Saudi signs $1bn deals for housing projects
Riyadh, August 19, 2013
Saudi Arabia's Ministry of Housing has signed contracts worth SR4 billion ($1.066 billion) to develop eight residential districts in different parts of the kingdom, a report said.
About 40,000 homes will be built under the contracts, the Arab News report said. The new projects would be ready within 24 months.
The report quoted Housing Minister Shuwaish Al-Duwaihi as saying 26 million sq m of plots would be developed in Jeddah, Madinah, Dammam (North and South), Al-Ahsa, Qatif, Tabuk and Al-Kharj under the project, which will house 250,000 people.
King Abdullah had earlier allocated SR250 billion to construct 500,000 low-cost homes to solve the country’s housing problem.
“We’ll sign more contracts in the coming months to build homes in Asir, Najran, Baha, Makkah, Riyadh, Qassim, Hail, Al-Jouf, Northern Border Region and Tabuk,” said Al-Duwaihi.
All new projects will have advanced infrastructure facilities including water, electricity and sewage systems in addition to schools, mosques and health centres.