Saudi housing ministry in final stages to ink 35 new deals

25/04/2017 Argaam

Saudi Arabia's housing ministry is close to signing 35 new contracts with local and international home builders, as part of its public-private partnership (PPP) program, Prince Saud Bin Talal, adviser and general supervisor at the agency for housing at the ministry, told CNBC Arabia Tuesday.

 

The ministry has already signed memorandums of understanding (MoUs) with 30 local firms and five foreign construction companies.

 

Prince Saud added that the initiatives will help provide over 280,000 housing products, which will be materialized in 2018.

 

The price of all housing products will range between SAR 200,000 and SAR 700,000.

 

The ministry organized several workshops with real estate developers and citizens for various programs, such as leasing and PPP.

 

Meanwhile, Prince Saud added that the housing ministry and the General Authority for Statistics (GAS) are bracing for launching a real estate and housing index by the end of Q2-2017. 

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