Saudi Arabia’s Ministry of Housing will hand out 120,000 housing units to citizens over next three years, under the first phase of its ‘My House’ program.
Homes will be awarded based on income level and family size.
Additionally, around 75,000 residential plots will be given to citizens for construction of their own homes.
Financial support will also be extended to 85,000 needy citizens over the next year.
Housing Minster, Majed Al-Hogail, said around SR119.5 billion ($32bn) will be invested in housing, land allocation and financial assistance under the program.
He expects the investment to create around SR562 billion ($150 billion) of economic benefit and create 47,820 jobs.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.