Saudi Minister of Municipal, Rural Affairs and Housing, Majid Al-Hogail, said that Crown Prince Mohammed bin Salman’s directive to allocate an additional 20 million square meters (sqm) to housing projects in the north of Riyadh will contribute to the stability of more Saudi families and increased home ownership rate.
The minister added in a tweet, that this reflects the interest and support enjoyed by the housing sector from the Crown Prince, bringing the number of units in the suburb of Al-Jawan to 73,000 serving 365,000 people in full-service projects.
The sector will contribute more than SAR 115 billion to GDP and provide about 40,000 direct and indirect jobs, according to the Saudi Press Agency (SPA).
He added that Riyadh accounts for nearly 50% of the Kingdom's non-oil economy, and the cost of developing its infrastructure and real estate is 29% lower than the rest of the cities, which will contribute to accelerating development projects in various sectors and areas.
According to data available with Argaam, the Crown Prince issued directives to double housing projects in the north of Riyadh by allocating new residential land plots on a total area of 20 million sqm and transferring their full ownership to the Ministry of Municipal, Rural Affairs and Housing.
This allocation aims to increase the area of Al-Jawan residential suburb from 10 million sqm to 30 million sqm, and to build up to 53,000 housing units through integrated projects facilities and services, in partnership with the private sector to add to the 20,000 housing units already announced.
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