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FINANCIAL NEWS
Saudi gov’t to speed up implementation of USD66.7b housing scheme
17 Apr 2013
(MENAFN) The Saudi King ordered the government to speed up the establishment of the USD66.7 billion housing fund aimed at tackling the Kingdom’s housing-shortage problem, reported Arabian Business citing state news agency SPA.
In 2011, King Abdullah announced the establishment of the fund to set up 500,000 housing units over a number of years for Saudis with low incomes.
The King gave his orders to the Ministry of Municipal and Rural Affairs to instantly deliver municipal lands to the Ministry of Housing, which must establish infrastructure on them before giving them to citizens.
Meanwhile, the housing ministry will provide citizens with loans to construct houses on the plots, whereas the Ministry of Finance was ordered to endorse funds for the infrastructure construction.
Moreover, other ministries and departments were ordered to supply the housing ministry with the required data to decide which citizens were entitled to receive lands and loans.
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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