backed General Investments Fund (GIF) has approved a loan of SR4 billion to developers building houses in the Khuzam Palace area. The loan announcement was made by Dar Al-Arkan Company for Real Estate Development, the developer partner of Tatweer Khuzam with a 51 percent stake, according to a report in Asharq Al-Awsat Arabic daily. Yusuf Al-Shallash, Chairman of the Board of Directors of Dar Al-Arkan Company for Real Estate Development, said the project is an example of effective public-private partnerships. He said the development is a social project that will help to meet the housing and infrastructure needs of Saudi Arabia. Al-Shallash added that the country's leadership wants to ensure citizens have their own homes and cited the government's announcement in March to set aside SR250 billion to build 500,000 houses, and the housing loans provided by the Real Estate Development Fund. As for the financing of the Khuzam project by the GIF, Al-Shallash said this is an important strategic step toward securing additional financing from financial institutions. He said government wants to ensure the success of urban projects, including plans to reorganize downtown Jeddah. He said this financing would speed up the development process after approval of the project's general plan by the concerned government authorities. __
