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Saudi Arabia signs deals to build 19,000 citizen homes

Five projects will be built in Jeddah, Riyadh, Al Khobar, and Qassim, backed by the housing ministry

The Saudi Ministry of Housing has signed five agreements with four developers to build more than 19,000 residential units in the kingdom [image: Riyadh, Saudi Arabia].
The Saudi Ministry of Housing has signed five agreements with four developers to build more than 19,000 residential units in the kingdom [image: Riyadh, Saudi Arabia].

The Saudi Arabian government has signed five agreements to build more than 19,000 housing units, the latest effort by the kingdom to provide residential real estate for its citizens.

According to a statement by the Saudi Ministry of Housing, the move is part of its major housing development programme Sakani, and represents an extension of previous agreements signed by the ministry with a number of developers to create thousands of homes in different regions across the kingdom.

The number of units at the first project in Murooj, Jeddah – located on private land – will include 10,000 units, with the second project in Tanal, Riyadh set to house 1,008 properties. A third project in the city of Al Khobar on Saudi's East coast will have 273 units, followed by a fourth in Qassim with 78 units.

The fifth project in Jeddah will be the second-largest under the ministry's latest announcement, set to eventually house 8,000 units in total. The ministry said all projects will include mosques, parks, and green areas, as well as sites dedicated to government agencies.

READ: Saudi's Sedco buys $180m real estate in Paris, UK cities

The deals were signed in the presence of HE Majid bin Abdullah Al-Haqail, Saudi's Minister of Housing, and Mohammed bin Saleh Al-Bati, chief executive officer of the National Housing Company, as well as a number of officials from Ministry of Housing and Real Estate Development Fund.

In the same statement, the ministry stressed its desire for fruitful cooperation with qualified real estate developers to add housing units and support housing supply in the kingdom.

READ: KSA-UAE agreement to develop Saudi real estate 'hotspots'

The news comes amid a flurry of activity in Saudi’s property sector, both in the private and public space. September 2018 saw real estate giant the Al Akaria Saudi Real Estate Company (Sreco) ink a framework agreement with Presidency of State Security for various real estate services in the kingdom.

In August 2018, Saudi property developer Dar Al Arkan reported a massive 892% rise in quarterly profits, thanks to higher real estate sales.

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Construction Week - Issue 737
Apr 14, 2019