Riyadh, Saudi Arabia– Saudi Arabia’s Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company Orbas to boost investment in the kingdom in line with its National Investment Strategy.
The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
The MoU was signed by the Undersecretary of Stimulating Housing, Development and Real Estate Supply, Abdul Rahman bin Abdullah Al-Taweel, representing the Ministry of Municipal and Rural Affairs and Housing, Undersecretary of Investment Development Fahd bin Jamal Al-Naim, on the part of the Saudi Ministry of Investment, and CEO Orbas Adolfo Kor Yero.
Al Taweel said the MoU comes within the framework of the joint efforts made by the ministry in cooperation with the Ministry of Investment to attract and encourage foreign investments in the housing sector in the Kingdom, adding that the Spanish company Orbas is one of the international companies active in the fields of real estate, infrastructure and renewable energy.
Al-Taweel said the Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in terms of exploring opportunities and benefiting from the available incentives through initiatives provided by the authorities according to their competence, such as the National Incentives Committee.