Saudi, Russia ink deal to spur investment in housing, construction
The joint cooperation programme will support the exchange of information on investment management in construction
Saudi Arabia’s Ministry of Housing and Russia’s Ministry of Construction, Housing, and Public Utilities have inked a joint cooperation programme agreement to support investment opportunities in the field of housing, and exchange information on investment management in construction.
The deal, which emanates from a previous memorandum of understanding (MoU) signed between the two countries, is aimed at planning the development of future cities.
The agreement was inked by the general advisor to the Saudi Ministry of Housing, Eng Abdullah bin Muhammad Al-Badir, and the Russian Deputy Minister of Construction, Housing, and Public Utilities, Nikita Stasishin, in the presence of the Ambassador of the Custodian of the Two Holy Mosques to the Emirates, Turki bin Abdullah Al-Dakhil, on the sidelines of the World Urban Forum, hosted in Abu Dhabi.
The joint cooperation programme will focus on eight main axes, including developing partnerships between the institutions of the two countries; establishing relationships between Russian and Saudi organisations; supporting investment opportunities in the field of housing; exchanging information about investment management in construction; planning for the development of the city; the exchange of data regarding the regulation of incentive mechanisms; as well as buying homes and building infrastructure for cities; and developing housing.
The programme also includes the approval of exchanging experiences and consultations on the legal requirements of the two sides to implement the project, as well as exchanging experiences in the field of quality and improving safety and energy efficiency during the implementation of the construction and housing projects, according to the state-run Saudi Press Agency.
It will also focus on exchanging experiences in the field of residential development, and exchanging experiences in engineering requirements and pricing, including setting uniform standards for pricing in construction, developing it, and setting a record of building resources.
The programme will shed light on research and technological development in construction and architecture.