Saudi Arabia has launched new projects to build nearly 101,000 houses within a drive to ensure affordable accommodation for its citizens, according to official data. 

The Gulf Kingdom, with a population of around 32 million, has just completed the construction of 106,000 units in various areas and started distributing them to beneficiaries, the Housing Ministry said in a report. 

“New projects have been launched through the Kingdom for the construction of nearly 101,000 houses and apartments,” the report said. 

It showed the number of units completed in the first quarter of 2021 was nearly 29 percent higher than the 82,560 houses built in the first quarter of 2020. 

Saudi Arabia, the world’s largest oil exporter, has been locked in a drive to lift citizens’ house ownership to nearly two thirds in 2030. It has signed contracts with scores of developers for those projects within a partnership programme adopted by the Ministry. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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