11 December, 2019

Saudi to build 100,000 houses in 2020

125,000 houses built in partnership with private sector

Image used for illustrative purpose.

Image used for illustrative purpose.

REUTERS/Reuters Staff

11 December 2019

Saudi Arabia has approved plans to build 100,000 houses in 2020 at a cost of 65 billion Saudi riyals ($17.3 billion), its Housing Minister was quoted on Wednesday as saying.

Majid Al-Hogail said projects to construct nearly 30,000 houses to accommodate 130,000 Saudi families have been completed and the units would be delivered next year, adding that the projects cost about 11 billion riyals ($3.6 billion).

Speaking at a budget seminar organized by the Finance Ministry in Riyadh on Tuesday, Hogail said the projects and the units to be built next year are in partnership with the private sector within a programme launched a few years ago to expand house ownership for Saudi citizens.

He was quoted by Al-Riyadh and other newspapers that the partnership programme has so far produced nearly 70 projects comprising more than 125,000 houses at a cost of nearly 62 billion riyals ($16.5 billion).

"Some of these projects are currently under construction in various parts of the Kingdom and they are part of ongoing plans to build houses for citizens," he said.

"in 2020, there are plans to construct at least 100,000 houses at a cost of 65 billion riyals...we have also drawn up a plan in partnership with 79 contractors to develop the infrastructure of lands for housing projects while more than 90,000 land plots would be allocated in 2020 for new projects across the Kingdom."

Hogail said the contracts for infrastructure projects signed recently are worth nearly 8 billion riyals ($2.2 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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