MCI to oversee 18,000 housing units

More than 18,000 real estate units at an estimated value of SR20 billion, have been earmarked throughout the Kingdom for housing projects under the supervision of the Ministry of Commerce and Industry (MCI).

A team from the ministry, representing the program for selling real estate units, paid a visit last week to a number of real estate development projects in Jeddah.
The MCI team aims to assess and evaluate the development and construction process, the percentage achieved or completed, and to have discussion about related topics with real estate developers.

The team’s visit included supervising “Square Urbanization” and “Bab Jeddah,” belonging to Middle East Urbanization Co.; “Golden Tower” belonging to Golden Tower Company, as well as “Lamar Towers” belonging to Lamar Co. for Investment and Real Estate Development.

The team's visit also included “Farsi 7” belonging to the company of Zaki Mohammed Farsi; the “Residential Suburb in Salman Gulf” belonging to Jeddah Company for Real Estate Development; “Al Fareedah Housing Project” belonging to Iwan World Co.; and “Headquarters” belonging to Adeem National Company.
The MCI hopes to review the phases of the real estate projects and to discuss the latest issues of such projects with real estate developers and also review periodic reports issued by the chartered accountant and engineering consultant accredited by the MCI.

In addition, the MCI will support and facilitate the procedures of real estate developers, which may contribute to completion of their projects on time and according to requested specifications.

The projects supervised by the ministry include villas, apartments, office units, commercial units and land development.

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