense, for granting the permission to the committee to complete the formalities.
This is the first time the Kingdom is making a bid to hold the largest football event in Asia. The UAE and Iran are also competing to host the event, the Saudi Press Agency reported. 


Website launched to support housing project in Saudi Arabia

The Ministry of Commerce and the Ministry of Housing are working together to provide the necessary services for citizens from different social classes. (SPA)
Updated 34 min 24 sec ago
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Website launched to support housing project in Saudi Arabia

  • Real estate financing for January hit SR4.7 billion, and coming months were expected to see even bigger figures, Al-Hogail told Reuters news agency on the sidelines of a housing conference in Riyadh

RIYADH: A new website has been set up to support a housing project for 10,000 units in the Kingdom.
Housing Minister Majid Al-Hogail, and Commerce and Investment Minister Majid Al-Qassabi on Sunday launched Benaa Housing, which will help construction companies and contractors contribute to a development program in the Kingdom.
Benaa Housing aims to speed up the process of building 10,000 housing units in various parts of Saudi Arabia by enabling small and medium enterprises in the construction sector to access and contribute to projects and opportunities. The estimated cost of the project is SR3.5 billion ($910 million).
“The Ministry of Housing is always keen to provide adequate housing, solutions, and services suitable to all families, especially the beneficiaries of the Housing Development Program in all regions of the Kingdom,” Al-Hogail said.
Al-Qassabi said the new platform would generate more business opportunities for small and medium enterprises and provide suitable apartments for middle-class and lower-income families.
“The Ministry of Commerce and the Ministry of Housing are working together to provide the necessary services for citizens from different social classes and groups, and the new platform is the fruit of these efforts,” he added.
Earlier this month, the housing minister said he expected investments in the real estate financing sector to reach between SR60 billion and SR80 billion this year.
Real estate financing for January hit SR4.7 billion, and coming months were expected to see even bigger figures, Al-Hogail told Reuters news agency on the sidelines of a housing conference in Riyadh.
Saudi home ownership was growing between 6 and 7 percent annually, he said, adding that he hoped to raise home ownership to 15,000 new households per month by 2020, from a little over 10,000 per month now.
The ministry aims to increase housing ownership through policy and stimulating the private sector, according to its website.
The challenges facing the ministry are the limited availability of suitable units for all parts of the population; difficulty in accessing adequate housing finance; the inefficiency of the real estate sector and heavy reliance on government funding.
“Even though 47 percent of Saudi families already own their homes, we aim to increase this rate by 5 percentage points by 2020,” the Kingdom’s Vision 2030 reform plan states. Vision 2030 also aims to speed up construction and provide Saudis with high-quality, competitively priced housing, and to stimulate localization of the country’s construction industry.