3 Saudi Companies to Develop 580 Residential Villas in Riyadh

Three Saudi groups have signed an alliance to carry out a new housing project in the suburb of Al-Jawan north of Riyadh, developed by the National Housing Company, with the aim of increasing the real estate offer of housing units that meet the aspirations of Families Saudis benefiting from the “sakani” program, in in line with the objectives of the housing program one of the Kingdom 2030 vision programs – By increasing the supply and enabling the demand for housing units, increase the percentage of Saudi households owning homes to 70% by 2030. The real estate alliance comes between three real estate developers, namely: Al-Othman, Al-Tamimi and Al-Qabbani companies under the umbrella of the Tilal Real Estate Company, to implement a new housing project in the suburb of Al- Gwan north of Riyadh providing 580 villas and townhouses on a ‘area approximately 300,000 square meters. The company recently signed an agreement with Al-Watania for Housing to carry out the project With the patronage and presence of the Minister of Municipal and Rural Affairs and Housing, Majed bin Abdullah Al-Hogail. Undersecretary of the Ministry of Municipal and Rural Affairs and Housing for Real Estate Development, Abdul Rahman bin Abdullah Al-Taweel, explained that the alliance between the three companies aims to provide more housing units to help increase the share of home ownership. for Saudi families in in line with Kingdom’s Vision 2030 goals, underlining that alliances between real estate development companies are a model – advanced work that has proven its worth in many projects in all over the world to pump modern housing units of high quality and reasonable price. The Undersecretary for Real Estate Development affirmed the support of the Ministry and the strengthening of alliances between national companies by providing all the integrated support to the real estate developers to facilitate their procedures and transactions and to develop the services provided to them through the off-plan sales or leasing committee. “Wafi” and the “Etmam” real estate developer services center, with the aim of improving the residential real estate offer in all the cities of the Kingdom and increase the balance of the market. The CEO of Tilal Real Estate Company, Abdul Rahman Al-Bassam, noted that the project is the coalition’s first development work with the aim of contributing to the provision of various housing options and increasing the housing supply suited to the aspirations of families. Saudis, expressing its thanks to the Ministry and the National Housing Company for providing investment opportunities for the coalition to realize its vision derived from the Kingdom 2030 vision to build inspiring communities and prosperous lives for its residents. Interestingly, the “sakani” program, through its website and application, provides a range of housing options and services in collaboration with private sector developers, within simple electronic procedures with immediate right, with the possibility of reviewing various housing options in 107 projects in construction that provide more than 146,000 housing units, as well as 223 housing floors that provide more than 180,000 residential land in various cities and governorates of the Kingdom, issuing of estimates, use of the real estate consultancy service, choice of model projects forauto -Building beneficiaries, issuing building permits for via electronics, e-finance and other services.