Saudi Arabia to sign real estate deals with US during minister’s visit

Multiple US-Saudi real estate agreements are set to be signed during a five-day visit by a leading official from the Kingdom to the North American country.

Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail began his tour on Aug. 18, engaging in high-level meetings with government officials and industry leaders, the Saudi Press Agency reported.

The visit is focused on attracting leading American companies to the Saudi market, particularly in real estate development, financing, and supply chains as well as modern construction technologies, and urban infrastructure.

This comes as Saudi Arabia aims to improve access to affordable, quality housing through its national housing strategy, targeting a 70 percent homeownership rate by 2030.

In a post on his X account, Al-Hogail said: “In the state of Virginia, we opened a Sakani exhibit at the Saudi Cultural Mission, establishing a new point of contact for our citizens in the US to access the housing and financing options provided by the Sakani Program.”

He added that this initiative reflects their deep commitment to supporting the aspirations of younger generations and enabling them to build their futures with confidence and peace of mind.

In an additional post, the minister said he also met with Saudi students in the US who attended the housing exhibit, adding that the discussions shed light on his ministry’s empowerment initiatives in engineering, financial management, and artificial intelligence.

He added: “I assured the students that our homeland eagerly awaits their return with pride and honor for their achievements.”

During his visit, the minister will explore successful US urban development projects and assess opportunities to implement similar initiatives in the Kingdom, as reported by SPA.

In July, Saudi Arabia’s Housing Program, part of Vision 2030, released its 2023 analysis. The report revealed that the homeownership rate among the Kingdom’s households reached 63.74 percent by the end of 2023, a 16.7 percentage point increase since 2016. This rate also surpassed the 2023 target of 63 percent.

The analysis also indicated that over 96,000 households benefited from accommodation support in 2023 through the same program, which helped cover housing costs. Additionally, more than 20,000 homes were assisted through ownership pathways via developmental housing.