New Housing Framework Allows Land-Sharing With Developers

A new framework allowing investors to develop planned residential land in exchange for partial land ownership has been approved by the Council of Ministers during a Cabinet session in Jeddah chaired by Crown Prince and Prime Minister Mohammed bin Salman.

Under the framework, investors can develop planned land and construct housing units for beneficiaries of developmental housing programmes without owning the entire plot. In return for delivering the designated housing units, developers receive ownership of an agreed percentage of the land, with the arrangement governed by the terms set out under the approved framework.

The Cabinet also approved a one-year extension to the deadline for rectifying undocumented real estate transactions, allowing additional time for property owners to regularise documentation and records under the relevant procedures.

The session included a number of other approvals across government sectors, including a general cooperation agreement with Ecuador, an investment protection agreement with Kazakhstan, and memoranda of understanding covering civil aviation with Spain, maritime transport with Somalia, technical and vocational training with South Korea's KDI School of Public Policy and Management, and the peaceful use of outer space with the Turkish Space Agency.