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JEDDAH: The Saudi Ministry of Housing has signed agreements with two real-estate development companies to add more than 11,000 homes in Jeddah for the Sakani program. The deals were signed on October 15 during an event announcing the program’s 10th batch of beneficiaries.
The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units, while the second, Jeddah airport housing, is on land owned by the Ministry and will includes 2,203 units.
The agreements were signed in the presence of Minister of Housing Majid bin Abdullah Al-Hugail, National Housing Company CEO Mohammed bin Saleh Al-Bati, and officials from the ministry and the Real Estate Development Fund. They follow previous agreements signed by the Ministry of Housing with a number of developers to build housing in various regions of the Kingdom. Sixty projects providing more than 90,000 diverse homes, with prices ranging from SR250,000 to SR750,000 have already been launched.
The Ministry stressed its keenness to work with qualified developers to add to housing stock and support supply in the sector, to encourage competition between companies to meet the needs of citizens in a way that suits local markets and ensures the provision of continued maintenance services for the residential units.
“The real-estate developers with whom we signed contribute along with the Ministry to the service of citizens in order to provide a suitable residential environment on the levels of prices and specifications, while presenting the beneficiaries with the guarantees needed,” the Ministry said.
“These projects will be completed and handed over to the beneficiaries within a period not exceeding three years. These housing projects are integrated in terms of services and public facilities. They include mosques, public parks and green areas as well as government buildings.”