Saudi cabinet grants approval to NEOM real estate projects in Saudi
Arabia
Saudi Arabia, during its Tuesday cabinet session held in NEOM and chaired
by King Salman, has given the green light to a system for the sale and lease of
off-plan real estate projects. This strategic move is aimed at enticing both
local and international investors to contribute to the development of the NEOM
city project. NEOM, a visionary city situated in the northwestern region of
Saudi Arabia, is envisioned as a pioneering center for innovation, economic
prosperity, and sustainable living.
In addition to endorsing the NEOM real estate projects, the cabinet
members also took time to commend the Kingdom's humanitarian efforts in
assisting communities affected by recent flooding in Libya. Saudi Arabia has
been actively distributing food packages and constructing shelters to aid those
in need.
Moreover, the cabinet acknowledged the Kingdom's favorable credit rating,
bestowed upon it by global financial institutions, underscoring Saudi Arabia's
commitment to economic diversification. Notably, Standard & Poor's recently
assigned the Kingdom a rating of A/A-1 with a stable outlook, demonstrating the
international community's confidence in Saudi Arabia's economic stability and
growth potential.
The outcomes of the G77 + China summit, which convened in Cuba over the
weekend, were another point of discussion. Saudi Arabia's Foreign Minister,
Prince Faisal bin Farhan, represented King Salman at the summit. The cabinet
reviewed and assessed the summit's results, which centered on fostering
collaboration among developing nations and addressing global challenges.
A further significant development addressed during the cabinet session
was the establishment of a council of Arab cybersecurity ministers under the
umbrella of the Arab League. This council will be equipped with a general
secretariat and executive office headquartered in Riyadh, reaffirming Saudi
Arabia's dedication to enhancing cybersecurity across the region.
In summation, the cabinet session illuminated the multifaceted progress
and initiatives undertaken by Saudi Arabia in diverse spheres, encompassing
real estate, humanitarian assistance, economic diversification, international
cooperation, and cybersecurity.
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