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

His Excellency the Minister of Municipalities and Housing, Mr. Majed bin Abdullah Al-Hogail, concluded his official visit to the United States today. During his visit, he met with several officials from the U.S. government, major construction and real estate development companies, and financing agencies to enhance the partnership between both countries in the fields of urban development, construction, financing, and real estate development.

Al- Hogail witnessed signing of five agreements and memorandums of understanding between the housing system and several American companies. Among these were memorandums of understanding between the Saudi Real Estate Refinance Company (SRC) and the American companies "BlackRock" and "King Street." These agreements aim to develop programs for the real estate refinancing market, expand through local and international capital market channels, and diversify financing sources through fixed-income markets, which will help attract more foreign investments into the Saudi market.

He also witnessed signing of partnership agreements between the Saudi Mortgage Guarantee Services Company "Damanat" and the companies "BlackRock" and "Apollo," aimed at developing strategies and investment funds for real estate financing in the Kingdom, as well as expanding the base of local and international investors to contribute to the sustainability of the real estate market's growth.

The Minister attended the signing of another memorandum of understanding between the Ministry and the company " K. Hovnanian ME", which contributed to the development of 500,000 housing units in the United States, aiming to build more integrated housing communities in the Kingdom.

During the visit, he met with representatives of "Parsons Corporation", which specializes in technical and engineering solutions, to discuss ways to enhance the smooth implementation of projects, provide effective support to contractors, and improve safety at work sites, as well as employ modern technologies to enhance access to services and facilities and connect them to residential neighborhoods. He also reviewed opportunities for cooperation and partnership with representatives of HDR, a leader in sustainable waste management systems, and learned about the company’s waste management experiences and projects around the world.

Al-Hogail met with leaders of the American Chamber of Commerce to discuss enhancing cooperation between the Kingdom and the United States in the municipal and housing sectors, building effective partnerships, and exchanging expertise among specialized companies. The meeting highlighted investment opportunities in the Kingdom and discussed several strategic agreements in infrastructure and public health sectors. He also reviewed with the US Saudi Business Council the latest developments in business and available investment opportunities, collaboration with the Council to support the Ministry's programs and initiatives in both the municipal and housing sectors.

He discussed with leaders of "Freddie Mac," a company specializing in mortgage refinancing solutions, the best practices and innovative solutions in the sector and the best ways to transfer knowledge to serve the real estate financing sector in the Kingdom. He also met with leaders of the International Finance Corporation (IFC) to explore cooperation opportunities and exchange successful experiences in municipalities, housing, and urban development.

His Excellency inaugurated "Sakani" program exhibition at the Saudi Cultural Attaché office in Washington, aiming to inform Saudi families residing in the United States about the housing options and financing solutions provided by Sakani program in collaboration with its partners from the National Housing Company and the Real Estate Development Fund. He emphasized the necessity of providing all services and facilitating all means for Saudi families to meet their aspirations and desires for suitable housing.

He also met with a number of Saudi students studying in the United States, listening to their observations and suggestions regarding housing and municipal services and other related topics. He answered several inquiries regarding current and future plans, programs, and initiatives, praising their supportive and enriching ideas and wishing them success in their academic journey and a return to the homeland to contribute to achieving the objectives of Vision 2030 in various fields and disciplines.

It is noteworthy that the visit of His Excellency Minister Majed bin Abdullah Al-Hogail to the United States comes as part of ongoing international efforts led by him to enhance bilateral relations, build partnerships and exchange experiences with friendly countries, and attract successful international experiences in the fields of housing, real estate development, and urban development. This visit is the Minister’s seventh international visit this year.