Minister of Municipalities and Housing Majid Al-Hogail recently visited the United States to strengthen bilateral partnerships in the construction, finance, and real estate sectors. During his visit, significant agreements were signed between the Saudi housing system and various American companies, such as 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 capital markets, and diversify funding sources through fixed income markets. Additionally, partnerships were formed between the Saudi Housing Insurance Company “Dhamanat” and American firms BlackRock and Apollo to develop strategies and investment funds for real estate financing in Saudi Arabia.
One of the key accomplishments of Al-Hogail’s visit was the signing of a memorandum of understanding (MoU) between the Ministry and K. Hovnanian ME, a company with a track record of developing 500,000 housing units in the U.S. This partnership aims to build more integrated residential communities in Saudi Arabia. The Minister also engaged with Parsons Corporation and HDR to discuss enhancing project implementation, contractor support, workplace safety, and sustainable waste management systems. These meetings focused on exploring cooperative opportunities to improve the housing and municipal sectors in Saudi Arabia.
Al-Hogail also met with the American Chamber of Commerce and the Saudi-American Business Council to explore ways to strengthen cooperation between Saudi Arabia and the United States in the municipal and housing sectors. Discussions centered on investment opportunities, supporting the Ministry’s programs and initiatives, and sharing expertise between specialized companies. The Minister also met with officials from Freddie Mac to explore knowledge transfer in mortgage refinancing solutions to benefit the Saudi real estate finance sector, as well as with the International Finance Corporation (IFC) to discuss collaboration in municipal and housing fields.
During his visit, Al-Hogail 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 met with Saudi students studying in the U.S. to listen to their views and suggestions regarding the housing sector and municipal services. Overall, the Minister’s visit was a successful effort to strengthen partnerships, explore cooperative opportunities, and promote knowledge transfer between Saudi Arabia and the United States in the construction, finance, and real estate sectors.
