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Saudi Housing Ministry Announces Achieving 2017 Targets

Saudi Housing Ministry Announces Achieving 2017 Targets

Sunday, 17 December, 2017 - 13:15
The Saudi Housing Ministry and the Real Estate Development Fund announced that it has achieved its 2017 targets. (SPA)

The Saudi Housing Ministry and the Real Estate Development Fund announced on Saturday achieving 2017 targets on providing over 280,000 housing and financing products to Saudi families across the kingdom.

In a statement, the ministry announced on Saturday 36,798 housing and financing products as part of the 11th and the last batch of “Sakani” (My Housing) program for 2017.

The 36,798 residential and financing products include 24,207 housing units via sale on the map program, 4,591 free land plots and 8,000 backed financing.

The goal was set up by the national residential program launched in mid-January.

Among the 2017 objectives was having 120,000 housing units made ready for residence and the offering of 75,000 free land plots for construction.

More so, 85,000 funds were provided by the national fund for real estate development through banks and financial institutions, while the ministry revealed details of the second phase of the national initiative for 2018.

The program aspires to serve a greater number of citizens.

Mohamed Al-Bati, CEO of the national housing company, pointed out that achieving the 2017 goals drives the Housing Ministry to expand its services to citizens.

He positively recounted the active partnership with the private sector partook in with real-estate developers.

He also pointed out that these partnerships with real estate developers serving the national economy have resulted in realizing several projects, including the construction of thousands of housing units—a progress which empowered Saudi families and raised the percentage of housing ownership.

Bati pointed out that there is a clear plan and details to be announced on all future housing programs.

He pointed out that there were royal directives issued on a package of incentives.

Speaking on involving the private sector with the national housing projects, Bati said it stimulates real estate competition and results in producing many housing units at different rates.

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