Monday, January 16, 2017

Saudi Arabia to build 280,000 new housing units

Saudi government has started work on an ambitious housing programme which will see the construction of 280,000 residential units at an investment of SR119.5 billion ($32 billion) over the next three years, said a report.

As part of the program, 120,000 housing units of various built-up areas in all regions of the Kingdom will be given to citizens depending on income level and the number of family members, reported Saudi Gazette, citing the Ministry of Housing officials.

A total of 75,000 residential plots of land in several cities ready for construction will also be handed over to citizens, stated the report.

Financial support to 85,000 deserving citizens will also be provided in one year by the state.

This will be done through a partnership between the Real Estate Development Fund, banks, and financing institutions, it added.

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