Saudi Arabia’s Ministry of Municipalities and Housing has launched the “Real Estate Stimulus” program, a major initiative aimed at accelerating development and unlocking investment opportunities across the Kingdom’s property sector. The program was unveiled by Minister Majid Al-Hogail to enhance market sustainability and efficiency.
A key component of the initiative is a digital platform designed to integrate landowners, developers, investors, and financiers. This system provides stakeholders with critical tools such as site analysis, feasibility assessments, and investment facilitation, aiming to significantly improve market transparency and shorten development cycles.
Inaugural Project and Vision
To mark the launch, the program’s first incentivized agreement was signed between a landowner and a developer for a 130,000-square-meter plot in Riyadh’s Al-Ared district. This landmark project is set to deliver approximately 1,200 residential units within a mixed-use development featuring housing, commercial, administrative, and hospitality elements.
The National Housing Co. (NHC) stated that the initiative is a significant step in advancing the Kingdom’s real estate ecosystem. The company emphasized that the digital framework will create an integrated investment environment, enabling stakeholders to secure sustainable returns and reinforcing Saudi Arabia’s position as an attractive destination for both domestic and international investors.
Sustainability and Green Initiatives
In tandem with the program launch, the ministry signed a cooperation agreement with NetZero to advance environmental sustainability. This partnership will focus on expanding green spaces, reducing carbon emissions, and supporting the goals of Saudi Vision 2030 and the Saudi Green Initiative.
The collaboration includes smart afforestation projects, technical advisory for urban forests, and the digital documentation of natural assets. It will also introduce environmental competitions for municipalities and public awareness campaigns to promote sustainable practices and community engagement in green initiatives.
Expanding Logistics and Housing
The stimulus program’s impact extends to other vital sectors. The Makkah Province Development Authority has signed a memorandum of understanding with the NHC to strengthen logistics services in the region. The agreement involves studying the establishment of integrated logistics zones to enhance connectivity between industrial areas and major transport hubs.
In the housing sector, the NHC has also partnered with Saleh Abdullah Almuhana Co. to develop 1,290 residential units in the Al-Woroud destination in Al-Ahsa governorate. The project, valued at over SR651 million ($173.5 million), is part of the NHC’s broader strategy to expand housing options and collaborate with the private sector to accelerate urban development.
About The Real Estate Stimulus Program
The Real Estate Stimulus program is an initiative by Saudi Arabia’s Ministry of Municipalities and Housing, designed to boost the real estate sector’s sustainability and growth. It utilizes a comprehensive digital platform to connect landowners with developers, investors, and financiers, providing tools for site analysis and feasibility studies to increase market efficiency, transparency, and investment opportunities.
Source: Arab News
