Saudi Arabia Signs a Note With Spanish Urbas To Attract Investments For The Housing sector

The Ministry of Municipal, Rural and Housing Affairs represented by the housing supply and real estate development agency and the Ministry of Investment signed a memorandum of understanding with the Spanish company Urbas; In order to support and develop investment in the Kingdom of Saudi Arabia.

The Memorandum of Understanding was signed by the Undersecretary of Stimulation of Residential Supply, Development and Real Estate, Abdul Rahman bin Abdullah Al -Tawil, a representative of the Ministry of Municipal and Rural Affairs and Housing, while it was signed by the Saudi Ministry of Investment, the Undersecretary of Investment Development Fahd bin Jamal Al -Naeem, while it was signed by the Spanish company Urbas, the company’s CEO Advo Qour Yaru, according to the Saudi Press Agency.

The memo aims to enhance mutual cooperation between the parties to support and develop investment in the Kingdom in line with the national investment strategy, and to unify efforts with the relevant authorities for each party, in order to raise the level of effective coordination and joint work in everything that supports and enhances the development, marketing and implementation of investments.

The Undersecretary of the Ministry of Municipal, Rural and Housing Affairs told the Agency for Stimulation of Residential Supply Development and Real Estate, that the signing of the Memorandum of Understanding comes within the framework of the joint efforts made by the Ministry in cooperation with the Ministry of Investment to attract and encourage foreign investments in the housing sector in the Kingdom, adding that the Spanish company Urbas is one of the international companies active in areas Real estate, infrastructure and renewable energy.

Al -Tawil explained that the ministries of municipal and rural affairs, housing and investment will work to support the investing company with regard to exploring opportunities, and benefiting from the available hooves through the initiatives provided by the authorities according to their jurisdiction, such as the National Committee for Equipment, pointing out that the investor will also have the support of the competent authorities regarding the work plan and feasibility By providing available data that serves the success of the investment.