Saudi ministries sign MoU with Spain’s Urbas to attract foreign investments in housing sector

Logo of Ministry of Municipal, Rural Affairs and Housing

Saudi Arabia’s Ministry of Municipal, Rural Affairs and Housing and Ministry of Investment signed a memorandum of understanding (MoU) with Spain-based sustainable infrastructure and building developer Urbas.

The MoU aims to support and develop investment in the Kingdom in line with the National Investment Strategy, state-run SPA reported.

The pact will focus on unifying efforts with the relevant authorities to support and enhance the development, marketing and implementation of investments, as well as boost coordination and effective joint action on all levels.

Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing AbdulRahman Al-Tawil said the agreement falls within the framework of joint efforts with the Ministry of Investment to attract and encourage foreign investments in the Kingdom’s housing sector.

The two ministries will support Urbas to explore opportunities and benefit from the available initiatives, according to its competence, such as the National Incentives Committee.

He pointed out that the investor will get the backing of the competent authorities on their work plan and feasibility through available data that serves the return on investment.