Saudi Housing Ministry aims to increase rate of property ownership, improve real estate sector

A general view shows newly constructed residential buildings in Riyadh, in this April 22, 2013 file photo. (Reuters)
Updated 23 September 2017

Saudi Housing Ministry aims to increase rate of property ownership, improve real estate sector

RIYADH: The Ministry of Housing has launched programs and initiatives to achieve Vision 2030 and the National Transformation Program (NTP) 2020.
The ministry’s directives aim to give citizens the opportunity to own properties, improve the performance of the real estate sector and increase its production, promote real estate offers, and increase productivity to provide real estate properties in good condition and proper prices. The ministry has launched this directive in an attempt to achieve one of NTP’s goals to increase the rate of property ownership to 52 percent.
The ministry has signed many contracts and conventions with banks, financial institutions and real-estate developers both locally and internationally.
The ministry has continued adopting projects to provide houses for those who are in need of housing support. Currently, 46 projects providing 13,793 housing units are under development in the Kingdom, nine of which have already been delivered in Riyadh, Makkah, Sharkiyah, Qasim, Jawf and Baha.
The ministry is also working to establish infrastructure to provide water, roads, lighting, gardens and spaces for schools and other projects for these units.
The ministry also aims to regulate the rental sector to ensure the rights of the rental parties (landlord and tenant), through a high-tech electronic platform.
One of the ministry’s programs aims to find solutions for the many challenges facing the rental sector, which represents half the housing sector in the Kingdom, in order to create a safe and sustainable housing environment.
The program also aims to reduce obstacles that delay projects and find a proper environment that attracts investments in this sector.

Financial Sector Conference kicks off Wednesday in Riyadh

Updated 17 min 23 sec ago

Financial Sector Conference kicks off Wednesday in Riyadh

  • Thousands have signed up for the two-day event including ministers and top policy makers

Thousands of delegates are expected to attend a two-day finance event in Riyadh, which starts on Wednesday under the patronage of King Salman.

The Financial Sector Conference is being held by the Ministry of Finance and Saudi Arabian Monetary Authority (SAMA).

Organizers of the event at the Ritz-Carlton conference hall in Riyadh said informally that some 3,400 attendees had signed up for the two-day showcase of the Kingdom’s financial industry, and that more were registering at an impressive rate.

Delegates include ministers from the finance, economy and strategic ministries, as well as top policymakers from capital markets, investment and insurance industries.

It follows last year’s Future Investment Initiative (FII) and the National Industrial Development and Logistics Program events, held at the same venue.

The event will involve the presence of the Saudi Real Estate Refinance Company (SRC), which is seen as a key to providing more affordable housing in the Kingdom and boosting home  ownership by citizens.

SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, aims to issue up to SR4 billion ($1.07 billion) of long-term sukuk — or Islamic bonds — this year, its chief executive said on Tuesday.

“Our strategy is clearly to tap the market twice this year,” Fabrice Susini said. “We are really looking at probably issuing something between ... 2 and 4 billion riyals that we may be issuing in two tranches.”