The government has continued to prioritize and support the housing sector, allocating approximately 60 billion riyals to it in the 2018 budget. Saudi Finance Minister Mohammed Al-Jadaan revealed during a press conference yesterday that “the 2018 budget places services provided to citizens at the top of its priorities,” noting that “70,000 residential plots and 150,000 homes were allocated to citizens in 2017.

His Excellency the Minister praised the growth in non-oil revenues in the budget, which achieved unprecedented growth, reaching 256 billion riyals. He noted that “fiscal balance is not an end in itself but a means to achieve fiscal sustainability,” adding that “the International Monetary Fund’s assessment of the Kingdom’s policies and economic reforms was positive.”

Al-Jadaan continued, saying, “We were able to settle our obligations to the private sector, and we dealt transparently with this vital sector, which will have very attractive opportunities in the coming year.
According to Al-Jadaan, the Public Investment Fund plans to spend 83 billion riyals on development projects, while the Development Fund intends to allocate 50 billion riyals to development projects.