Saudi Arabia’s KAEC continues its innovative efforts to provide real estate ownership

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Updated 20 June 2020

Saudi Arabia’s KAEC continues its innovative efforts to provide real estate ownership

JEDDAH: King Abdullah Economic City (KAEC) is continuing its efforts to provide real estate ownership, the Saudi Press Agency reported. 

Its initiatives include launching financing solutions to attract customers and helping those in the government, military and private sector who wish to benefit from housing offers in the economic city in line with the Kingdom’s Vision 2030 reform plan.

The KAEC provides its services to those wanting to take advantage of housing offers and purchase ready-made or under-construction units in its residential neighborhoods, while also providing opportunities for families and individuals seeking to invest or own housing units to raise the percentage of Saudi citizens’ ownership.

In terms of offering suitable financing programs the KAEC has signed a cooperation agreement with the Banque Saudi Fransi to put forward financing options that are compatible with the provisions of Islamic Shariah for clients. The KAEC enables recipients of support from the Ministry of Housing and the Real Estate Development Fund to benefit from such options.

KAEC CEO, Ahmed Linjawi, said that the different residential neighborhoods in the city were designed to meet all the requirements of family life as well as those looking to live a distinctive lifestyle. 

He emphasized the KAEC’s keenness to provide housing solutions that suited all income levels and that were accessible to all Saudis. Its efforts were in cooperation with the public and private sectors, he added. 

The managing director and CEO of Banque Saudi Fransi, Rayan Fayez, said that cooperation and partnership building with the KAEC meant there were innovative and affordable financing solutions for people wishing to own housing units within KAEC.

The Kingdom’s goal is to raise household ownership in the country to 70 percent of the population by 2030.

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JEDDAH: The third phase of a COVID-19 vaccine clinical trial is to be carried out on at least 5,000 volunteers in Saudi Arabia after clearing mid-stage tests.
In an effort to expedite vaccines against coronavirus, the Ministry of Health announced its preparedness to launch the third phase in health centers across Riyadh, Makkah and Dammam. The clinical trials come as part of a ministry agreement with the Chinese vaccine developing company CanSino.
The findings of the first randomized controlled trial, published in The Lancet, resulted in the vaccine appearing to be safe and inducing a significant immune response in the majority of recipients in the second phase.
The vaccine uses a harmless cold virus, known as adenovirus type-5 (Ad5), to carry genetic material from coronavirus into the body.The volunteers will be over the age of 18.
Ministry spokesman Dr. Mohammed Al-Abd Al-Aly told a press conference on Sunday that epidemiological analysis had shown a fluctuation in confirmed coronavirus cases, with a slight increase potentially caused by social gatherings during Eid Al-Adha that did not adhere to health protocols.

“These numbers are currently at a slight increase, but they are not a cause of major concern (at the moment) for outbreaks or clusters,” the spokesman said.
Estimates of COVID-19 patients needing critical care have decreased in the past three days and the current curve shows a 5.5 percent decrease in admissions. There are currently 1,816 patients in Saudi Arabia receiving critical care.
The Kingdom recorded 1,428 new cases on Sunday, raising the total number of infections to 288,690 since the beginning of the pandemic.
There were 1,599 new recoveries, raising the total number of recoveries to 252,039. There are currently 33,484 active cases.
Saudi Arabia recorded 37 new fatalities on Sunday, raising the coronavirus death toll to  3,167.
There have been 58,424 polymerase chain reaction tests carried out in the past 24 hours, raising the total number of tests in the Kingdom to over 3.8 million.