New residential-commercial plan to promote real estate supply in Riyadh

ANB Capital and Alargan Projects Company (“Alargan Projects”) have announced a partnership to develop a residential-commercial project in Riyadh. The Agreement was witnessed by Saudi Deputy Minister for Real Estate Development Abdulrahman Al-Tawil.

The project will be developed through a Shariah-compliant closed private real estate investment fund and entails the development of infrastructure for a multi-purpose residential-commercial facility. The fund, with an approximate size of SAR 600 million, will develop land of about 500,000 square meters that it has acquired in the Alnadwa neighborhood of Riyadh.

The Deputy Minister stated that the agreement reflects the Kingdom's strategy to continue to drive real estate development in Saudi Arabia through strategic partnerships with the private sector. The agreement also aligns with the goals of the Housing Program, one of the initiatives under Saudi Vision 2030, which aims to increase Saudis housing ownership to 70% by the end of 2030.

Mr. Al-Taweel stated that the Ministry also seeks to create an investment environment that contributes to establish more residential projects, find the best solutions and capabilities to improve the outcomes of real estate projects, and raise the quality of residential products in the real estate development sector.

MOMRAH is exerting strenuous efforts to increase real estate demand across the Saudi cities. Through its partnership with the real estate developers, the Ministry aims to create 365,000 new housing units by 2025, to keep pace with the aspirations of Saudi families and achieve the highest quality of life standards, as a strategic goal, and provide various housing options at reasonable prices.