Saudi Arabia to launch real estate projects worth over SAR 65 bln: Al-Hogail

Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing Majed Al Hogail said several projects will be launched in the real estate sector valued at more than SAR 65 billion.

Speaking at the Cityscape Global exhibition today, Sept. 10, the minister added that achieving the Kingdom's vision requires making qualitative leaps in real estate development and housing projects. 

He added that more residential suburbs will be developed across the Kingdom over the coming years in collaboration with real estate developers as part of the sector's development process. 

Al Hogail also pointed out that these initiatives are due to an investment-friendly legislative environment and diversified financing options that have led to a significant increase in the ratio of mortgage loans to the non-oil GDP, reaching an all-time high.