Construction

Saudi approves housing loans for 14,000 residential units

Housing loans worth $1.55bn approved to build the residential units in several parts of the country

The Saudi government has approved housing loans worth $1.55bn to build 14,000 residential units in several parts of the country.

This is the third batch of loans approved by the Real Estate Development Fund (REDF) in the budget for 2012. The 11,666 loans are part of a government plan aimed at meeting the growing demand for housing in the Kingdom.

Saudi Arabia needs 150,000 housing units every year, as a result of rapid population growth and an inflow of expatriate workers.So far, over 1.7 million Saudi nationals have applied for REDF housing loans, the fund said.

The REDF has disbursed a total of $35.76bn in housing loans since it was founded until the end of 2006. 

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