RIYADH — Minister of Municipalities and Housing Majid Al-Hogail said that the new Cabinet decision will enable eligible families to own housing units.
The Council of Ministers has approved on Tuesday a framework allowing investors to develop planned land and construct housing units for beneficiaries of developmental housing programs in exchange for ownership of a percentage of the land.
The minister said that the executive regulations will be announced once the necessary procedures have been completed. “The ministry will announce the executive regulations for the amendment after completing the necessary procedures, in coordination with the relevant authorities. The new approach supports the delivery of fully equipped housing units for eligible families while strengthening private sector participation in the implementation of developmental housing projects,” he said.
The Cabinet’s approval of amendments to its earlier decision in this respect is designed to strengthen partnerships with the private sector, expand the housing supply, and provide housing units for beneficiaries of developmental housing, the minister said while expressing gratitude to Custodian of the Two Holy Mosques King Salman and to Crown Prince and Prime Minister Prince Mohammed bin Salman for the landmark decision.
Al-Hogail said the approval reflects the continued support of the Kingdom’s wise leadership for the housing sector and their commitment to advancing solutions that accelerate the delivery of housing for developmental housing beneficiaries while enhancing the efficient utilization of lands allocated for this purpose.
He explained that the amendment enables investors to develop planned lands and construct housing units for beneficiaries of developmental housing in exchange for ownership of a percentage of the land, thereby improving development efficiency, expediting project implementation, and increasing the housing supply.
Al-Hogail emphasized that the amendment reinforces the ministry’s efforts to diversify housing options for beneficiaries of developmental housing programs and supports the objectives of Saudi Vision 2030, which seeks to increase homeownership rates among citizens and strengthen the social protection system.
Source: Saudi Gazette