Saudi Arabia is planning to build nearly 300,000 houses in the next five years as part of a drive to bridge a supply-demand gap and provide cheap housing for citizens, a Saudi official was quoted on Wednesday as saying. 

The plan is within the Gulf Kingdom’s “Vision 2030” economic diversification scheme which aims to boost citizens’ house ownership to more than 70 percent, said Mohammed Butti, CEO of the National Housing Company (NHC), an affiliate of the Housing Ministry. 

“NHC is committed to achieving its plans for expanding housing supply in the Kingdom to ensure houses for all citizens,” Butti told Almadina and other Saudi newspapers.” 

“We have set a target to deliver at least 300,000 units to the market in the next five years as per a housing strategy within Vision 2030.” 

The papers said Butti made the remarks on Tuesday after inaugurating  a new project involving the construction of nearly 618 new houses in the Western Red Sea port of Jeddah. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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