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

RIYADH: 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.