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Saudi Arabia to build 8,143 new housing units

Tuesday, 29 December 2009 10:25 PM

Saudi Arabia, the Arab world’s largest economy, will build 8,143 housing units as the government tries to meet rising demand for accommodation in the kingdom.

The housing will be built in 16 cities and in governorates around the country, the state owned Saudi Press Agency reported, citing the director of the General Housing Authority, Shwaish Aldhwaihi. The authority today signed contracts to build 1,813 units, the Riyadh based news service said.

Dar Al Arkan Real Estate Development Co, Saudi Arabia’s biggest property company by market value, and other developers are building residential developments as the kingdom’s population expands. Dar Al Arkan said in October it will build a $2 billion project in Jeddah, including residential units, public parks and schools.

The Saudi real estate market is expected to grow between 5 and 7 percent a year until 2012, Al Hayat reported on Sept 8, citing a report by Global Investment House KSCC.

Saudi Arabia’s native population has tripled to 23 million from 7.3 million in 1975.

(Bloomberg)

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