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KSA: More than 3,000 Real Estate Developers to Benefit from Support Program

The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
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KSA: More than 3,000 Real Estate Developers to Benefit from Support Program

The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)
The Saudi Minister of Housing conducts a visit to the National Housing Company to review the most important developments in achieving the goals of Vision 2023 (Asharq Al-Awsat)

The Saudi Ministry of Municipal and Rural Affairs and Housing announced a program targeting more than 3,000 real estate developers through a number of agreements with business accelerators.

The agreements seek to develop programs and initiatives aimed at raising the capabilities of real estate developers, within the framework of the joint efforts of a number of government authorities and agencies working within the Coordinating Committee for the Development of the Contracting Sector.

The initiative includes providing various “administrative and operational” support through business accelerators, which enable developers to succeed in completing their projects, thus increase the housing supply and the number of establishments, as well as developing the capabilities of developers and raising the efficiency of the market at the local level.

The latest program comes within a series of initiatives by the Coordinating Committee for Contracting Development that aim to achieve the goals of Vision 2030 by increasing job opportunities and raising the sector’s participation in the GDP.

The Committee is formed of several ministries, including, the Municipal and Rural Affairs and Housing, Trade, Finance, Human Resources and Social Development, Investment, Economy and Planning, in addition to the Government Expenditure and Projects Efficiency Authority, the Saudi Contractors Authority, and the Saudi Council of Engineers.

Meanwhile, Saudi real estate developer ROSHN signed SR6 billion ($1.6 billion) worth of credit facilities deals with three of the Kingdom’s leading banks.

ROSHN signed agreements with the Saudi British Bank, Bank Albilad, and Al Rajhi as part of its strategy to obtain external funding for its projects.

“Taken together, these deals are an important milestone for ROSHN. By working with the Kingdom’s dynamic financial sector, we can accelerate the ambitious development program that is bringing our new way of integrated, sustainable living to cities across the Kingdom,” said ROSHN Group CEO, David Grover.

The developer said the new financial agreements fall in line with the framework of its objective of building vital urban communities covering nine cities including Riyadh, Jeddah, Al-Kharj, Hofuf, Qatif, Makkah Al-Mukarramah, Abha, and others.

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."