Saudi Arabia ‘plans $800m social housing drive’
Programme to involve private sector through build-operate-transfer and PPP schemes – report
Saudi Arabia plans to launch a SAR3 billion ($800m) programme to build social housing in cooperation with the private sector, according a press report.
The plan, being prepared by the Ministry of Labour and Social Development, involves housing for social security beneficiaries and those in need of housing support, including widows and orphans.
Housing will be built in cooperation with the private sector through build-operate-transfer (BOT) and PPP agreements, with government support of up to SAR3 billion, according to Arab News.
Saudi Arabia is working to address its shortage of affordable housing. An economic reform programme announced in June outlined a target to build 1.5 million homes over the next seven or eight years.
Saudi Arabia is also introducing a tax on vacant land in urban areas in a bid to spur development.
