Saudi Arabia to Allow Investors to Build New Housing

Saudi Arabia's Council of Ministers has approved a new framework that permits investors to develop land and construct housing units for beneficiaries of housing programs. This initiative allows investors to receive a specific percentage of the land in exchange for their development efforts.

The decision was made during a session chaired by Crown Prince and Prime Minister Mohammed bin Salman in Jeddah. The cabinet also agreed to extend the deadline for rectifying undocumented real estate transactions by one year, according to Saudigazette.

During the session, the Crown Prince shared updates from his phone calls with various international leaders. He discussed regional developments and their impacts, emphasizing Saudi Arabia's focus on dialogue to de-escalate tensions and promote diplomatic solutions for regional security and stability. Discussions included calls with the presidents of the United States, Bahrain, Syria, Turkey, and the Prime Minister of Spain.

Additionally, the Council of Ministers welcomed the growing international support for a multinational maritime defense alliance initiated by Saudi Arabia. The Kingdom views this as a projection of its leading role in strengthening regional and international security. The alliance aims to establish a joint framework to protect international shipping lanes, trade routes, and energy supplies from escalating threats in the Red Sea, Bab al-Mandab Strait, and the Gulf of Aden.

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The cabinet welcomed the increasing international support for joining the multinational maritime defense alliance initiated by Saudi Arabia. The Council assesses this as projecting the Kingdom's pioneering role in strengthening regional and international security, and consolidating multilateral cooperation.