Housing projects remain top government priority
Makkah governor stresses need for more projects
Affordable housing projects continue to be a huge priority for Middle Eastern countries as an increasing number of developments are being built, planned or called for across the region.
The Governor of Makkah, Prince Khaled Al-Faisal, has reiterated the need for more projects in Saudi Arabia to meet the rising demand for low cost homes, and has referenced plans for further developments in the future.
Addressing an audience at laying the foundation stone for an affordable housing project in Umm Al-Joud, Makkah, he said: "This project is a significant step in the direction of similar projects.
"We hope to start more residential projects soon, not only in Makkah but in all cities in the province, to cope with the rising population and accommodate people displaced by projects to reconstruct unplanned neighborhoods.”
Meanwhile, in Bahrain, a number of projects are already underway, with more being planned by the region’s biggest housing developers, and high numbers of PPPs being signed for these kinds of projects.
Among the projects under construction are: the Sakana Busaiteen development, a heritage residence for the contemporary families in Busaiteen, as well as the massive Diyar Al Muharraq development, which will accommodate over 100,000 people.
Speaking to Construction Week, R. Lakshmanan , CEO of Bahrain-based Islamic mortgage finance provider Sakana Holistic Housing Solutions, said: “There are a few projects under construction, including Sakana Busaiteen, Jeyuon by Al Argan and a few developments from Manara Developments.
“Diyar Al Muharraq is proposing to announce their own projects soon and, in addition, PPP initiatives by the government are also progressing.”
Elsewhere in Iraq's Shatt al-Arab district, work on a 640-unit housing project is reportedly well underway. At a cost of $59.4million, the project is scheduled for completion within 30 months.