Thousands of housing units for Saudi citizens

The Ministry of Housing announced here on Sunday the launch of its first phase of ‘My House’ program.

As part of the program, 120,000 housing units of various built-up areas in all regions of the Kingdom will be given to citizens depending on income level and the number of family members.

The distribution of housing units, which will begin next month, will be completed within three years.

A total of 75,000 residential plots of land in several cities ready for construction will also be handed over to citizens.

Financial support to 85,000 deserving citizens will be provided in one year by the State.

This is will be done through a partnership between the Real Estate Development Fund, banks, and financing institutions. These were announced in a press conference by Housing Minster Majed Al-Hogail attended by a number officials.

The minister said these housing units and financial support will help meet the high demand for housing across the Kingdom.

He said the volume of investment in the 280,000 residential and financing products has reached SR119.5 billion. These will inject about SR562 billion into Kingdom’s economy.

These products will generate 47,820 jobs.