Saudi Arabia to spend $1.3bn on new homes

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Saudi Arabia will build more than 12,400 homes

Saudi Arabia will build more than 12,400 homes

Saudi Arabia will build more than 12,400 homes once the Real Estate Development Fund has sanctions new loans worth SR5bn ($1.3bn), Arab News reported.

The housing units will be constructed in different parts of the kingdom, the Jeddah based newspaper reported, citing Muhammad al-Abdani, director general of the fund.

The kingdom buoyed by high oil prices plans to spend as much as US$67bn on new homes for Saudi nationals across the Kingdom.

In the third quarter of last year, about 6,000 new homes were added to the Riyadh's residential market. Another 100,000 will be built in the city by 2015, according to Jones Lang LaSalle estimates.

Saudi Arabia, the world's largest oil exporter, and the Arab world’s biggest economy, is spending US$219bn this year on education, healthcare, social benefits and infrastructure. The government is also encouraging the private sector to invest in expanding the tourism and hospitality industry in the holy city of Makkah in a bid to create more jobs.

Saudi Arabia's economy is set to slow this year to an estimated 4.2 percent from about 6 percent in 2012, according to International Monetary Fund projections.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Dialus

Investing on Housing is glad to hear.These days Saudi Is Looking for all round developments...get Going Saudi.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew