RIYADH — Minister of Municipalities and Housing Majid Al-Hogail said a new Cabinet decision will help more eligible Saudi families own homes by accelerating the delivery of developmental housing projects.

The Council of Ministers approved a new framework that allows private investors to develop planned land and build housing units for beneficiaries of developmental housing programs. In return, investors will receive ownership of a percentage of the developed land.

Al-Hogail said the ministry will publish the executive regulations after completing the required legal and administrative procedures in coordination with relevant government authorities.

He explained that the new framework will support the construction of fully equipped housing units for eligible families while increasing private sector participation in developmental housing projects.

The minister said the Cabinet’s decision is intended to strengthen public-private partnerships, expand the supply of housing, improve the use of government-allocated land, and speed up project implementation.

Al-Hogail expressed his appreciation to Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman for their continued support of the housing sector and their commitment to providing sustainable housing solutions.

He added that the new model will diversify housing options for developmental housing beneficiaries and support the goals of Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens while strengthening the Kingdom’s social protection system.

Source:Saudi Gazette