Saudi Arabia is executing projects to supply at least 300,000 houses to citizens' by 2025 as part of plans to expand house ownership by Saudis, a newspaper in the world’s largest oil exporter said.
The Municipal Affairs and Housing Ministry outlined the plan at a recent international real estate conference in France, the Arabic language daily Almadina said.
“The Ministry aims to provide over 300,000 houses to citizens by 2025 within integrated communities through the Kingdom,” said Abdul Rahman Al-Taweel, the Ministry’s Undersecretary for real estate development.
Taweel said the Ministry has already partnered with local and foreign developers to construct 150,000 units and that more contracts would be signed later. Saudi Arabia, with a population of nearly 33 million, has unveiled a target to widen citizens’ house ownership to at least 70% by the end of its economic diversification scheme known as “Vision 2030.”
