17/09/2024
Asharqia Chamber reviews in Khafji the real estate development services and programs of the Ministry of Municipalities and Housing
Asharqia Chamber, represented by the Business Council in its Khafji branch, organized a workshop on Sunday, September 15, 2024, to introduce the "Real Estate Development Services and Programs of the Ministry of Municipalities and Housing", with the participation of the Director of the Real Estate Development Department at Housing Affairs in the Eastern Province, Eng. Amin Al-Suwaidi, and the Supervisor of Real Estate Development Programs, Majid Al-Rasasi.
Eng. Al-Suwaidi explained during the workshop, which was moderated by the Chairman of the Council, Marzouq Al-Balawi, that the Transformation and Empowerment Program aims to raise the level of performance of the real estate development market, enhance housing supply, and empower the private sector, in addition to supporting and empowering real estate developers in the Kingdom, with the aim of achieving the goals of the housing program by increasing the appropriate real estate supply and raising the efficiency of the real estate development sector, which achieves a higher level of maturity for the sector and achieves the Kingdom's Vision 2030.
Al-Suwaidi indicated that the program has achieved a direct impact by improving the level of internal operations of real estate developers and increasing the number of real estate developers by successfully converting contractors and other companies in addition to raising the efficiency of real estate developers in the Kingdom. As for the indirect impact of the program, it is represented by increasing the number of housing units in the real estate sector. Majed Al Rasasi discussed the real estate incentive initiative, which aims to stimulate real estate supply by creating investment opportunities to encourage the local and foreign private sector to invest in it, and to appreciate the development solutions around it, in addition to encouraging landowners to develop their lands for all their uses. He pointed out that the initiative seeks to link investors with real estate developers, landowners, and financing and investment entities through a package of integrated programs, in addition to addressing the challenges facing the investor through the various programs and products of the Ministry and partner entities: (Etmam platform for license extraction services and approval of plans from Etmam and Balady, the Partnerships and Project Financing Program in partnership with the National Housing Company, the Real Estate Developers Support Program at the Real Estate Fund "Tatweer", off-plan sales products "Wafi", and Sakani Program products for grouping beneficiaries and adding projects to the Sakani portal, and the path of exceptions from the Ministry's submission).