Saudi Arabia .. Permission to own and invest in real estate in a large area north of Riyadh

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date of publication:
April 17, 2021 22:57 GMT

Update date: April 18, 2021 0:10 GMT

Saudi Arabia announced, on Saturday, that it will allow construction, ownership and real estate investment in a large area north of the city of Riyadh, as part of a government strategy aimed at doubling the capital’s population to 15 million in 2030.

The Royal Commission for Riyadh said that a decision was issued to lift the suspension from large parts of the endowment lands north of King Salman Road, and to allow disposal of large areas of it, including all planning, development, sale, purchase and delivery of all services to it, provided that it is compatible with the urban code of the city Riyadh after its launch.

The Royal Commission for Riyadh: Lifting the suspension on large areas of the north of the capital

The decision to stop emptying was issued in the Notary Public and the issuance of building permits from the Riyadh Municipality for that area north of King Salman Road, in July last year, and over an area of ​​270 million square meters.

Experts in the real estate sector believe that the suspension decision was issued with the aim of reconsidering the building code used and the urban plan for the area, as the code aims to regulate the general urban shape and external appearance of the buildings, while providing options to impart a distinctive architectural identity that mimics the surrounding area of ​​a natural environment and historical heritage, and providing patterns Umrania directly reflects on the quality of life.

The Royal Commission for Riyadh stated that the decision to lift the suspension paves the way for the implementation of the strategy of the city of Riyadh, which aims to develop the capital’s economy and qualify it to accommodate the double population, and to achieve a measured growth of the city to be among the top 10 cities in the world in terms of economy, competitiveness and quality of life in 2030.

Aqar experts say: The area targeted by the decision contains residential neighborhoods, existing buildings, and developed housing and building plans of up to 130 million square meters, and this area represents about 40% of the real estate market in Riyadh in terms of the volume of transactions that take place in it, and it is considered one of the main destinations For citizens wishing to buy housing in various segments.

The authority announced the formation of a specialized committee to look into the affairs of land suspension in the city of Riyadh and the studies related to it with the membership of a number of relevant government agencies, in addition to establishing a unified call center operating under the supervision of the authority and the committee concerned with looking into land suspension in the city of Riyadh, to open the way for communication With the public and answer their questions in this regard.

The government agency says that the decision includes many aspects that aim in its entirety to develop infrastructure and provide residential and tourist uses, in a way that contributes to raising the city’s attractiveness, regulating the urban environment, taking care of the heritage aspects, and addressing the encroachments that distort the urban landscape.

Last January, the Saudi Crown Prince, Prince Mohammed bin Salman, said in a global economic forum: “We aim for Riyadh to be one of the ten largest economic cities in the world, today it is number forty, out of the forty largest economy in the world as a city. Riyadh, to reach from 7.5 million people to between 15 and 20 million in 2030.

It is scheduled to be announced in the next few days the strategy of the city of Riyadh, which includes investing $ 220 billion in projects to develop Riyadh over the next ten years.

The Royal Commission for Riyadh inaugurates the largest afforestation project for a global capital

According to this strategy, which has not been announced in detail yet, millions of trees will be planted in the city of Riyadh to reduce the temperature as well as the level of dust, and there are also plans to establish huge reserves around the city of Riyadh to improve the environmental situation of the city, in addition to environmental projects in the Kingdom that will be announced. Later.

The largest Gulf country and the largest oil exporter in the world is working on a giant economic transformation plan ending in 2030, which aims to bring continuous revenues from various sectors, such as tourism, entertainment and industry, instead of the historical dependence on oil sales.





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