Saudi signs off 40,000 residential units and land projects

Saudi Arabia’s housing ministry signed off deals to develop around 40,000 residential units and land project. (File photo: AFP)

Saudi Arabia’s Ministry of Housing has signed off deals to develop around 40,000 residential units and land projects in eight developments across the Kingdom, reported the Alriyadh newspaper.

The move marked the largest government subsidy for real estate in the history of the Kingdom, the newspaper reported. The deals were signed off by the Housing Minister Dr. Shuwaish Al-Duwaihi, stated the newspaper.

There are currently 49 other projects being executed by the ministry, the newspaper reported. A 927.8 million riyal contract was recently signed off by the ministry to develop infrastructure for seven housing projects in the cities of Jizan and Najran. Each of the projects includes electricity and water networks, sewage water treatment plants, as well as the development of roads, green spaces and parks, reported the Alriyadh.

In a separate move, Saudi’s Ministry of Housing announced it has finalized a new online registration system to keep track of properties in the private rental sector, reported the Construction Week Online website.

The new electronic platform is similar to the rental-services function of the Real Estate Regulatory Agency (RERA) in Dubai. A similar initiative in Saudi Arabia aims to offer more protection and visibility for tenants and investors in the Saudi real estate market, Construction Week reported.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40