Minister of Housing: 310 thousand families have received subsidized funding and we are continuing to pump projects in partnership with developers

​In a remote meeting organized by the “Asharqia Chamber”​

Minister of Housing: 310 thousand families have received subsidized funding and we are continuing to pump projects in partnership with developers​

His Excellency the Minister of Housing and the Minister of Municipal and Rural Designated Professor Majid bin Abdullah Al-Hogail said that the housing sector is supported and taken care of by the wise leadership in order to serve the citizens and overcome all the difficulties and overcome the challenges facing the sector, in line with the goals of the Kingdom’s Vision 2030.

His Excellency added during a remote meeting organized by the Asharqia Chamber and managed by the Chairman of the Board of Directors Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, with the participation of a member of the Board of Directors and Chairman of the Contracting Committee Hamad bin Hammoud Al-Hammad and Chairman of the Real Estate and Urban Development Committee Hamid bin Hamri, that tremendous developments witnessed on the housing sector on a daily basis, as it was 245 billion riyals were pumped by funding programs in the sector, and that about 105 thousand citizens got real estate financing during the first half of this year, and 310 thousand citizens got the funding since 2017 until now.​

His Excellency touched on a number of the Ministry’s initiatives that have been implemented and have become part of the housing sector support, including the Saudi Real Estate Refinance Company that actually started, and the last activity of this week was the purchase of a financial portfolio from the retirement fund with 3 billion riyals, and the company continues to buy such The governor is to inject more liquidity into the sector, and we look forward to saving 20 billion in the coming years.

One of the initiatives that His Excellency has discussed is the Guarantees Company, which represents a challenge for the Ministry, which is how to guarantee borrowers and developers to facilitate the financing process.

His Excellency noted the efforts of real estate developers, stressing that the Ministry is currently dealing with 70 real estate developers, and more than 100,000 units are being implemented in a number of projects at the level of the Kingdom’s regions, looking to complete from 180 to 200 thousand housing units on the lands of the Ministry and the private sector in the near future.

 

Stressing the support for small and medium-sized companies in the real estate development sector in enhancing support for the offer, as they are closer to the citizens and their needs, as their entry into the real estate development business achieves more diversity and creates more housing products. Pointing out that the ministry has a special program to support this type of small and medium enterprises, and this is reflected in the great interaction in the sale process on the map, as the developer is financing his projects through sales contracts, and we have seen development in this regard during the current year is better than the previous two years.​

His Excellency stressed that the Ministry is proceeding with more regulations and legislation​, referring to the “Landlords Union” initiative supporting residential units of joint ownership, in addition to the “sustainable building” initiative that seeks to achieve the aspirations of citizens and ensure the sustainability of construction.

He stressed the ministry’s keenness to develop all its services, to be fast, and for the citizen to get the service directly and quickly, explaining that the “residential” application and site are enjoying a high follow-up rate of 50 thousand visits per day, and we are working hard for more attention in the communication process​

On the Eastern region, His Excellency said that tens of thousands of families have benefited from the various housing program options, stressing that the eastern region is the largest area in terms of area, which makes the job opportunities in it more and housing projects receiving great attention, in light of the distinction of many real estate developers in the region.

In the construction sector, he said that the Ministry believes in the introduction of modern means, which we hope will take its position in the market, especially after the application of the Saudi building code.

On the issue of developmental housing, he said that the program has provided more than 18,000 housing units so far, indicating that the program has the support and attention of the Custodian of the Two Holy Mosques and His Highness the Crown Prince – may God preserve them – as the Custodian of the Two Holy Mosques was the first donor to the platform for the existence of housing with a hundred million riyals, then His Highness The crown prince has 50 million, and the program also witnesses continuous contributions from citizens and the private sector, noting that the platform witnessed contributions that in some cases raised to the platform reached 10 thousand donors within one second.

At the end of the meeting, the head of the Asharqia Chamber, Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, praised all these optimistic achievements, which reflected on the private sector and moved the economic session positively, while a member of the Board of Directors and Chairman of the Contracting Committee Hamad Al-Hammad sincerely thanked and appreciated the ministry’s support for the category Developers, as the housing activity represents promising opportunities for contractors.​

 

Source: Asharqia Chamber

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