Islamic Development Bank grants $63.3 million to Sudan

Updated 09 April 2018
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Islamic Development Bank grants $63.3 million to Sudan

  • IDB agreed to lend Tunisia $185 million
  • IDB is a Jeddah-based multilateral development financing institution
JEDDAH: A grant agreement worth $63.3 million for the establishment of facilities and services in South Darfur, Western Sudan, was signed by the Islamic Development Bank (IDB) in Tunis on Saturday.
Fluctuations on the foreign currency black market forced the Sudanese central bank to twice devalue the pound since January.
The pound hit an all-time low in January when it was selling for between 43 and 45 to the dollar.
Earlier this month, the IDB agreed to lend Tunisia $185 million to finance developments including an electricity project, an official told Reuters.
The bank agreed to finance an electricity link worth $150, as well as the construction of hospitals in Kasserine and Kef worth $34 million.
Founded in 1973, the IDB is a Jeddah-based multilateral development financing institution. It began its activities in 1975. The present membership of the bank consists of 57 countries.
The IDB is engaged in a wide range of specialized and integrated activities such as project financing in the public and private sectors; and boosting economic and trade cooperation among member countries.


Sakani program to add 11,000 homes in Jeddah

The Housing Ministry has deals with two real-estate companies. (Reuters/File)
Updated 18 October 2018
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Sakani program to add 11,000 homes in Jeddah

  • The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units
  • The Ministry stressed its keenness to work with qualified developers to add to housing stock

JEDDAH: The Saudi Ministry of Housing has signed agreements with two real-estate development companies to add more than 11,000 homes in Jeddah for the Sakani program. The deals were signed on October 15 during an event announcing the program’s 10th batch of beneficiaries.
The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units, while the second, Jeddah airport housing, is on land owned by the Ministry and will includes 2,203 units.
The agreements were signed in the presence of Minister of Housing Majid bin Abdullah Al-Hugail, National Housing Company CEO Mohammed bin Saleh Al-Bati, and officials from the ministry and the Real Estate Development Fund. They follow previous agreements signed by the Ministry of Housing with a number of developers to build housing in various regions of the Kingdom. Sixty projects providing more than 90,000 diverse homes, with prices ranging from SR250,000 to SR750,000 have already been launched.
The Ministry stressed its keenness to work with qualified developers to add to housing stock and support supply in the sector, to encourage competition between companies to meet the needs of citizens in a way that suits local markets and ensures the provision of continued maintenance services for the residential units.
“The real-estate developers with whom we signed contribute along with the Ministry to the service of citizens in order to provide a suitable residential environment on the levels of prices and specifications, while presenting the beneficiaries with the guarantees needed,” the Ministry said.
“These projects will be completed and handed over to the beneficiaries within a period not exceeding three years. These housing projects are integrated in terms of services and public facilities. They include mosques, public parks and green areas as well as government buildings.”