Saudi Arabia is undertaking 49 major housing projects in various areas within an ongoing drive to ensure affordable housing for citizens and expand their house ownership to nearly two thirds by 2030, according to an official statement. 

The National Housing Company (NHC), a subsidiary of the Saudi Housing Ministry, said some of those projects have been nearly completed while others are under way. 

The five projects which have been finished and would soon be distributed to citizens are 'Amayer Al Jawhara' in the capital Riyadh, 'Ruba Jeddah' in the Western Red Sea city,  'Wahat Mada' and 'Nasaj Town' in the Eastern Port of Dammam and 'Bairaq Al-Mabraz Villas' in the Eastern Ihsa Province, the statement said. 

Other projects in Riyadh, Dammam, and the Eastern Qatif city have reached an advanced execution rate of more than 80 percent, it added. 

Saudi officials have said the housing strategy, launched a few years ago in partnership with the private sector, aims to boost citizens’ ownership to at least 70 percent at the end of the Gulf  Kingdom’s economic diversification scheme dubbed “Vision2030.” 

(Writing by Nadim Kawach; Editing by Anoop Menon)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021