SPGA signs MoU with Finance Ministry's projects support fund initiative

The State Properties General Authority (SPGA) signed a memorandum of understanding (MoU) with the Ministry of Finance’s Projects Support Fund to allow the private sector to invest in development projects in the sectors targeted by the fund.

These sectors include education, healthcare and real estate development for major projects, the SPGA said in a statement.

SPGA Governor Ihsan Bafakih said that the MoU embodies the authority’s methodology to enhance integration and partnership between government entities to achieve the desired goals.

Furthermore, the MoU frames the joint cooperation between the authority and the fund, in a manner that contributes to driving development programs in the relevant sectors, and raising the attractiveness of investment in the Saudi cities, which will positively reflect on several developmental and economic pivots, and create many job opportunities, he added.

Furthermore, Bafakih indicated that the two sides seek through the MoU to achieve several objectives, such as contributing to financing the state’s real estate development projects, including integrated buildings service projects, following the financing policies approved by the fund.

Besides, the entities will approve the private sector companies through financial and technical requirements, the mechanism for evaluating applications, and an attractive investment environment to attract various qualitative investments by providing land plots, opportunities and loans.