The housing sector in Saudi Arabia has signed five significant agreements on financing and real estate development with major US corporations, bolstering its international partnerships.
The agreements are intended to draw in international investment, develop property funding, and improve the Kingdom’s mortgage refinancing market.
The nation’s housing initiative has revolutionized the industry by increasing accessibility to capital, reducing red tape, and providing a wide range of market choices. The recent real estate projects provide jobs for locals while addressing the housing shortage.
The Kingdom is moving closer to its 2030 objective of having 70% of its population own a home and guaranteeing that every family can purchase the home of their dreams.
By 2022, the percentage of homeowners had risen from 47% to nearly 60%.
Before finishing his official tour to the US on August 25, Majid Al-Hogail, the Kingdom’s Minister of Municipalities and Housing, signed the agreements, according to the Saudi Press Agency.
During his visit, the Saudi Real Estate Refinance Co. inked two Memoranda of Understanding (MoUs) with King Street and BlackRock to advance the mortgage refinancing industry by broadening its reach into regional and global capital markets.
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