Ministry signs deal to develop real estate market in Saudi Arabia

The bank will provide financial support of up to SR300,000 ($80,000) to real estate projects nominated by the ministry. (SPA)
Updated 27 March 2019

Ministry signs deal to develop real estate market in Saudi Arabia

  • The bank will provide financial support of up to SR300,000 ($80,000) to real estate projects nominated by the ministry

RIYADH: The Ministry of Housing has signed an agreement with the Social Development Bank to finance entrepreneurs who want to work in real estate brokerage.
Under the terms of the agreement, the bank will provide products to small enterprises to help them take advantage of opportunities in the property sector. The agreement was signed by Mazen Bin Mohamed Daood, superintendent of real estate planning at the ministry, and Saeed Bin Saleh Al-Zahrani, assistant general manager of the microfinance sector at the Social Development Bank.
As per the agreement, the bank will provide financial support of up to SR300,000 ($80,000) to real estate projects nominated by the ministry, in addition to training people to run real estate brokerage facilities.


Saudi envoy to UN affirms Kingdom’s support for regional peace, security

Updated 3 min 14 sec ago

Saudi envoy to UN affirms Kingdom’s support for regional peace, security

  • Israel and Iran are causing unrest in the Middle East, Al-Mouallimi asserts

NEW YORK: Saudi Arabia’s permanent representative to the UN has affirmed the Kingdom’s commitment to international law and regional security, stability and peace.

Addressing the UN Security Council, Abdallah Al-Mouallimi said the entire world recognizes the imperative of a two-state solution to the Israeli-Palestinian conflict.

But, he added, Israel continues to procrastinate in implementing relevant UN resolutions, refrains from recognizing the national rights of the Palestinian people, and has continued its provocations, the latest of which was the storming of Al-Aqsa Mosque on Eid Al-Adha, “an attack we condemn in the strongest terms.”

Al-Mouallimi urged the Security Council to reaffirm by all means the fundamental principles of international relations, and to reject occupation, violence, oppression, incitement and sedition by Israel and Iran, which he said are causing unrest in the Middle East.

He added that the Kingdom is always working to encourage development in the Middle East, and believes that comprehensive development in the region is the way to achieve stability, eliminate terrorism and alleviate conflicts.

“The Kingdom always seeks to extend cooperation and commitment to dialogue in order to solve problems through peaceful means, but at the same time stresses that the calls for dialogue should be consistent with the cessation of threats and interference in internal affairs and hostilities, such as attacks on diplomatic missions and attempts to assassinate diplomats, cyberattacks on infrastructure, propaganda campaigns, fueling strife and sectarianism, and supporting and sponsoring militias and terrorist organizations,” he said.

“Without a practical cessation of these practices, any call for dialogue is just a facade and a tool to achieve the goals of expansion and domination.”