Saudi Arabia’s General Authority for Real Estate announced the signing of a MoU with the Projects Support Fund at the Ministry of Finance to enhance mutual cooperation in the field of partnerships with the private sector.
The memorandum gives the private sector the opportunity to invest in development projects in the sectors covered by the fund, namely education, health care and real estate development.
The governor of the Real Estate General Authority, Ihsan Bafakih, said on Thursday that the MoU reflected the Authority’s approach towards enhancing integration and partnership between all components of the government system in order to achieve the desired goals.
According to Bafakih, the Authority and the Fund seek, through the MoU, to achieve several goals, including contributing to financing real estate development projects, such as buildings and integrated service projects, in accordance with the financing policies approved by the Fund, in addition to qualifying private sector institutions and introducing them to the financial and technical requirements and providing an favorable environment to attract various qualitative investments.
On a different note, the National Debt Management Center at the Ministry of Finance (NDMC) signed a memorandum of cooperation with the Nippon Export and Investment Insurance (NEXI). The agreement was signed by Fahad Al-Saif, Chief Executive Officer of the NDMC, and Atsuo Kuroda, Chairman and CEO of NEXI.
Saudi Finance Minister Mohammed Al-Jadaan, who is also the chairman of the NDMC’s Board of Directors, said that the signing of the Memorandum came in parallel with the fifth Saudi-Japan Vision 2030 Ministerial Meeting and aimed to expand the opportunities of financing government projects implemented by Japanese companies in the Kingdom.
