Image for illustrative purposes
Saudi Arabia’s Ministry of Housing has signed deals with two national real estate firms to construct more than 10,000 housing units at the Taroot and Safwa centres in Al-Qatif governorate, according to Saudi Press Agency.
The new units are expected to meet the needs of around 30 per cent of housing applicants in the Eastern Province.
They form part of the 2.1-million-square-metre Tilal Al-Shurooq project in Safwa, which aims to provide 9,000 units, and the 1.4-million-square-metre Taroot project, which will provide 500 units.
The agreements will also cover infrastructure work.
Naif Bin Abdulmuhsin Al-Rasheed, supervisor general of investments and real estate development at the ministry, said the projects come as an extension of previous deals with local real estate firms.
He said further deals would also be signed.
Prices for the housing units, which are being built on private sector land, will range from SAR250,000 ($66,648) to SAR650,000 ($173,284).
Saudi Arabia is seeking partners to build 1.5 million homes in the coming years to address a shortage of housing.
The government previously funded most housing projects itself but has been forced to consider alternatives due to oil-linked economic pressures.