Saudi Arabia’s King Abdullah bin Abdulaziz ordered the Ministry of Finance to distribute 250 billion riyals ($67 billion) to build housing units in the Arab world’s biggest economy, the official Saudi Press Agency said.
Land held by the Ministry of Municipal and Rural Affairs will be handed to the Ministry of Housing to build homes, the news service said, citing an order by the king. The Housing Ministry has full authority to implement the housing program, it said.
The king in March 2011 ordered the construction of 500,000 houses for Saudis at a cost of 250 billion riyals. The kingdom also raised the value of mortgages provided to nationals by the country’s Real Estate Development Fund to 500,000 riyals from 300,000 riyals. The government fund provides interest-free loans to citizens across the kingdom.
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