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
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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.


China's ambassador: Saudi Arabia a 'strategic partner and powerful ally'

Updated 21 February 2019
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China's ambassador: Saudi Arabia a 'strategic partner and powerful ally'

  • The two friendly countries enjoy a complete strategic partnership, Li said.
  • The China-Saudi Arabia High-Level Joint Committee will meet during the crown prince's visit

RIYADH: Saudi Crown Prince Mohammed bin Salman’s visit to China heralds a new era in the relationship between the two countries, according to Li Huaxin, the Chinese ambassador to the Kingdom.

“This is an important visit with a series of political exchanges at the highest level,” Li said.

“They are embracing this opportunity to hold a joint, bilateral, high-level committee meeting to guide and coordinate cooperation in all fields,” he said, referring to the China-Saudi Arabia High-Level Joint Committee established in January 2016. 

The committee met for the first time in August that year in Beijing and again, 12 months later, in Jeddah. 

Li’s comments came as the Saudi crown prince began a visit to China, the Kingdom’s biggest trading partner. The visit is the last leg of an Asia tour seeking to build economic ties, and strengthen social and cultural links.

“The two friendly countries enjoy a complete strategic partnership,” said Li. “Both parties are excited to move forward.”

China has responded enthusiastically to the visit, a recognition of the powerful position the Kingdom holds in the region and globally.

 “Saudi Arabia is a very important country that has a big impact, whether in the region or world,” said Li. “We consider the Kingdom to be a powerful ally in building (China’s Belt and Road initiative) and linking it with the Saudi Vision 2030, while preserving the stability and development of the region and the world.”

Since the crown prince’s launch of Vision 2030 in 2016, many in the Kingdom, including the ambassador, have witnessed the immense change it has brought to the country.

“I have seen, personally, the major developments taking place in Saudi Arabia,” said Li. “While there are changes in its cities and economy, the most important change is in the Saudi people. They are showing their enthusiasm and their abilities, which have grown on a large scale. They are playing a big role in building their country.

“I see a bright future for Saudi Arabia.”

Li highlighted the importance of the evolving strategic partnership between the two countries and their respective strengths, saying: “China is a large country in terms of its economy, and Saudi Arabia in its importance, whether in the Gulf, Arab and Muslim countries or the world. Therefore, direct meetings between the two leaderships are of vital importance.

“Both leaderships are on the same page and their stances on many issues are similar. I have attended many meetings where the two parties confirmed the similarity and conformity of their positions.”

On issues of particular importance to the Arab world, Li noted that China’s stance on Palestine has not changed in decades.

“We have called for a solution for the two sides and the creation of an independent Palestinian state with full sovereignty, as well as Israel’s withdrawal from occupied lands, in keeping with UN Security Council resolutions, and the return of Palestinian refugees to their lands.”

Li said that both China and the Kingdom believe in the importance of sovereignty.

“Every country calls for sovereignty free from interference in its internal issues,” he said, adding that each nation has its own rules and social system, which must be respected.

“We both seek to find peaceful solutions to regional and world issues; in that respect we are similar,” he said.

The ambassador said that cooperation between China and Saudi Arabia is based on global principles and international law, and with the five principles of coexistence: Mutual respect for each other’s territorial integrity and sovereignty, non-aggression, non-interference in each other’s internal affairs, equality and cooperation for mutual benefit, and peaceful coexistence.

These principles were first set out in a treaty between China and India in 1954.

Responding to the suggestion that some nations might be skeptical or critical of China, the envoy said: “When we discuss these relations with our brothers, we do not care what others think as long as it is good, normal cooperation between two brotherly nations and is based on global principles and law.

“Our cooperation is not aimed at any country, whether in the region or world. Some countries might be annoyed by it, but the forest is vast and the birds are many, and they may chirp as they please.”