‎Saudi govt, Spain’s Urbas collaborate to attract foreign investments in housing sector

‎Saudi govt, Spain’s Urbas collaborate to attract foreign investments in housing sector

The Ministry of Municipal, Rural Affairs and Housing represented by the Agency for Stimulating Housing Supply and Real Estate Development and the Ministry of Investment signed a memorandum of understanding (MoU) with Spain’s Urbas - specialising in sustainable infrastructure and building with important synergies with real estate development and renewable energy.

The MoU is aimed at supporting and developing investment in the Kingdom of Saudi Arabia, the Saudi Press Agency (SPA) reported.

The memorandum aims to enhance cooperation between the parties to support and develop investment in the Kingdom in line with the national investment strategy.

It also focuses on unifying efforts with the relevant authorities of each party, in order to support and enhance the development, marketing and implementation of investments, as well as boost coordination and effective joint action on all levels. Deputy Minister for Municipal, Rural Affairs and Housing’s AbdulRahman Al-Tawil, the step comes within the framework of joint efforts with the Ministry of Investment to attract and encourage foreign investments in the Kingdom’s housing sector.

The two ministries will support Urbas in terms of exploring opportunities and benefiting from the available initiatives, according to its competence, such as the National Incentives Committee (NIC).

He pointed out that the investor will also