Crown Prince says more than 95% of Kingdom’s property developers ‘quite primitive’

28/04/2021 Argaam

Crown Prince Mohammed bin Salman

Saudi Arabia’s Crown Prince Mohammed bin Salman said during a televised interview on April 27, 2021, that unfortunately more than 95% of the Kingdom’s real estate developers are quite primitive.

 

These realty developers are preparing and selling blueprints, without accounting for sanitation, utilities, electricity, or even connectivity.

 

“There is no doubt that the Kingdom needs a very strong developer to raise the bar,” the Crown Prince added.

 

The Public Investment Fund (PIF) established ROSHN Real Estate Co. to fulfill some of the real estate needs in the Kingdom. It primarily targets to provide one million housing units in five years at low profit to fulfill the expected demand for housing units over the next 10 years, which may exceed four million housing units.

 

ROSHN’s objectives were adjusted to Vision 2030 to provide nearly one million housing units, Crown Prince added.

 

Once ROSHN’s objectives were amended, its profitability increased to 7% or even more, he further noted.

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