Minister of Municipalities and Housing Concludes U.S. Visit, Witnesses Signing of 5 Agreements and MoUs in Real Estate Development and Financing

Washington, August 25, 2024, SPA -- Minister of Municipalities and Housing Majed bin Abdullah Al-Hogail concluded his official visit to the United States on Sunday. During the visit, he met with several U.S. government officials, major construction and real estate development companies, and financial institutions to enhance the partnership between the two countries in urban development, construction, financing, and real estate development.
The minister witnessed the signing of five agreements and memorandums of understanding (MoUs) between the housing sector and several American companies. These included two MoUs between the Saudi Real Estate Refinance Company (SRC) and American companies BlackRock and King Street. The agreements aim to develop the mortgage refinancing market and expand it through local and international capital markets, diversifying funding sources via fixed-income markets and thereby attracting more foreign investments to the Saudi market.
Al-Hogail also witnessed the signing of two partnership agreements between the Saudi Mortgage Guarantee Services Company, Dhamanat, and BlackRock and Apollo. These agreements aim to develop investment strategies and funds for real estate financing in the Kingdom, as well as to expand the base of local and international investors, contributing to the sustainable growth of the real estate market.
Additionally, he attended the signing of another MoU between the ministry and K. Hovnanian ME, a company that has contributed to the development of 500,000 housing units in the United States. This MoU aims to build more integrated residential communities in the Kingdom.
The minister’s visit to the U.S. aimed to strengthen relations, build partnerships, exchange expertise with friendly countries, and attract successful international experiences in housing, real estate development, and urban development.
-- SPA