Cabinet approves an ambitious new housing project
The Cabinet of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on Monday 16 January 2017 commended the announcement by the Ministry of Housing of the first steps of the My House Program including 280,000 of residential units at an investment of SR119.5 billion over the next three years. The construction projects, launched in partnership with the private sector, will be offered to Saudi families according to income criteria and the number of family’s members. The housing units will be allocated during the current year as of next month to be completed within a maximum of three years. A total of 75,000 residential plots of land in several cities ready for construction will also be handed over to citizens, stated the report. Financial support to 85,000 deserving citizens will also be provided in one year by the state. This will be done through a partnership between the Real Estate Development Fund, banks, and financing institutions.