The Ministry of Housing and the Al-Tahaluf Real Estate Company has signed an agreement to build 462 new residential units in eastern Riyadh under the Eskan housing scheme. The new units, which will be spread across an area of 84,679 square meters, is part of a partnership program with the private sector. The project will include 436 high-quality duplex houses and 36 independent villas, priced reasonably between SR 530,000 and SR 590,000. Nayef Al-Rasheed, Chief Executive Officer of the program, said the partnership agreement is the first of its kind between the ministry and the private sector. By signing this agreement, the ministry aims at establishing a new partnership with the private sector based on existing rules and regulations on housing. According to the partnership program, the ministry will provide incentives and financial support to the private sector for real estate development across multiple programs. The ministry has entered into several agreements with local and international companies to stimulate the real estate sector, raise productivity, build more housing units, and boost demand.
