Saudi Arabia Announces Housing Projects Worth $17.3bn

Saudi Arabia is expected to witness a boom in the housing sector, with the government announcing projects worth over SR65 billion ($17.3 billion).

Highlighting the projects under construction in Saudi Arabia, Majid Al-Hogail, the minister of municipal and rural affairs and housing said that a big dream will soon come true in NEOM, adding that the population of The Line will be 9 million by 2045.As for AlUla, he said its development plan focuses on infrastructure and tourist facilities, taking into account the preservation of the environment and its historical sites.

Highlighting the Masar Destination in Makkah and the Central Jeddah project, the minister pointed out that the former will improve the experience of the visitors to the holy city by preserving the city’s spiritual and cultural nature, while the latter will put the coastal city on the global heritage map.

As for The Red Sea and AMAALA projects, Al-Hogail emphasized that the two destinations aim to establish a sustainable tourism sector, and will attract people from around the world.

The minister added that many development projects are also underway in Riyadh and one of those is the Sports Boulevard, which will attract pedestrians, cyclists, and horseback riders along with art enthusiasts, intellectuals, and environmentalists.

Al-Hogail said that Saudi Arabia will witness an expansion in the construction of residential suburbs throughout the country in the coming years, with the participation of global real estate developers.

“We will together work on developing the housing sector in light of a legislative environment that stimulates investment and various financing options that have contributed to the highest ever percentage of real estate loans in the non-oil gross domestic product,” he said.

With the aim of enhancing the quality of life, the National Housing Company launched three residential projects in the suburbs of Al-Forsan and Khuzam, providing 86,000 housing units worth more than SR42 billion.           

Al-Forsan project, one of the largest residential projects in the suburb of Khuzam will be built on an area of 10 million sq. meters and will provide 27,750 housing units with various options.

The NHC also announced an integrated business project in the Khuzam suburb, called the Khuzam Business Center. It will be constructed on an area of over 500,000 sq. meters. The project also provides all basic facilities and services, in addition to sports clubs, playgrounds, and green spaces that support community participation.

In the Khuzam area also, the NHC announced a huge sports project, called “Khuzam Sports City,” which will extend over a total area of 135,000 sq. meters. The project will include outdoor and indoor activity facilities.