State budget allocates SAR 50-60 bln for housing projects in 2018

20/12/2017 Argaam

 

Saudi Arabia has set aside SAR 50-60 billion in its 2018 state budget for housing expenditure, Finance Minister Mohammed Al-Jadaan said on the sidelines of a press conference held after the budget announcement.

 

This will be implemented through the Ministry of Housing, Real Estate Development Fund (REDF), in addition to some projects undertaken by the Public Investment Fund (PIF).

 

A total of 70,000 residential land plots and 150,000 housing units were distributed among Saudi nationals this year.

 

On a separate note, the ministry estimated expenditure under the Citizen’s Account program to stand at SAR 32 billion in 2018.

 

The Saudi cabinet recently approved the initiative, aimed at easing the impact of subsidy cuts and new taxes on low and middle-income families in the Kingdom.

 

Allowances under the program will be reviewed on a quarterly basis to ensure adequate support for eligible Saudi households.

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