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.
