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.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.