Online platform to facilitate investment in Saudi municipal projects

Application has facilitated 4,500 investment opportunities, says official

  
Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

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Investment in municipal projects in Saudi Arabia is being facilitated by an online platform known as Opportunities (Al Furas in Arabic), Cityscape Global Conference heard on Tuesday.

Khaled Aldegaithe, deputy minister for planning and programmes, Saudi Ministry of Municipal and Rural Affairs, told delegates that the platform was the result of a review of the kingdom’s 285 municipal entities, and was one of three pillars that would enable them to improve quality of life in line with the Saudi Vision 2030.

The first of the three pillars is strategic aims, under which a portfolio has been built for each Saudi city, managed by a specific department, using global practises and benchmarking.

The second pillar is a legal framework to address issues such as leasing contracts and the format of investments, and to facilitate partnerships with the private sector, including a process for submitting and accepting proposals.

The third was automation, he said, allowing a database to be created of opportunities so interested parties can find investment opportunities that match their chosen specialist areas. The database is available as an online application Al Furas , on Apple and Android systems.

In a presentation in Arabic, translated for English speakers, He said: “Our core subject is the journey of the transformation inspired by the Vision 2030 of Saudi Arabia.”

 The municipal sector is going through the journey of improving the quality of life in cities and attracting investments locally, regionally and globally.”

“Since we launched this platform with have established more than 4,500 investment opportunities, more than 400 per month.”

(Reporting by Imogen Lilywhite; Editing by Brinda Darasha)

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