Minister of Housing Mr. Majid Al-Hogail revealed during a press conference held yesterday at the Saudi Press Agency that the volume of investment in the 280,000 housing and financing products amounts to 119.5 billion riyals, producing about 562 billion riyals as returns on the Kingdom's economy, and Al-Hogail indicated that these products will contribute to the generation of about 47,820 thousand direct and indirect jobs, and the value added to the economy will be about 335 billion riyals, which comes in line with the objectives of the Saudi Vision 2030 and the National Transformation Program 2020.
Al-Hogail added. <Al-Haqeel said: These housing and financing products come as a complement to a set of programs and initiatives that were previously launched in an effort to raise the rate of home ownership and achieve more prosperity and economic and social stability for all citizens, in addition to achieving an optimal balance between supply and demand in the housing market, organizing and facilitating a balanced and sustainable housing environment, and contributing to the development of appropriate solutions to provide adequate housing for all citizens entitled to housing support at the right quality and price, thus achieving the strategic objectives that include stimulating real estate supply and increasing productivity to provide the most appropriate housing. He pointed out that this payment, which is the largest since the establishment of the Ministry of Housing and the Real Estate Development Fund, represents an important support to the organizational and executive achievements that the Ministry has achieved and launched during the past period within the framework of work to restructure the sector, indicating that it will achieve a number of economic benefits that serve the country and the citizen, including raising the contribution of real estate to GDP, contributing to the recovery of related sectors such as finance, contracting and others, in addition to its effective role in creating a number of job opportunities through the comprehensive industrial, commercial and other renaissance that will accompany it.
The Ministry of Housing and Real Estate Development Fund is the largest in the history of the sector.
