RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has directed the allocation of 20 million square meters for new residential land north of Riyadh.
The ownership will be transferred to the Ministry of Municipal, Rural Affairs and Housing, and is part of a drive to improve the housing sector and hep families, Saudi Press Agency reported.
The allocation aims to increase the residential area of Al-Jawan suburb from 10 million square meters to 30 million square meters, and build up to 53,000 housing units through integrated projects, facilities and services in partnership with the private sector. This is on top of the 20,000 housing units that have already been announced.
Support for the housing sector has led to Saudi home ownership increasing from 47 percent to 60 percent in the last four years.
The Kingdom hope that figure will reach 70 percent under the Vision 2030 reform programs.
“The additional lands allocated to the housing sector north of Riyadh will provide more than 53,000 various housing units that real estate developers will work on, taking into account the quality of services that meet the aspirations of citizens,” the statement said.
The move is also in line with the city’s growth with the aim of becoming one of the 10 largest economic cities in the world and an increase in population from 15 to 20 million by 2030.
Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said the housing sector contributes more than SR115 billion ($30.6 million) to GDP and provides about 40,000 direct and indirect jobs.
Riyadh’s housing sector has witnessed rapid growth over the past two years.