Saudi Arabia, France to boost cooperation at all levels

Saudi investments in France amount to about $900 million, mostly in the real estate sector. (SPA)
Updated 23 December 2018
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Saudi Arabia, France to boost cooperation at all levels

  • France ranks third among countries investing in Saudi Arabia, and has 80 companies operating in the Kingdom

JEDDAH: The Saudi-French Parliamentary Friendship Committee chaired by Dr. Fahd bin Hamoud Al-Enezi held talks with a delegation of the Foreign Affairs Committee of the French National Assembly headed by Claude Guess Gen.
The two sides reviewed ways to enhance cooperation between the Saudi Shoura Council and the French National Assembly. They also discussed issues of common interests and the regional and global political and economic situation.
Saudi Arabia and France enjoy cordial ties. Crown Prince Mohammed bin Salman’s recent visit to France was the cornerstone of investments amounting to $18 billion. The bilateral trade exceeds $9.22 billion.
France ranks third among countries investing in Saudi Arabia, and has 80 companies operating in the Kingdom.
Saudi investments in France amount to about $900 million, mostly in the real estate sector, according to French statistics.
The Saudi-French CEO Forum in Paris in April resulted in the signing of 20 memoranda of understanding amounting to $18 billion.


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 19 March 2019
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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.