Majid Al-Hogail, the Minister of Municipalities and Housing, has wrapped up his official visit to the United States. To fortify bilateral relationships in the fields of construction, finance, and real estate, he interacted with American government representatives as well as prominent figures in the building and real estate development industries.
Five major agreements were signed during the visit by the Saudi housing system and several American companies, including King Street and BlackRock’s Saudi Real Estate Refinance Company (SRC). The development of real estate refinance market programs, increased access to domestic and global capital markets, and funding source diversification through fixed-income markets are the goals of these agreements.
In addition, the American companies BlackRock and Apollo and the Saudi Housing Insurance Company “Dhamanat” inked two partnership agreements that centered on creating investment funds and strategies for financing real estate in Saudi Arabia.
To create more integrated residential communities in Saudi Arabia, the Ministry, and K. Hovnanian ME, a business that has created 500,000 housing units in the United States, also signed a memorandum of understanding (MoU).
During Al-Hogail’s visit, he met with representatives of HDR, a pioneer in sustainable waste management systems, to explore collaborative opportunities and Parsons Corporation representatives to discuss improving project implementation, contractor support, and workplace safety.
To create successful alliances, exchange knowledge amongst specialized businesses, and improve collaboration between Saudi Arabia and the US in the housing and municipal sectors, he also got in touch with the American Chamber of Commerce. Another important topic of discussion was the Saudi-American Business Council, where topics included funding prospects and assisting the Ministry’s projects and programs.
Al-Hogail also met with representatives of Freddie Mac to discuss sharing knowledge on mortgage refinancing options that could help the Saudi real estate finance industry. Additionally, he had discussions about working together in the municipal and housing fields with the International Finance Corporation (IFC).
Aiming to educate Saudi families living in the United States about available housing options and financing solutions, the Minister’s visit included the opening of the “Sakani” Program Exhibition at the Saudi Cultural Attaché in Washington. Additionally, he seized the chance to meet with Saudi students enrolled in American universities, hearing their opinions and recommendations about the housing market and local government services.
