Mortgage financing in Saudi Arabia exceeded $194 billion until the end of the first quarter of 2023, said Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing, and Chairman of the Housing Program Committee.
In his speech at the fourth edition of the Saudi Housing Finance Conference 2023 hosted by Euromoney, Al-Hogail said that mortgage financing contributed 8% to the real estate and construction sectors, as well as 8.9% to the non-oil GDP.
He indicated that the real estate and construction sectors offered nearly 227,000 job opportunities from 2019 to Q1 2023, adding that the number of jobs in the two sectors exceeded 2.5 million.
More than 100 million square meters were added in three cities - Riyadh, Jeddah, and Eastern Province - with the support of Crown Prince Mohammed bin Salman, the minister said.
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