Saudi housing ministry to build 33,000 residential units

Saudi Arabia’s housing ministry has awarded around 20 residential projects to 16 real estate developers to build 33,000 residential units, said Ahmed Mandoura, the ministry housing advisor and CEO of the Private Sector Partnerships Unit.

The ministry seeks to finalize 60 percent of the planned 1.6 million housing units over the next five years.

It is also expected to unveil the sixth batch of residential and financing products, as part of the Sakani housing program, aimed at providing 280,000 properties across the Kingdom this year.

The project, called Sakani, is built in cooperation with the private sector, and supported by a home financing program in collaboration with commercial banks, the Real Estate Development Fund, and other mortgage institutions.

The program’s fifth batch included around 27,300 residential as well as financing products, up 32 percent compared to the fourth batch.