-
Saudi Arabia‘s Ministry of Municipal and Rural Affairs and Housing (MOMRA) has launched new projects to build nearly 150,000 houses in various areas within a strategy to ensure house ownership for at least two-thirds of the Gulf Kingdom’s people. It will invest 40 billion riyals ($10.6B) in developing local infrastructure projects in 11 cities, state TV reported.
-
The population capacity from this agreement is expected to reach 750,000 people. The agreement also included financing and developing a project portfolio between MOMRA and the largest real estate developer, the National Housing Company (NHC), the Saudi Press Agency (SPA) said.
-
The new units comprise houses, villas and apartments and are located in seven key cities, including the capital Riyadh, the Western Red Sea port of Jeddah, Medina in Western Saudi Arabia, the Eastern port of Dammam and the Southern region. Additionally, around 54 million square metres will also be allotted for green and open spaces, public facilities, road networks and public transport.
26 Sep 2022
$10B in Local Infrastructure
Saudi Arabia to provide 150,000 housing units in 11 cities
Share this article
Why it matters
Saudi Arabia has said it aims to boost house ownership by its citizens to at least 70% at the end of its economic diversification scheme known as Vision 2030. Earlier in September, Saudi Arabia’s finance ministry signed financing agreements with local banks worth 25 billion riyals ($6.65B) to fund infrastructure projects due to start in 2023-2024.