The General Investment Authority signed cooperation agreements with Al-Nahla Group represented by Al-Nahla Urban Development Company and Al-Ameen Real Estate Company, among 8 other local companies from the private sector in order to enhance the role of the local investor in the real estate sector and support his investment opportunities in this vital sector through specialized international partnerships

The Minister of Commerce and Investment, Dr. Majid bin Abdullah Al-Qasabi, attended the signing event of this agreement and the agreement was signed by the General Investment Authority, the Governor of the Authority, Engineer Ibrahim Abdul Rahman Al-Omar, and by Mr. Sultan Khalid Al-Turki, the executive general manager from Al-Nahla Group.

Engineer Ibrahim Al-Omar, governor of the authority, declared that, according to the Saudi Press Agency, these agreements depict the importance of the local investor’s position in the authority’s strategy demonstrating that the Authority is communicating with the local investor to consider the means for developing his activities through coordination and arrangement of international partnerships in which the primary beneficiary is the National Economy.

Al-Omar said that the Authority is launching initiatives and signing agreements that would diversify and develop investment opportunities, which shall have an effective impact in pushing foreign companies to invest in this sector and make it a promising global investment destination, providing that the General Investment Authority has set aspiring plans to support promising sectors and promote it to be a new outrigger of the National Economy.

He added that these agreements would enable the real estate sector in the Kingdom to gain global expertise in the exploitation of real estate in a bold and feasible investment manner, in line with Vision 2030 and the national transformation 2020, especially in the aspect of preparing the organizational structure to create an attractive environment for the real estate sector, for local and foreign investors alike. According to its official website, the General Investment Authority – established by the Saudi government in 2000 – intends to “excrete the Kingdom of Saudi Arabia as a universal-class investment destination, attract local and foreign investors and expand their investments so as to achieve sustainable national economic growth.”