Arjan Architects and Bloominvest Join Forces to Build Over 100 Housing Units in Northern Riyadh
Arjan Architects and Bloominvest have partnered to build more than 100 housing units in northern Riyadh, Saudi Arabia. The two parties have established a joint real estate investment fund called Arjan Al-Maghamis, which aims to develop a land area exceeding 30,000 sq. meters in the Kingdom’s capital. The fund was inaugurated by Saudi Deputy Minister for Real Estate Development Abdulrahman Al-Tawil, as part of ongoing efforts to form partnerships with the private sector to increase the real estate supply in cities and provide more housing options for Saudi families.
The Ministry of Municipal, Rural Affairs and Housing has emphasized its commitment to supporting agreements and partnerships in the private sector. The fund also aligns with the goals of the Housing Program, one of the initiatives under Saudi Vision 2030, which aims to provide adequate housing opportunities for Saudi families.
The Housing Program
The Housing Program is one of the initiatives under Saudi Vision 2030, which aims to provide adequate housing opportunities for Saudi families. The program aims to increase the percentage of homeownership among Saudi citizens from 47% to 70% by the year 2030. The program also aims to reduce the average waiting time for subsidized housing from 10 years to less than three years.
The program includes several initiatives, such as the Sakani program, which provides affordable housing units for low- and middle-income families. The program also includes the Wafi platform, which aims to facilitate the purchase of off-plan properties by providing a secure and transparent online platform for buyers and developers.
Arjan Al-Maghamis Fund
The Arjan Al-Maghamis fund is a joint real estate investment fund established by Arjan Architects and Bloominvest. The fund aims to develop a land area exceeding 30,000 sq. meters in northern Riyadh, Saudi Arabia. The fund is part of ongoing efforts to form partnerships with the private sector to increase the real estate supply in cities and provide more housing options for Saudi families.
The fund aligns with the goals of the Housing Program, one of the initiatives under Saudi Vision 2030, which aims to provide adequate housing opportunities for Saudi families. The fund will contribute to the housing supply and boost the real estate development efforts in Saudi Arabia.
Partnerships with the Private Sector
The Ministry of Municipal, Rural Affairs and Housing has emphasized its commitment to supporting agreements and partnerships in the private sector. The ministry believes that partnerships with the private sector are essential to increasing the real estate supply in cities and providing more housing options for Saudi families.
The ministry has formed several partnerships with the private sector to achieve these goals. For example, the ministry has partnered with the Saudi Real Estate Refinance Company (SRC) to provide long-term financing for homebuyers. The ministry has also partnered with the Saudi Arabian General Investment Authority (SAGIA) to attract foreign investment in the real estate sector.
Conclusion
Arjan Architects and Bloominvest have joined forces to build more than 100 housing units in northern Riyadh, Saudi Arabia. The two parties have established a joint real estate investment fund called Arjan Al-Maghamis, which aims to develop a land area exceeding 30,000 sq. meters in the Kingdom’s capital. The fund aligns with the goals of the Housing Program, one of the initiatives under Saudi Vision 2030, which aims to provide adequate housing opportunities for Saudi families.
Partnerships with the private sector are essential to increasing the real estate supply in cities and providing more housing options for Saudi families. The Ministry of Municipal, Rural Affairs and Housing has emphasized its commitment to supporting agreements and partnerships in the private sector. The ministry has formed several partnerships with the private sector to achieve these goals, including partnerships with the Saudi Real Estate Refinance Company (SRC) and the Saudi Arabian General Investment Authority (SAGIA).