Saudi Gazette report

WASHINGTON — Minister of Municipalities and Housing Majid Al-Hogail concluded his official visit to the United States. He engaged with American government officials and leaders in the construction and real estate development sectors to strengthen bilateral partnerships in construction, finance, and real estate.

During the visit, five significant agreements were signed between the Saudi housing system and various American companies, including the Saudi Real Estate Refinance Company (SRC) with BlackRock and King Street. These agreements aim to develop real estate refinance market programs, expand access to local and international capital markets, and diversify funding sources through fixed income markets.

Additionally, two partnership agreements were signed between the Saudi Housing Insurance Company “Dhamanat” and American firms BlackRock and Apollo, focusing on developing strategies and investment funds for real estate financing in Saudi Arabia.

A memorandum of understanding (MoU) was also signed between the Ministry and K. Hovnanian ME, a company that has developed 500,000 housing units in the U.S., to build more integrated residential communities in Saudi Arabia.

Al-Hogail's visit included meetings with representatives of Parsons Corporation to discuss enhancing project implementation, contractor support, and workplace safety, as well as with HDR, a leader in sustainable waste management systems, to explore cooperative opportunities.

He also engaged with the American Chamber of Commerce to explore ways to strengthen cooperation between Saudi Arabia and the United States in the municipal and housing sectors, build effective partnerships, and share expertise between specialized companies. The Saudi-American Business Council was another key focus, with discussions centered on investment opportunities and supporting the Ministry's programs and initiatives.

Al-Hogail also met with Freddie Mac officials to explore knowledge transfer in mortgage refinancing solutions to benefit the Saudi real estate finance sector and held talks with the International Finance Corporation (IFC) on collaboration in municipal and housing fields.

During his visit, the Minister inaugurated the “Sakani” Program Exhibition at the Saudi Cultural Attaché in Washington, aiming to inform Saudi families residing in the U.S. about available housing options and financing solutions. He also took the opportunity to meet with Saudi students studying in the U.S., listening to their views and suggestions regarding the housing sector and municipal services.