RIYADH: Investment activity in the municipal sector in Saudi Arabia’s Najran region is set for a significant boost with the creation of the Najran Municipality Investment Co. Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail has given the green light to establish this new company, which is fully owned by the region’s municipality, reported the Saudi Press Agency. The new entity, to be operated as a closed joint-stock government firm, will serve as an investment arm of the region’s municipality and a valuable addition to its businesses. Abdullah Al-Fadel, the official spokesperson for the municipality, emphasized that this move is expected to contribute positively to the region’s economic development. He also explained that the new company will work on three main axes. The first is the axis of managing and developing municipal investment contracts. The second axis includes managing municipal service contracts. The spokesman added that the third axis involves establishing tourism development projects with the participation of the private sector. In February, during a briefing by the Center for Government Communications in Riyadh, Al-Hogail discussed several issues, including the supply of real estate, housing loan facilities, improvements to the urban landscape and the effects of heavy rain. He stated that the ministry provided 30,000 housing units in 2022 for families in greatest need and aims to provide 95,000 by 2025. Homeownership is rising among Saudis, he added, and has reached 60 percent of the population. “More than 1.4 million families benefited from housing support, and there were also nine different housing and financing options available to enable ownership,” said Al-Hogail, adding that the goal is to offer 365,000 additional housing units by 2025. In March, Al-Hogail noted, at the National Transformation Forum in Riyadh, that Saudi Arabia seeks to have three cities ranked among the top 100 in terms of quality of life.