Saudi Arabia’s state-owned National Housing Company (NHC) aims to boost its investment portfolio to more than 200 billion Saudi riyals ($53 billion), its CEO has said.

Mohammed Butti said NHC investments in the Western Red Seaport of Jeddah, the second largest city in the Gulf Kingdom, has surpassed SAR52 billion ($13.8 billion).

He told the Saudi daily Aleqtisadia that two new housing projects launched in Jeddah on Wednesday comprises nearly 20,000 apartments and villas, with investment of SAR18 billion ($4.8 billion).

“NHC is working to increase its investment portfolio in Saudi Arabia to more than SAR200 billion…we will achieve that target,” Butti said but didn't disclose any timeline.

“As we have announced before, we are now targeting a supply of nearly 300,000 housing units in the Saudi market, including 60,000 in Jeddah.”

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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