Saudi Arabia aims to attract investors from China and Turkey to establish real estate projects similar to those announced with the Egyptian Talaat Moustafa Group, according to statements made by Ihab Al-Hashani, the Saudi Deputy Minister of Municipal and Rural Affairs and Housing, Invest-Gate reports.

Al-Hashani stated that the Egyptian company’s project in the Kingdom is the beginning of attracting foreign developers to support the market and create a competitive environment.

Last Sunday, the Talaat Moustafa Group launched the Banan City project in the Saudi capital at approximately SAR 40 bn. The project will be developed in partnership with the “National Housing Company” to provide around 28,000 housing units.

Al-Hashani said, “We are visiting China and Turkey to attract developers” from abroad, noting that the Kingdom plans to build 300,000 housing units by 2025, with 140,000 units already offered, with investments exceeding SAR 42 bn.

According to Al-Hashani, interest rates on real estate financing have been temporarily reduced. An agreement was signed with ” Alawwal Bank ” four days ago, and three additional banks have signed contracts for the same purpose, lowering the interest rate from 4% to 2.45%.