Saudi National Guard invites housing bids

07 November 2008
The Saudi Arabian National Guard is expected to invite bids for a major housing project in the kingdom in January.

Estimated to be worth several billion riyals, the project will see the construction of 17,000 housing units at various sites around the country, including Riyadh, Jeddah and Dammam, according to a source close to the scheme.

The government estimates that demand for housing units in Saudi Arabia has reached 185,000 a year. With an estimated 65 per cent of the Saudi population under the age of 32, demand is expected to increase in future years.

A number of major real estate projects are already under way, which it is hoped will alleviate the pressure. These include the SR9bn ($2.3bn) Ajmakan project being developed by the local Land Holding Real Estate & Development Company and the SR40bn Al-Wasl project being developed by the UAE’s Limitless.

The National Guard is one of five branches of the Saudi Arabian Defence Forces.

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