Latest news with #MunicipalandRuralAffairsandHousing
CairoScene
16 hours ago
- Business
- CairoScene
Saudi Arabia Scales Up Housing Efforts in Riyadh to Meet Annual Demand
The Ministry of Housing is boosting development incentives and regulation as Riyadh targets 130,000 new units annually. The Saudi government is intensifying its efforts to meet Riyadh's rising housing demand, with plans to deliver up to 130,000 residential units annually, according to Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail. The city currently meets only 40% to 50% of that demand, prompting a multi-pronged government response to stimulate construction and attract both local and international real estate developers. To increase affordability, the National Housing Company has been tasked with delivering 60,000 housing units in Riyadh, many of which are priced below SAR 450,000 before subsidies, targeting middle-income Saudi families. The ministry is also working to regulate the housing market more effectively, introducing legislation to formalise landlord-tenant relations and revising the White Land Tax to include an annual levy on long-vacant properties without valid use. These policies are part of a broader strategy to close the supply gap, make housing more accessible, and ensure efficient land use as Riyadh's population continues to grow.
Arab Times
21-05-2025
- General
- Arab Times
Kuwait's Al-Shaheed Park is a model for urban development: Saudi Minister
RIYADH, Saudi Arabia, May 21: Saudi Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail, has praised Kuwait's Al-Shaheed Park as a leading example of urban environmental design in the Gulf region. During the 28th meeting of the GCC Ministers of Municipal Affairs held in Kuwait, Al-Hogail highlighted the park's outstanding integration of national heritage, environmental awareness, and community engagement. In a post on his LinkedIn account following the visit, he expressed admiration for the various urban projects he witnessed, noting that Al-Shaheed Park left a lasting impression. 'Despite seeing many beautiful urban projects, my stop at Al-Shaheed Park cannot be overlooked,' Al-Hogail wrote. 'It is one of the most prominent urban environmental projects in the region.' He described the park as a thoughtful urban space that goes beyond aesthetics to foster a sense of identity and belonging, while also enhancing the quality of life. Al-Hogail noted that from the Martyr's Memorial to the Peace Circle, along with features such as the Green Belt Lake, artistic sculptures, bird habitats, and salt flats, the park clearly reflects a balance between cultural identity and environmental sustainability. 'This project brings together memory, ecological balance, and social function in an advanced urban concept,' he said. 'The moment you enter, the careful planning is evident. It's more than just a beautiful place — it's a space that strengthens community ties and improves daily living.' Al-Hogail emphasized that the park aligns with the values of Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing. 'We believe that well-designed public spaces can be powerful tools for development, memory preservation, and achieving environmental and human harmony — all in line with the goals of Saudi Vision 2030.' The minister expressed his appreciation to those responsible for the development of Al-Shaheed Park, calling it a pioneering effort that enriches the Gulf's urban landscape and enhances the quality of life for its residents.
Saudi Gazette
13-05-2025
- Business
- Saudi Gazette
Al-Hoqail invites US investors to Saudi real estate sector
Saudi Gazette report RIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hoqail said that Saudi Arabia is experiencing an unprecedented urban transformation, thanks to Saudi Vision 2030. Attending a panel discussion at the Saudi-American Investment Forum in Riyadh on Tuesday, he said that the ministry is implementing more than 11,000 development projects spreading over 300 municipalities across various regions of the Kingdom. These include housing, infrastructure, and quality of life improvement projects. In an effort to strengthen international partnerships, Al-Hoqail extended an open invitation to American investors to enter the Saudi real estate sector, whether in development, facility management, smart city construction, or land reclamation within urban boundaries. He emphasized that the Kingdom is not only seeking funding but strategic partners who can contribute to designing sustainable solutions for the future of Saudi cities. He pointed out that the ministry is currently working on the redevelopment of three major cities within the Kingdom, in collaboration with more than 80 local private sector partners. Moreover, the ministry aims to expand these partnerships to include international investors, including globally experienced American companies. Al-Hoqail emphasized that reshaping Saudi cities to become smart, sustainable, and attractive has become an urgent necessity to accommodate the expected population growth in the next decade. He emphasized that urban development is not limited to physical infrastructure but also involves enhancing operational efficiency and the quality of services provided. Al-Hoqail highlighted that the homeownership rate has increased from 47 percent before the launch of Vision 2030 to over 60 percent at present, with the ministry aiming to reach 70 percent by 2030. He added that this transformation would not have been possible without a genuine partnership with the private sector and empowering citizens to own their first homes.
Asharq Al-Awsat
07-05-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Unveils $2.6 Bln in Real Estate Supply Chain Investment Opportunities
The Saudi government is expanding its targets for 'Supply Pro,' a digital platform that connects contractors and building materials manufacturers under the National Housing Company. The plan includes a 30% increase in the number of registered local and international suppliers, a 7% localization of building materials used in housing units, and the creation of new investment opportunities valued at over 10 billion riyals ($2.6 billion) in manufacturing, supply, and logistics services. These initiatives are expected to generate more than 5,000 jobs. This was revealed by Mohammad Al-Bati, CEO of the National Housing Company, during his speech at the 'Real Estate Supply Chain Forum' in Riyadh on Tuesday, which was sponsored by Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail. The event, attended by a group of consultants, contractors, and manufacturers, aimed to explore collaboration opportunities, learn about the latest technologies in the building materials industry, and facilitate knowledge exchange between local and international companies to strengthen supply chain networks. Al-Bati also disclosed several agreements recently signed by the National Housing Company to support the real estate supply chain, with a total value exceeding 21 billion riyals ($5.6 billion). These agreements have notably boosted local content, increasing from 54% to 63% by the end of 2024, while generating thousands of direct and indirect job opportunities in this vital sector.
Gulf News
02-05-2025
- Business
- Gulf News
Saudi Arabia hikes White Land Tax to 10% in major real estate reform
Dubai: Saudi Arabia has approved a major overhaul of its real estate taxation policy, raising the White Land Tax from 2.5 percent to 10 percent annually on undeveloped land and introducing, for the first time, a separate levy on vacant properties that remain unused without justification. The changes, approved during a Cabinet meeting, aim to stimulate land development and increase the availability of housing as the Kingdom grapples with a surge in real estate prices, particularly in urban centres like Riyadh. The new legislation also broadens the tax base. While the original White Land Tax was restricted to residential and commercial plots, the updated framework applies to any undeveloped land deemed suitable for construction. Additionally, tax application stages have been unified, and holdings totalling 5,000 square metres or more, whether individual or combined, within designated urban zones will now be subject to the annual levy. In a press conference, Minister of Municipal and Rural Affairs and Housing Majed Al Hogail said the reforms are part of ongoing efforts to raise Saudi homeownership to 66 percent by the end of 2024. He also announced new housing initiatives in partnership with private developers, with prices ranging from 250,000 to 1.2 million Saudi riyals. The government will issue detailed regulations for the revised White Land Tax within 90 days. Guidelines for the newly introduced vacant property tax are expected to be released within a year. Al Hogail highlighted the sharp increase in property prices in Riyadh and said Crown Prince Mohammed bin Salman had issued 'clear and firm directives' to bring real estate values in line with economic growth, including industrial, agricultural, commercial, and housing development targets.
