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FINANCIAL NEWS
Saudi offers foreign firms to build 1.5mn housing units
09 Jun 2016
(MENAFN) Saudi Arabia will provide foreign and regional property developers deals, which aims to build 1.5mn homes in the coming seven or eight years.
Accordingly, the kingdom is preparing five or six types of partnerships between the ministry and the developer.
Additionally, the reform plans eye on doubling the real estate sector’s contribution to DP product to 10 percent by 2020.
Meanwhile, the ministry will allocate almost USD 15.7bn in the coming five years to a loan guarantee program that offer financing to home buyers.
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