Saudi Arabia intends to award three new housing projects in the Western Red Sea port of Jeddah in the first quarter of 2022, a local newspaper said on Monday. 

The projects are part of six new housing schemes to be awarded to developers in 2022 within a partnership law enforced by the Gulf Kingdom a few years ago, the Arabic language daily Al-Madina said. 

The National Housing Company (NHC), an affiliate of the Housing Ministry, will invite developers for three projects in the first quarter with the aim of “increasing house supply in Jeddah to ensure housing for all citizens,” the paper said, quoting a NIC statement. 

The projects in 2022 will boost the number of houses built by private developers in Jeddah to more than 64,000 units, the report said. 

Saudi Arabia, the world’s largest oil exporter, has announced plans to widen citizens’ house ownership to at least 70 percent by the end of Vision 2030 economic diversification blueprint launched five years ago. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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