Ihsan Bafakih, governor of SPGA
State Properties General Authority (SPGA) is setting up a real estate investment trust (REIT) through the allocation of a real estate portfolio, which will be listed on the Saudi Stock Exchange (Tadawul).
The REIT, which is expected to be launched by year-end, comes within SPGA’s financial solutions, stated governor Ihsan Bafakih, in a meeting organized by Asharqia Chamber.
These solutions also include building properties in partnership with the private sector and enrolling real estate properties in the state budget.
SPGA’s yield-generating strategy also stipulates the utilization of the Kingdom’s land bank in development projects via the Ministry of Housing and the Public Investment Fund (PIF).
The authority also allocated 500 million square meters (sqm) over the last two years for the residential projects undertaken by the Ministry of Housing in partnership with the real estate development companies.
“Many of the economically-feasible real estate properties were allocated to the PIF,” Bafakih indicated.
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