Saudi Arabia Enables Private Sector to Support Major Health, Education, Real Estate Projects

Saudi Arabia Enables Private Sector to Support Major Health, Education, Real Estate Projects

The Saudi Projects Support Fund signed a memorandum of understanding on Friday with the State Properties General Authority. It is to enable the Saudi private sector to finance and support projects; in the health, education, as well as real estate fields.

Khaled Sharif, head of the Projects Support Fund Initiative; and Hamza Alaskar, deputy governor of the General Authority for Legal and Regulatory Affairs signed the MoU.

The two sides agreed to work together to enable the private sector to invest in development projects in the sectors covered by the fund; namely education, health care, as well as real estate development.

The agreement falls within the framework of strengthening areas of joint cooperation; between the Fund and the Authority. This is also in a way that contributes to stimulating development and raising the attractiveness of investment across the Kingdom; to reflect in many developmental areas and new job opportunities.

The Projects Support Fund initiative has been adopted as one of the initiatives of the private sector stimulus packages; supervised by the Ministry of Finance. It also focuses on supporting the completion and continuation of major projects; in the education, health, as well as real estate development sectors.

Residential plans

On a different note, the Developers Services Center (ETMAM) also announced that with the end of 2020, it adopted 98 residential plans with a total area of 235.9 million square meters in various regions of the Kingdom; based on the initiative’s strategic goal of improving the performance of the real estate sector and raising its contribution to the GDP.

The Director-General of the Center, Eng. Abdul-Wahab Al-Qahtani, emphasized the strategic role that the developer services center plays as a government initiative aimed at overcoming obstacles facing real estate developers and owners of housing projects, thus contributing to providing housing options for citizens and beneficiaries and increasing the appropriate supply to meet all different needs.