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The Saudi Exchange signed a Memorandum of Understanding (MoU) with the Ministry of Municipal, Rural Affairs and Housing (MOMRAH), to cooperate on areas of mutual interest. The MoU was signed by Mr. Mohammed Al-Rumaih, CEO of Saudi Exchange, and Mr. Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development, in the presence of H.E. Mr. Majed Al-Hogail, Minister of Municipal, Rural Affairs and Housing, and Eng. Khalid Abdullah Al-Hussan, Chairman of the Saudi Exchange.
The agreement involves collaborating on both entities efforts to support Vision 2030, including educating real estate developers on the process and benefits of listing on the Saudi Exchange. The Saudi Exchange and the Ministry of Municipal, Rural Affairs and Housing will organize workshops to raise awareness around listing and identify challenges facing real estate developers in the listing process. The Saudi Exchange will also provide support to real estate developers interested in listing.
Commenting on the agreement, Mohammed Al-Rumaih, CEO of Saudi Exchange, said: “We continuously support the privatization of companies in Saudi Arabia and encourage them to list. We are pleased to extend our support to the Ministry of Municipal, Rural Affairs and Housing to encourage real estate developers to list and start a new chapter in their growth. Our agreement will enhance the position of the real estate sector, while providing new and diverse opportunities to investors in the Saudi capital market.”
Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development, said: “Listing plays a key role in enabling developers to meet the demands of the growing real estate sector in the Kingdom. Our agreement with the Saudi Exchange will support the efficiency of real estate developers by increasing their access to capital, positioning them to lead the growth of the real estate sector in Saudi Arabia.”
