The Minister of Municipal Affairs launches the investment portal in Saudi cities

The Minister of Municipal Affairs launches the investment portal in Saudi cities
The Minister of Municipal Affairs launches the investment portal in Saudi cities
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Riyadh – Mubasher: The Minister of Municipal, Rural Affairs and Housing, Majed Al-Hogail, today, Tuesday, inaugurated the investment portal in Saudi cities, “Foras”, indicating that a supreme order was issued approving it. To be a national platform on which government agencies present their opportunities on the platform to investors.

And the minister added, during his opening speech to the Municipal Investment Forum: “There are 5 government agencies currently that offer their loans on the platform to investors with full transparency, and today we will launch the platform and it will be a quantum leap for investment in Saudi cities.”

The minister said that the ministry aims to privatize 70% of its activities, and is working to establish 17 enabling companies such as the “National Housing”.

And he continued: “We worked to establish companies in each municipality, and 3 companies were established over a period of time, and 7 companies were established in the last few years, and by the end of the year there will be 17 companies; they will not be competing with the private sector, but rather they will be possible companies that can share with everyone faster.” To the National Housing Company, which has helped empower more than 200 developers.”

Al-Hogail added that the Ministry of Municipal, Rural Affairs and Housing reduced the value of bank guarantees from 100% to 25% to help the investor in development and construction.

And he added, “The municipal real estate disposal regulation enabled us to improve the relationship with the investor. We added public bidding and enabled us to invest in some lands.”

Al-Hogail pointed out that the municipal sector operates in accordance with the goals of the Kingdom’s Vision 2030. With the support of the Crown Prince to improve the investment system, indicating that municipal investments contribute to 5 programs to achieve the vision; These include the privatization program, the quality of life program, the housing program, the pilgrims service program, and the financial sustainability program.

The minister stressed that the ministry is working to encourage investment in the Kingdom, pointing out that the municipal sector represents 40% of services.

A number of leaders and specialists are meeting at the Municipal Investment Forum today. To advance investment opportunities in the municipal sector, and to enable sustainable urban development for the Kingdom’s cities.

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