Media Centre

Saudi Housing Minister concludes US visit with multiple agreements

WASHINGTON — Minister of Municipalities and Housing Majid Al-Hogail concluded his

official visit to the United States. He engaged with American government officials and leaders in

the construction and real estate development sectors to strengthen bilateral partnerships in construction, finance, and real estate.

During the visit, five significant agreements were signed between the Saudi housing system and

various American companies, including 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 local and international capital markets, and diversify funding sources through fixed income markets.

Additionally, two partnership agreements were signed between the Saudi Housing Insurance

Company “Dhamanat” and American firms BlackRock and Apollo, focusing on developing

strategies and investment funds for real estate financing in Saudi Arabia.

A memorandum of understanding (MoU) was also signed between the Ministry and K.

Hovnanian ME, a company that has developed 500,000 housing units in the U.S., to build more

integrated residential communities in Saudi Arabia.

Al-Hogail's visit included meetings with representatives of Parsons Corporation to discuss

enhancing project implementation, contractor support, and workplace safety, as well as with

HDR, a leader in sustainable waste management systems, to explore cooperative opportunities.

He also engaged with the American Chamber of Commerce to explore ways to strengthen

cooperation between Saudi Arabia and the United States in the municipal and housing sectors,

build effective partnerships, and share expertise between specialized companies. The Saudi-

American Business Council was another key focus, with discussions centered on investment

opportunities and supporting the Ministry's programs and initiatives.

Al-Hogail also met with Freddie Mac officials to explore knowledge transfer in mortgage

refinancing solutions to benefit the Saudi real estate finance sector and held talks with the

International Finance Corporation (IFC) on collaboration in municipal and housing fields.

During his visit, the Minister 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 took the opportunity to meet with Saudi

students studying in the U.S., listening to their views and suggestions regarding the housing sector and municipal services.