Saudi ministry inks contracts to approve residential schemes in 60 days

The Saudi Ministry of Municipal & Rural Affairs (MoMRA) has signed five agreement to ensure final approval of residential schemes within 60 days, the ministry said in a statement.

The agreement were signed with the Ministry of Justice, the Ministry of Housing, the Communications and Information Technology Commission (CITC), Saudi Electricity Co. (SEC) and National Water Company (NWC).

The deals aim to enhance mutual cooperation and efforts to fast track urban development through approving residential schemes, facilitating development procedures and supplying the required infrastructure.

On the other hand, the agreement signed with the justice ministry focuses on governance of ownership certificate validation and real estate identity in 16 days average and 26 days maximum. 

The housing ministry's agreement included delivery of the required infrastructure cost under certain conditions and timeframe, to be set by both ministries, the statement added.

Previously, the process of licensing residential schemes was unclear , as it was implemented by several authorities without a clear timeframe.