Saudi Arabia’s KAEC continues its innovative efforts to provide real estate ownership

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Updated 20 June 2020

Saudi Arabia’s KAEC continues its innovative efforts to provide real estate ownership

JEDDAH: King Abdullah Economic City (KAEC) is continuing its efforts to provide real estate ownership, the Saudi Press Agency reported. 

Its initiatives include launching financing solutions to attract customers and helping those in the government, military and private sector who wish to benefit from housing offers in the economic city in line with the Kingdom’s Vision 2030 reform plan.

The KAEC provides its services to those wanting to take advantage of housing offers and purchase ready-made or under-construction units in its residential neighborhoods, while also providing opportunities for families and individuals seeking to invest or own housing units to raise the percentage of Saudi citizens’ ownership.

In terms of offering suitable financing programs the KAEC has signed a cooperation agreement with the Banque Saudi Fransi to put forward financing options that are compatible with the provisions of Islamic Shariah for clients. The KAEC enables recipients of support from the Ministry of Housing and the Real Estate Development Fund to benefit from such options.

KAEC CEO, Ahmed Linjawi, said that the different residential neighborhoods in the city were designed to meet all the requirements of family life as well as those looking to live a distinctive lifestyle. 

He emphasized the KAEC’s keenness to provide housing solutions that suited all income levels and that were accessible to all Saudis. Its efforts were in cooperation with the public and private sectors, he added. 

The managing director and CEO of Banque Saudi Fransi, Rayan Fayez, said that cooperation and partnership building with the KAEC meant there were innovative and affordable financing solutions for people wishing to own housing units within KAEC.

The Kingdom’s goal is to raise household ownership in the country to 70 percent of the population by 2030.


$800bn plan to turn Riyadh into cultural hub for the Middle East

Updated 06 July 2020

$800bn plan to turn Riyadh into cultural hub for the Middle East

  • Saudi capital’s planning chief unveils ambitious strategy ahead of G20 urban development summit

DUBAI: Saudi Arabia is launching a SR3 trillion ($800 billion) plan to double the size of Riyadh in the next decade and transform it into an economic, social and cultural hub for the region.

The ambitious strategy for the capital city was unveiled by Fahd Al-Rasheed, president of the Royal Commission for the City of Riyadh, ahead of key meetings of the U20, the arm of the G20 leaders’ summit that deals with urban development and strategy.

“Riyadh is already a very important economic engine for the Kingdom, and although it’s already very successful, the plan now, under Vision 2030, is to actually take that way further, to double the population to 15 million people,” he told Arab News.

“We’ve already launched 18 megaprojects in the city, worth over SR1 trillion, over $250 billion, to both improve livability and deliver much higher economic growth so we can create jobs and double the population in 10 years. It’s a significant plan and the whole city is working to make sure this happens.”

About $250 billion in investment is expected from the private sector, with the same amount generated by increased economic activity from population growth, finance and banking, cultural and desert tourism, and leisure events.

HIGHLIGHTS

  • 18 megaprojects have already been launched worth over $250 billion.
  • 7 million trees planted in Riyadh in the next few years.
  • King Salman Park will be bigger than Hyde Park in London.

“We must also ensure the growth is managed properly, so there will be a focus on transport and logistics, including the Riyadh metro which will open at the beginning of next year. The aim is to increase productivity,” Al-Rasheed said.

The plan involves the creation of a “mega industrial zone” focusing on advanced technology such as renewables and automation, and biotechnology and aquaponics. Another key feature is sustainability, with energy conservation, the circular carbon economy with its emphasis on reducing emissions, and water management, all priorities.

“You will see 7 million trees planted in Riyadh in the next few years, and King Salman Park will be bigger than Hyde Park in London,” Al-Rasheed said.

The city also aims to be a Middle East artistic and cultural hub. An opera house is being considered, as well as public art shows with 1,000 works commissioned from around the world. “We have not seen anything like it since Renaissance Florence,” Al-Rasheed said.

The plans will be discussed this week during online meetings of the U20 linking Riyadh with Houston. The Texas oil capital is suffering a new spike in coronavirus cases and pandemics will be on the agenda. “We want to deal with this one, but also be ready for the next one,” Al-Rasheed said.