Saudi Arabia's Ministry of Housing awards contract for 3,000 homes
Built Contracting Co to build 3,310 ministry homes in Al-Majmaah, Ad Dawadimi, Buraidah, Riyadh, and Unaizah
Riyadh-based Built Contracting Company has been awarded a package from Saudi Arabia’s Ministry of Housing to build 3,130 homes in five parts of kingdom.
The properties will be built across a stretch of central Saudi Arabia to meet growing demand for quality housing in the kingdom.
Buraidah will see the most homes built, with 1,345 units planned for the area. Ha'il is second on the list with 1,000 properties, and Unaizah comes third with 350 homes. They are followed by 250 homes in Ad Dawadimi and 200 units in Al Majmaah.
The value of Built Contracting Company’s contract was not disclosed, nor were details made available regarding the projects' timelines.
However, the ministry said that the scheme was one of its initiatives to spur housing development in Saudi Arabia with the aim of delivering affordable homes across the country, as the kingdom's population continues to expand.
Increasing home ownership in the kingdom is one of the 12 so-called vison realisation programmes – or VRPs – underpinning Saudi’s Vision 2030 plan to reduce oil dependency.
Other VRPs identified by the government to deliver its vision for social and economic transformation include enriching the Hajj and Umrah experience, strengthening the role of the private sector, and growing the assets of the sovereign wealth vehicle, Public Investment Fund.