Saudi Arabia Produces First Locally-Manufactured N95 Mask

First Saudi manufactured mask produced with the support of SABIC’s polymer portfolio. (Asharq Al-Awsat)
First Saudi manufactured mask produced with the support of SABIC’s polymer portfolio. (Asharq Al-Awsat)
TT

Saudi Arabia Produces First Locally-Manufactured N95 Mask

First Saudi manufactured mask produced with the support of SABIC’s polymer portfolio. (Asharq Al-Awsat)
First Saudi manufactured mask produced with the support of SABIC’s polymer portfolio. (Asharq Al-Awsat)

Saudi Mais Company for Medical Products (SMMP) has announced producing the kingdom’s first fully manufactures N95 masks from polypropylene manufactured in SABIC, in cooperation with the Dimas Nonwoven Fabrics Company.

This announcement takes the kingdom a step closer towards localizing medical personal protective equipment.

The product has obtained the necessary approvals after meeting the requirements of the Food and Drug Authority.

SABIC’s polymers portfolio is organized largely around the automotive, foam/lightweight and pipe segments, helping find the right alternatives to replace traditional materials, such as wood, cotton or glass, used in a vast array of consumer and industrial products.

Yousef al-Benyan, SABIC Vice Chairman and CEO, underscored the company’s keenness to support national industry and achieve objectives of the Saudi Vision 2030 to maximize local content and empower strategic industries through its national initiative “Nusaned.”

The company works in an integrated manner with industrial institutions throughout the kingdom to provide innovative and sustainable solutions by developing raw materials that are used in the manufacture of highly used products and raising their quality and efficiency, he explained.

“The local production of these masks represents a key step in the field of localizing medical products, which would contribute to enhancing prevention and raising levels of public health.”

He pointed out that the “Nusaned initiative works with a wide base of local entrepreneurs and manufacturers in the field of localizing strategic industries and transferring the technologies necessary for these industries.”

A team from SABIC visited Dimas and Mais plants and shed light on the initiatives’ efforts to produce the first raw materials to manufacture the N95 mask from local materials.

The success of this step reflects the importance of joint cooperation between the private and public sectors to support local products and localize industries in the field of personal and health protection equipment.



Saudi Arabia: Over 16% Growth in Mortgage Financing for Housing Support Beneficiaries in 2024

The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
TT

Saudi Arabia: Over 16% Growth in Mortgage Financing for Housing Support Beneficiaries in 2024

The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)

The Saudi Real Estate Development Fund (REDF) announced on Monday a 16.4% increase in mortgage financing for beneficiaries of housing support programs in 2024, with total financing reaching SAR 62.9 billion ($16.7 billion). This marks a significant rise compared to SAR 54 billion ($14.4 billion) in 2023.

According to the Saudi Press Agency (SPA), December 2024 saw a notable 44% increase in the value of mortgage financing, reaching SAR 9.4 billion ($2.5 billion), compared to SAR 6.5 billion ($1.73 billion) in December 2023. This represents a growth of SAR 2.85 billion ($760 million). Additionally, the number of financing contracts surged by 52% during the same period.

Mansour bin Madi, CEO of the REDF, stated that the total financing in 2024 supported 89,000 financing contracts, compared to 74,000 in 2023—an increase of 15,000 contracts, or 20%.

Bin Madi highlighted that the REDF, in collaboration with the housing ecosystem and strategic partnerships with financing entities and real estate development sectors, is working to enhance homeownership opportunities by offering suitable housing products in the real estate market.

The self-construction product accounted for 14% of the total mortgage financing for beneficiaries of housing support programs. Meanwhile, under-construction housing units comprised 29%, and ready-to-move-in housing units made up 57%.

Bin Madi noted that December 2024 recorded the highest volume of mortgage financing for the year, with SAR 9.38 billion ($2.5 billion), financing approximately 12,340 contracts.

He reaffirmed the REDF’s commitment to strengthening its role in the mortgage financing market by providing diverse housing and financing solutions.

These efforts aim to meet beneficiaries’ preferences, facilitate easier homeownership for “Sakani” program beneficiaries, and align with Saudi Arabia’s Housing Program, he underlined. The program seeks to raise the homeownership rate among citizens to 70% by 2030.