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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.