عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Housing Ministry Announces Achieving 2017 Targets

The Saudi Housing Ministry and the Real Estate Development Fund announced that it has achieved its 2017 targets. (SPA)
The Saudi Housing Ministry and the Real Estate Development Fund announced that it has achieved its 2017 targets. (SPA)
TT
TT

Saudi Housing Ministry Announces Achieving 2017 Targets

The Saudi Housing Ministry and the Real Estate Development Fund announced that it has achieved its 2017 targets. (SPA)
The Saudi Housing Ministry and the Real Estate Development Fund announced that it has achieved its 2017 targets. (SPA)

The Saudi Housing Ministry and the Real Estate Development Fund announced on Saturday achieving 2017 targets on providing over 280,000 housing and financing products to Saudi families across the kingdom.

In a statement, the ministry announced on Saturday 36,798 housing and financing products as part of the 11th and the last batch of “Sakani” (My Housing) program for 2017.

The 36,798 residential and financing products include 24,207 housing units via sale on the map program, 4,591 free land plots and 8,000 backed financing.

The goal was set up by the national residential program launched in mid-January.

Among the 2017 objectives was having 120,000 housing units made ready for residence and the offering of 75,000 free land plots for construction.

More so, 85,000 funds were provided by the national fund for real estate development through banks and financial institutions, while the ministry revealed details of the second phase of the national initiative for 2018.

The program aspires to serve a greater number of citizens.

Mohamed Al-Bati, CEO of the national housing company, pointed out that achieving the 2017 goals drives the Housing Ministry to expand its services to citizens.

He positively recounted the active partnership with the private sector partook in with real-estate developers.

He also pointed out that these partnerships with real estate developers serving the national economy have resulted in realizing several projects, including the construction of thousands of housing units—a progress which empowered Saudi families and raised the percentage of housing ownership.

Bati pointed out that there is a clear plan and details to be announced on all future housing programs.

He pointed out that there were royal directives issued on a package of incentives.

Speaking on involving the private sector with the national housing projects, Bati said it stimulates real estate competition and results in producing many housing units at different rates.

Most Viewed

 
 
Business

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
TT
TT

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)

A recent report from Fujian Daily has highlighted the growing partnership between China and Saudi Arabia, emphasizing the alignment of the Belt and Road Initiative (BRI) with Saudi Vision 2030. This collaboration reflects the two nations’ shared commitment to fostering global progress and creating a unified future for humanity.
The report underscored the strengthening ties between the two countries in education and industry. For example, 22 Saudi students have graduated from Xiamen University in Fujian, with many pursuing careers in the chemical industry. Some have returned to Fujian, further enhancing the relationship between the nations.
During President Xi Jinping’s visit to Saudi Arabia in December 2022, a significant agreement was signed between Sinopec and Saudi Aramco to develop the second phase of the Gulei refining and petrochemical integration project. This initiative exemplifies the deepening energy sector cooperation.
In February 2024, construction began on a joint ethylene project with an investment of 44.8 billion yuan ($6.14 billion), marking the first direct partnership between a Chinese regional company and a global firm in petrochemicals. Expected to complete by 2026, the project highlights the strategic importance of industrial collaboration.
The report also spotlighted the historical ties between China and Arab countries through the Silk Road, with Fujian serving as a key hub. Today, initiatives such as the Maritime Silk Road revive this legacy. In May 2024, a multimodal transport channel linking Nanchang, Xiamen, and Saudi Arabia was launched to facilitate exports from the Gulei project to global markets.
Additionally, the second phase of the Gulei complex was launched in November 2024, with a total investment of 71.1 billion yuan ($9.74 billion), making it the largest industrial project in Fujian’s history. The project aims to enhance resource security and boost the petrochemical supply chain.
The report concluded that the ongoing partnership, supported by technological advancements and shared ambitions, underscores a new era of strategic collaboration, with the integration of BRI and Vision 2030 symbolizing a bright future for both nations.