Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail at the Saudi Cultural Mission in Virginia. RIYADH, Aug 19 (Arab News): 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 per cent 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.
Meanwhile, Saudi Arabia is keen to attract more foreign direct investment from Asia and Europe as the Kingdom continues its economic diversification journey, a minister has said.
Speaking to CNBC, Saudi Arabia's Assistant Minister of Investment Ibrahim Al-Mubarak said that the Kingdom is targeting $100 billion in FDI by 2030.
Earlier in August, Saudi Arabia approved an updated investment law aimed at elevating foreign funding inflows into the Kingdom.
According to the Kingdom's National Investment Strategy, key sectors looking to secure funding include energy, construction, and communication, as well as finance, and transportation.
"China is the largest trading partner of Saudi Arabia. But we are still yet to see more on the FDI side from China. The US is also positioning well as a big investor in Saudi Arabia," said Al-Mubarak.
He added: "We are looking at expanding that. We are seeing a lot of interest from Asian countries and Europe, and we are capitalizing on those to achieve the targets."
Al-Mubarak further pointed out that the new investment law in Saudi Arabia is expected to increase FDI inflows in the Kingdom.
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