KSA to invest US $533m in housing stock

Saudi Arabia sets aside US $533 million (SR2 billion) for low-cost housing

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By  Sean Cronin Published  May 7, 2005

Saudi Arabia has set aside US $533 million (SR2 billion) to build low cost housing in deprived areas of the kingdom. Social affairs minister Abdul Mohsen Al-Akkas said that regions of the country with the poorest existing housing stock would be given priority under the plan. The pledge follows a survey conducted by the Prince Abdullah Foundation for Housing, which revealed high levels of poverty in some areas of the country. The low cost housing construction programme is part of a government campaign to eradicate poverty. The Dar Al Arkan Real Estate Development Company recently warned of a major shortfall in the country’s housing supply pipeline. KSA will have to build more than two million new homes over the next decade to keep up with anticipated demand.

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