Saudi Housing Ministry Reports 17% Rise in Construction of Units

A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. (Reuters)
A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. (Reuters)
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Saudi Housing Ministry Reports 17% Rise in Construction of Units

A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. (Reuters)
A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. (Reuters)

The number of completed housing units in Saudi Arabia increased 1.75 percent to 82,500 units during the first quarter of this year, compared to 81,100 units in Q4 2019, revealed the Housing Ministry’s periodic housing bulletin.

The number of housing units that began construction during Q1 2020 increased 17.01 percent to 85,900 units, compared to 73,400 units in Q4 2019, it added.

The bulletin also pointed to a slight increase of 0.8 percent in the housing sector price index during Q1 2020, compared to the Q4 2019. Land option prices increased by a similar rate of 0.8 percent, while the price index for villa options rose 1.5 percent in Q1 2020, compared to Q4 2019.

Further, the Estate Contributions Commission (Tasfiah) announced that it will put up for sale 377 plots, estimated at around 21 million square kilometers, in several cities across the Kingdom for commercial, housing or land uses.

Moreover, Saudi Arabia's Sakani program revealed that a total of 19,800 households benefitted in May from its various housing solutions and options. Among them, 10,700 families moved into their houses. This brings the total of households who benefited from all options since the beginning of 2020 to 150,300, including 53,800 who moved into their houses.



Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
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Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held official talks on Sunday with US Secretary of Energy Chris Wright as part of his current visit to the Kingdom.

The talks at the ministry headquarters in Riyadh focused on strengthening the strategic relationship between Saudi Arabia and the US in the mining and minerals sector.

They explored ways to expand cooperation in the mining sector and emphasized the importance of minerals in the energy transition, advanced technology industries, and modern economies linked to clean energy, as well as their significance in the electric vehicle industry and its components.

The two sides discussed ways to boost economic cooperation and high-value investment opportunities in both countries and the enablers available to leverage these opportunities in support of deepening their longstanding partnership.

Alkhorayef invited the US energy secretary to attend the Future Minerals Forum, which will be held in Riyadh next year.

Wright later visited the King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran. He was welcomed by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, KFUPM President Muhammad Al-Saggaf, and senior university officials.

Wright was briefed on the university's academic and research specializations, as well as its efforts to foster innovation and develop human capital in the fields of energy, engineering, and science. He met with faculty members and students and learned about the university's initiatives to advance educational and research programs in line with the highest international standards.

He was introduced to KFUPM’s international collaboration and academic exchange programs, particularly those with leading US institutions, which are designed to foster knowledge sharing, encourage joint learning, and provide students with global exposure that enhances both their academic growth and career prospects.

This visit underscores KFUPM’s role as a leading academic and research institution in the energy sector and strengthens research and academic cooperation between Saudi Arabia and the US.