Saudi plans to launch $800m housing project
Government will spend up to $800m (SAR3bn) to support the project to provide housing units to those most in need
Saudi Arabia’s Ministry of Labor and Social Development plans to launch a development in the kingdom to provide housing for social security beneficiaries, and those in need of housing support.
The government will call on investors to partake in the project using either build-operate-transfer (BOT) or public-private partnerships (PPP) systems, according to Arab News.
Government will spend up to $800m (SAR3bn) to support the project to provide housing units to those most in need.
Under the BOT system, investors would fund the construction and receive financial returns from the sale or rent of the completed homes.
Saudi is facing a significant housing shortage of tens of thousands of homes. The kingdom's housing ministry recently said the country will need three million new homes by 2025.